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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
filed with the Securities and Exchange Commission on September 23, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: right; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
Statement No. 333-</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 4pt solid; margin-top: 0pt; font-size: 1pt; border-bottom: Black 1.5pt solid; margin-bottom: 0pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>WASHINGTON,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
<span id="xdx_90C_edei--DocumentType_c20220101__20220630_zeI14LlfcaNc"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:DocumentType">S-1</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGISTRATION
STATEMENT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNDER</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
SECURITIES ACT OF 1933</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_90A_edei--EntityRegistrantName_c20220101__20220630_zpKaVufDM0Zf"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityRegistrantName">BONE
BIOLOGICS CORPORATION</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of registrant as specified in its charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityIncorporationStateCountryCode_c20220101__20220630_z0iWNqjI0n48"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">Delaware</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2834</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_edei--EntityTaxIdentificationNumber_c20220101__20220630_zGwHPi9rn0W6"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityTaxIdentificationNumber">42-1743430</ix:nonNumeric></span></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
                                            or other jurisdiction of</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation
    or organization)</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary
                                            Standard Industrial</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
    Code Number)</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
                                            Employer</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification
    Number)</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--EntityAddressAddressLine1_c20220101__20220630_zjHNccHBoJFg"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityAddressAddressLine1">2
Burlington Woods Drive</ix:nonNumeric></span>, <span id="xdx_909_edei--EntityAddressAddressLine2_c20220101__20220630_zyKkJKIZwjuj"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityAddressAddressLine2">Suite 100</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--EntityAddressCityOrTown_c20220101__20220630_zPVgawEkgDId"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityAddressCityOrTown">Burlington</ix:nonNumeric></span>,
<span id="xdx_901_edei--EntityAddressStateOrProvince_c20220101__20220630_zL0lr6MDsxu6"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityAddressStateOrProvince">MA</ix:nonNumeric></span> <span id="xdx_903_edei--EntityAddressPostalZipCode_c20220101__20220630_zbIMYnrVI9ci"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityAddressPostalZipCode">01803</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>(<span id="xdx_90E_edei--CityAreaCode_c20220101__20220630_z7yuslen6BKb"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:CityAreaCode">781</ix:nonNumeric></span>)</span>
<span id="xdx_90D_edei--LocalPhoneNumber_c20220101__20220630_zWAioysxTfWj"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:LocalPhoneNumber">552-4452</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
and telephone number of registrant&#8217;s principal executive offices)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--ContactPersonnelName_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_znbvL4ulTyrd"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:ContactPersonnelName">Jeffrey
Frelick</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chief
Executive Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_907_edei--EntityAddressAddressLine1_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zoLlvd5wb2x6"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1">Bone
Biologics Corporation</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_903_edei--EntityAddressAddressLine2_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zPure9IrqUNh"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:EntityAddressAddressLine2">2
Burlington Woods Drive</ix:nonNumeric></span>, <span id="xdx_90B_edei--EntityAddressAddressLine3_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zy2SokJ392cg"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:EntityAddressAddressLine3">Suite 100</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--EntityAddressCityOrTown_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zKIX6rpwQt5f"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">Burlington</ix:nonNumeric></span>,
<span id="xdx_909_edei--EntityAddressStateOrProvince_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zPUHL9ZpxZ66"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:EntityAddressStateOrProvince">MA</ix:nonNumeric></span> <span id="xdx_90F_edei--EntityAddressPostalZipCode_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zFoSLQMIZPI6"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:EntityAddressPostalZipCode">01803</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_90E_edei--CityAreaCode_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zOQuhlx79cIi"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:CityAreaCode">781</ix:nonNumeric></span>)
<span id="xdx_90B_edei--LocalPhoneNumber_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zjEpcxBIZS66"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:LocalPhoneNumber">552-4452</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
address, including zip code, and telephone number, including area code, of agent for service)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Copies
to:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 49%; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>David
                                            Ficksman, Esq.</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TroyGould
    PC</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1801
    Century Park East, 16<sup>th</sup> Floor</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Los
    Angeles, CA 90067</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tel.:
    (310) 553-4441</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Richard
                                            A. Friedman, Esq.</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stephen
    Cohen, Esq.</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sheppard,
    Mullin, Richter &amp; Hampton LLP</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30
    Rockefeller Plaza</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
    York, NY 10112-0015</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tel.:
    (212) 653-8700</b></span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approximate
date of commencement of proposed sale to the public:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
soon as practicable after the effective date of this registration statement becomes effective.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(d) 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. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller
reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--EntityFilerCategory_c20220101__20220630_zJlIwabv645i"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
    reporting company </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--EntitySmallBusiness_c20220101__20220630_zOS87Xsf87z7"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" format="ixt:booleantrue" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, 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 provided to Section 7(a)(2)(B) of the Securities Act. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; color: red; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; color: red; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does
it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; color: red; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; color: red; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to Completion, dated September 23, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRELIMINARY
PROSPECTUS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">___________</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units, Each Consisting of One Share of Common Stock, a Series A Warrant
to Purchase One Share of Common Stock, a Series B Warrant to Purchase One Share of Common Stock and a Series C Warrant to Purchase One
Share of Common Stock</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="s1_001.jpg" alt="" /></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BONE
BIOLOGICS CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>________ Units</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Each Unit Consisting of</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>One Share of</b><b> Common Stock<br />
One Series A Warrant to Purchase One Share of Common Stock<br />
One Series B Warrant to Purchase One Share of Common Stock, and</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>One Series C Warrant to Purchase One Share of
Common Stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(and the shares of Common Stock underlying such
Warrants)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are offering __units (each a &#8220;Unit,&#8221; and collectively the &#8220;Units&#8221;). The public offering price of the Units
is $_____per Unit (the &#8220;Offering Price&#8221;)., Each unit consists of: (i) one share of common stock, par value $0.001 per
share; (ii) one Series A warrant (the &#8220;Series A Warrants&#8221;) to purchase one share of common stock at an exercise price
equal to $_____ per share, exercisable until the fifth anniversary of the issuance date; (iii) one Series B warrant (the &#8220;Series
B Warrants&#8221;) to purchase one share of common stock at an exercise price equal to $_____ per share, exercisable until the fifth
anniversary of the issuance date; and (iv) one Series C warrant (the &#8220;Series C Warrants,&#8221; and together
with the Series A Warrants and the Series B Warrants, the &#8220;Purchase Warrants&#8221;) to purchase one share of common stock
at an exercise price equal to $______ per share, exercisable until the fifth anniversary of the issuance date. The Purchase Warrants
are subject to certain adjustment and cashless exercise provisions as described herein. The Units have no stand-alone rights and
will not be certificated or issued as stand-alone securities. The shares of common stock and Purchase Warrants may be transferred
separately immediately upon issuance. Holders of the Series C Warrants may execute such warrants on a &#8220;cashless&#8221; basis
upon the earlier of (i) 15 Trading Days from the issuance date of such warrant or (ii) the time when $10.0 million of volume is traded
in the our common stock, if the volume weighted average price (&#8220;VWAP&#8221;) of our common stock on any trading day on or after
the date of issuance fails to exceed the exercise price of the Series C Warrant (subject to adjustment for any stock splits, stock dividends,
stock combinations, recapitalizations and similar events). In such event, the aggregate number of Warrant Shares issuable in such cashless
exercise pursuant to any given Notice of Exercise electing to effect a cashless exercise shall equal the product of (x) the aggregate
number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise
were by means of a cash exercise rather than a cashless exercise and (y) 1.00. The shares of our common stock and the Purchase Warrants
are immediately separable and will be issued separately, but will be purchased together in this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is listed on The Nasdaq Capital Market under the symbol &#8220;BBLG.&#8221; On September 22, 2022, the last reported
sale price of our common stock on The Nasdaq Capital Market was $1.17 per share. We do not intend to apply for any listing
of either of the Purchase Warrants on the Nasdaq Capital Market or any other securities exchange or nationally recognized trading system,
and we do not expect a market to develop for the Series A Warrants, Series B Warrants or the Series C Warrants.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investing
in our securities involves risks. See &#8220;Risk Factors&#8221; beginning on page 13.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per
                                            Unit</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to the
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting discounts
    and commissions</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds to us (before
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The public offering price and underwriting discount and
    commissions in respect of each Unit corresponds to the public offering price per share of common stock of $___, the public offering
    price per accompanying Series A Warrant of $0.01, the public offering price per accompanying Series B Warrant of $0.01 and the
    public offering price per accompanying Series C Warrant of $0.01.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
    not include a non-accountable expense allowance equal to 1% of the gross proceeds of this offering payable to the underwriters, or
    the reimbursement of certain expenses of the underwriters. We refer you to &#8220;Underwriting&#8221; beginning on page 80 of this
    prospectus for additional information regarding underwriting compensation.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 24pt; text-align: justify; text-indent: -24pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have granted the underwriters the option for a period of 45 days to purchase up to an additional ___ shares of common stock at the
public offering price and/or Series A Warrants to purchase an aggregate of ______ shares of common stock at a price of $0.01 per
share and/or Series B Warrants to purchase an aggregate of ______ shares of common stock at a price of $0.01 per share and/or Series
C Warrants to purchase an aggregate of ______ shares of common stock at a price of $0.01 per share, in any combination thereof, from
us at the public offering price per security, less underwriting discounts and commissions, solely to cover over-allotments, if
any.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter expects to deliver the shares on or about _____, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WallachBeth
Capital, LLC</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
dated _______, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#Ak_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#Ak_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_1"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION REGARDING FORWARD-LOOKING STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDUSTRY AND MARKET DATA</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_3"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_4"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIVIDEND POLICY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_5"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#a_6"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DILUTION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#a_7"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#BB_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUSINESS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#BB_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#BB_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXECUTIVE AND DIRECTOR COMPENSATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#BB_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#BB_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL STOCKHOLDERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#BB_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF CAPITAL STOCK</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#BB_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES WE ARE OFFERING</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#BB_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF OUR COMMON STOCK AND WARRANTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#BB_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNDERWRITING</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#BB_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#BB_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#BB_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#abv_001">INDEX TO FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
have not, and the underwriters have not, authorized anyone to provide any information or to make any representations other than those
contained in this prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We take
no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give to you.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You
should rely only on the information contained in this prospectus. No dealer, salesperson or other person is authorized to give information
that is not contained in this prospectus. This prospectus is not an offer to sell nor is it seeking an offer to buy these securities
in any jurisdiction where the offer or sale is not permitted. The selling stockholders are offering to sell and seeking offers to buy
our common stock only in jurisdictions where offers and sales are permitted. The information in this prospectus is accurate only as of
the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of these securities.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>All
trademarks, trade names and service marks appearing in this prospectus are the property of their respective owners. Solely for convenience,
the trademarks and trade names in this prospectus are referred to without the &#174; and <sup>TM</sup> symbols, but such references should
not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights
thereto.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Ak_001"></span>PROSPECTUS
SUMMARY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following summary highlights selected information contained elsewhere in this prospectus and is qualified in its entirety by the more
detailed information and financial statements included elsewhere in this prospectus. It does not contain all the information that may
be important to you and your investment decision. You should carefully read this entire prospectus, including the matters set forth under
&#8220;Risk Factors,&#8221; &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations,&#8221;
and our financial statements and related notes included elsewhere in this prospectus. In this prospectus, unless context requires otherwise,
references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;BBLG&#8221; &#8220;Bone Biologics,&#8221; or the &#8220;Company&#8221;
refer to Bone Biologics Corporation.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Glossary
of Abbreviations and Defined Terms</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Abbreviations</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BMP</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bone
    Morphogenic Protein</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CDMO</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
    Development and Manufacturing Organization </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cGMP</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">current
    Good Manufacturing Practice</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CRO</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
    Research Organization</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DBM</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Demineralized
    bone matrix is allograft bone that has had the inorganic mineral removed</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DDD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Degenerative
    disc disease</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HREC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Human
    Research Ethics Committee</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDE</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investigational
    Device Exemption</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IRB</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Institutional
    Review Board</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MTF</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Musculoskeletal
    Transplant Foundation</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NB1
    Device</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
    combination kit that includes vial of NELL-1 recombinant protein and demineralized bone matrix</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NDA</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    Drug Application</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NELL-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neural
    epidermal growth factor-like 1 protein (NELL-1)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PMA</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-market
    approval</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REMS</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Evaluation and Mitigation Strategies</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">rhBMP-2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recombinant
    Bone Morphogenic Protein</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">rhNELL-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recombinant
    NELL-1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TLIF</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transforaminal
    lumbar interbody fusion</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UCLA
    TDG</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UCLA
    Technology Development Group on behalf of UC Regents</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></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="font: 10pt Times New Roman, Times, Serif; width: 1.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Defined
    Terms</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.2in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alkaline
    phosphatase assay</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alkaline
    phosphatase is an enzyme that is found throughout your body. ALP blood tests measure the level of ALP in your blood that comes from
    your bones.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athymic
    mouse model</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    mouse that provides an experiment model for conducting research because it mounts no rejection response.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Demineralized
    Bone</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bone
    that has had the calcium removed.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Osteostimulative</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stimulates
    bone growth.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Osteosynthetic</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    reduction and fixation of a bone fracture with implantable devices.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phylogenetically</span></p>
                                                                           <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">advanced spine model</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evolutionary
    advancement of spine systems that exist in large animal models.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recombinant</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relating
    to or denoting an organism, cell, or genetic material formed by recombination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retrolisthesis</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    medical condition in which a vertebra in the spine becomes displaced and moves forward or backward.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spondylolisthesis</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    spinal disorder in which one vertebra (spinal bone) slips onto the vertebra below it.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Company
Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein known
as NELL-1/DBM. The NELL-1/DBM combination product is an osteostimulative recombinant protein that provides target specific control over
bone regeneration. The protein, as part of the UCB-1 technology platform, has been licensed exclusively for worldwide applications to
us through a technology transfer from the UCLA Technology Development Group on behalf of UC Regents (&#8220;UCLA TDG&#8221;). UCLA TDG
and the Company received guidance from the FDA that NELL-1/DBM will be classified as a combination product with a device lead.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was founded by University of California professors in collaboration with an Osaka University professor and a University of Southern
California surgeon in 2004 as a privately-held company with proprietary, patented technology that has been validated in sheep and non-human
primate models to facilitate bone growth. Our platform technology has application in delivering improved outcomes in the surgical specialties
of spinal, orthopedic, general orthopedic, plastic reconstruction, neurosurgery, interventional radiology, and sports medicine. Lead
product development and clinical studies are targeted on spinal fusion surgery, one of the larger segments in the orthopedic market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a development stage entity. The production and marketing of our products and ongoing research and development activities will be
subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any
combination product developed by us must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory
approval process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that we will not encounter problems
in clinical trials that will cause us or the FDA to delay or suspend the clinical trials.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success will depend in part on our ability to obtain patents and product license rights, maintain trade secrets, and operate without
infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents
issued to or licensed by us will not be challenged, invalidated, rendered unenforceable, or circumvented, or that the rights granted
thereunder will provide proprietary protection or competitive advantages to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>UCLA
TDG Exclusive License Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
April 9, 2019, the Company entered into an Amended and Restated Exclusive License Agreement dated as of March 21, 2019 and amended through
three sets of amendments (as so amended the &#8220;Amended License Agreement&#8221;) with the UCLA TDG. The Amended License Agreement
amends and restates the Amended and Restated Exclusive License Agreement, dated as of June 19, 2017 (the &#8220;2017 Agreement&#8221;).
The 2017 Agreement amended and restated the Exclusive License Agreement, effective March 15, 2006, between the Company and UCLA TDG,
as amended by ten amendments. Under the terms of the Amended License Agreement, the Regents have continued to grant the Company exclusive
rights to develop and commercialize NELL-1 (the &#8220;Licensed Product&#8221;) for spinal fusion by local administration, osteoporosis
and trauma applications. The Licensed Product is a recombinant human protein growth factor that is essential for normal bone development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to pay an annual maintenance fee to UCLA TDG of $10,000 as well as pay certain royalties to UCLA TDG under the Amended License
Agreement at the rate of 3.0% of net sales of licensed products or licensed methods. We must pay the royalties to UCLA TDG on a quarterly
basis. Upon a first commercial sale, we also must pay a minimum annual royalty between $50,000 and $250,000, depending on the calendar
year which is after the first commercial sale. If we are required to pay any third party any royalties as a result of us making use of
UCLA TDG patents, then we may reduce the royalty owed to UCLA TDG by 0.333% for every percentage point paid to a third party. If we grant
sublicense rights to a third party to use the UCLA TDG patent, then we will pay UCLA TDG 10% to 20% of the sublicensing income we receive
from such sublicense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are obligated to make the following milestone payments to UCLA TDG for each Licensed Product or Licensed Method:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$100,000
    upon enrollment of the first subject in a Feasibility Study;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$250,000
    upon enrollment of the first subject in a Pivotal Study:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$500,000
    upon Pre-Market Approval of a Licensed Product or Licensed Method; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,000,000
    upon the First Commercial Sale of a Licensed Product or Licensed Method.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also obligated pay to UCLA TDG a fee (the &#8220;Diligence Fee&#8221;) of $8,000,000 upon the sale of any Licensed Product (the &#8220;Triggering
Sale Date&#8221;) in accordance with the payment schedule below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
    upon cumulative Net Sales equaling $50,000,000 following the Triggering Sale Date - $2,000,000;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
    upon cumulative Net Sales equaling $100,000,000 following the Triggering Sale Date - $2,000,000; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
    upon cumulative Net Sales equaling $200,000,000 following the Triggering Sale Date - $4,000,000.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s obligation to pay the Diligence Fee will survive termination or expiration of the agreement and the Company is prohibited
from assigning, selling, or otherwise transferring any of its assets related to any Licensed Product unless the Company&#8217;s foregoing
Diligence Fee obligation is assigned, sold, or transferred along with such assets, or unless the Company pays UCLA TDG the Diligence
Fee within ten (10) days of such assignment, sale or other transfer of such rights to any Licensed Product.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also obligated to pay UCLA TDG a cash milestone payment within thirty (30) days of a Liquidity Event (including a Change of Control
Transaction and a payment election by UCLA TDG exercisable after December 22, 2016) such payment to equal the greater of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$500,000;
    or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2%
    of all proceeds in connection with a Change of Control Transaction.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, none of the above milestones has been met.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are obligated to diligently proceed with developing and commercializing licensed products under UCLA TDG patents set forth in the Amended
License Agreement. UCLA TDG has the right to either terminate the license or reduce the license to a non-exclusive license if we do not
meet certain diligence milestone deadlines set forth in the Amended License Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must reimburse or pre-pay UCLA TDG for patent prosecution and maintenance costs incurred during the term of the Amended License Agreement.
We have the right to bring infringement actions against third party infringers of the Amended License Agreement, UCLA TDG may join voluntarily,
at its own expense, or, at our expense, be joined involuntarily to the action. We are required to indemnify UCLA TDG against any third
party claims arising out of our exercise of the rights under the Amended License Agreement or any sublicense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Products</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have developed a stand-alone platform technology through significant laboratory and small and large animal research over more than ten
years to generate the current applications across broad fields of use. The platform technology is our recombinant human protein, known
as NELL-1, a proprietary skeletal specific growth factor which is a bone void filler. NELL-1 provides regulation over skeletal tissue
formation and stem cell differentiation during bone regeneration. The Company obtained the platform technology pursuant to an exclusive
license agreement with UCLA TDG.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently focused on bone regeneration in lumbar spinal fusion, in keeping with our exclusive license agreement, using NELL-1 in
combination with DBM, a demineralized bone matrix from Musculoskeletal Transplant Foundation (&#8220;MTF&#8221;). The NELL-1/DBM medical
device is a combination product which is an osteostimulative recombinant protein that provides target specific control over bone regeneration.
Leveraging the resources of investors and strategic partners, we have successfully surpassed four critical milestones:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Demonstrating
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    of protein dosing and efficacy in established large animal sheep models pilot study;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completed
    pivotal animal study; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    for a clinical trial outside the United States.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
lead product is expected to be purified NELL-1 mixed with 510(k) cleared DBM Demineralized Bone Putty recommended for use in conjunction
with applicable hardware consistent with the indication. The NELL-1/DBM Fusion Device will be comprised of a single dose vial of NELL-1
recombinant protein freeze dried onto DBM. A vial of NELL-1/DBM will be sold in a convenience kit with a diluent and a syringe of 510(k)
cleared demineralized bone (&#8220;DBM Putty&#8221;) produced by MTF. A delivery device will allow the surgeon to mix the reconstituted
NELL-1 with the appropriate quantity of DBM Putty just prior to implantation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NELL-1/DBM Fusion Device is intended for use in lumbar spinal fusion and may have a variety of other spine and orthopedic applications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the product is initially targeted at the lumbar spine fusion market, in keeping with our exclusive license agreement, we believe NELL-1&#8217;s
novel set of characteristics, target specific mechanism of action, efficacy, safety and affordability position the product well for application
in a variety of procedures including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Spine Implants</span>.
    </i>This is the largest market for bone substitute product, representing greater than 70% of the total U.S. market according to Transparency
    Market Research. While use of the patient&#8217;s own bone, also referred to as autograft, to enhance fusion of vertebral segments
    remains the optimal use for this type of treatment, complications associated with use of autograft bone including pain, increased
    surgical time and infection limit its use.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Non-Union Trauma
    Cases</span>. </i>While the majority of fractures heal without the need for osteosynthetic products, bone substitutes are used in complicated
    breaks where the bone does not mend naturally. Management believes that NELL-1 is expected to perform as well as high-priced growth
    factors in this market.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Osteoporosis</span>.
    </i>The medical need to find a solution to counter a decrease in bone mass and density seen in women most frequently after menopause
    or a similar effect on astronauts in microgravity environments for an extended period is a major medical challenge. The systemic
    use of NELL-1 to stimulate bone regeneration throughout the body thereby increasing bone density could have a very significant impact
    on the treatment of osteoporosis.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UCLA&#8217;s
initial research was funded with approximately $18 million in resources from UCLA TDG and government grants. Since licensing the exclusive
worldwide intellectual property rights from UCLA TDG, our continued development has been funded through various strategic investments.
Our research and development expenses for the years ended December 31, 2021 and 2020 were $45,500 and $102,293, respectively. We anticipate
that it will require approximately $15 million to complete first in man studies and an estimated additional $27 million to achieve
FDA approval for a spine interbody fusion indication. These amounts are estimates based on data currently available to us, and are subject
to many factors including the various risk factors discussed below under &#8220;<i>Risk Factors.</i>&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NELL-1&#8217;s
powerful specific bone and cartilage forming properties are derived from the ability of NELL-1 to only target cells that exhibit an activated
&#8220;master switch&#8221; to develop into bone or cartilage. NELL-1 is a function specific recombinant human protein that has been
proven in laboratory bench models to recapitulate normal human growth and development to provide control over bone and cartilage regeneration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NELL-1
was isolated in 1996, and the first NELL-1 patent on bone regeneration was filed in 1999. Subsequent patents and continuations in part
describing NELL-1 manufacturing, delivery, and cartilage regeneration were filed to further strengthen the patent portfolio.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
&amp; Publications</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our scientific evidence validates the many benefits of NELL-1. Currently there is a comprehensive database of more than 80 research
publications and abstracts of preclinical studies with NELL-1 of which more than 45 are peer-reviewed publications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">We
completed a preclinical study, which shows our rhNELL-1 growth factor effectively promotes bone formation in a phylogenetically advanced
spine model. In addition, rhNELL-1 was shown to be well tolerated and there were no findings of inflammation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Bone
Biologics has received Human Research Ethics Committee (&#8220;HREC&#8221;) approval for the first center of a multicenter pilot clinical
trial to evaluate NB1 (&#8220;NELL-1/DBM&#8221;) in 30 patients in Australia. The pilot study will evaluate the safety and effectiveness
of NB1 in adult subjects with spinal degenerative disc disease (&#8220;DDD&#8221;) at one level from L2-S1, who may also have up to Grade
1 spondylolisthesis or Grade 1 retrolisthesis at the involved level who undergo transforaminal lumbar interbody fusion (&#8220;TLIF&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proposed
Initial Clinical Application</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NELL-1/DBM Fusion Device will be indicated for spinal fusion procedures in skeletally mature patients with DDD at one level from L4-S1.
These DDD patients may also have up to Grade I spondylolisthesis at the involved level. The NELL-1/DBM Fusion Device is to be implanted
via an anterior open or an anterior laparoscopic approach in conjunction with a cleared intervertebral body fusion device. Patients receiving
the device should have had at least six months of non-operative treatment prior to treatment with the device. A cervical indication is
currently under consideration. This indication for use would fill a current clinical gap, created by potentially dangerous inflammatory
responses caused by commercially available catalytic bone growth agents, the subject of a Public Health Notification from the FDA on
July 1, 2008 about life threatening complications associated with a recombinant human protein in cervical spine fusion. We do not expect
our product to see the same adverse events with NELL-1/DBM as have been observed with other commercially available protein. We have performed
a rat femoral onlay model to compare proinflammatory response of rhBMP-2 and NELL-1 within Helistate collagen sponges. While NELL-1 induced
normal healing, rhBMP-2 induced significant amounts of swelling and histological evidence of intense inflammatory response.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
of the DBM Putty to Be Used With Nell-1</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
DBM Demineralized Bone Putty provided as part of the convenience kit with NELL-1/DBM is a Class II device. The common name is &#8220;Bone
Void Filler Containing Human Demineralized Bone Matrix.&#8221; The product is regulated under 21 C.F.R. &#167;888.3045 Resorbable calcium
salt bone void filler device, Product Codes MQV, GXP, and MBP. MTF is the manufacturer of the DBM Putty that was cleared by the FDA for
spine indication in December 2006.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DBM
Putty is a matrix composed of processed human cortical bone. Demineralized bone granules are mixed with sodium hyaluronate to form the
DBM Putty. Every lot of final DBM Putty product is tested in an athymic mouse model or in an alkaline phosphatase assay, which has been
shown to have a positive correlation with the athymic mouse model, to ensure osteostimulation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon extensive discussions with regulatory experts and a specific communication from the FDA in response to a submission of our plan
under the Amended License Agreement between UCLA TDG and the Company we believe the NELL-1/DBM Fusion Device will be regulated as a Class
III medical device and will therefore require submission and approval of a pre-market approval (&#8220;PMA&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Business Strategy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business plan is to develop our target specific growth factor for bone regeneration that has demonstrated increases in the quantity and
quality of bone, while displaying strong safety profile. Our spine fusion product focus continues to advance from the research to the
development stage and then to clinical stage to allow for the approval for use of our target specific protein exhibiting efficacy and
safety by matching or exceeding current market approved products. The utilization of investment partners is critical to facilitate the
development through pre Investigational Device Exemption (&#8220;IDE&#8221;), clinical, and ultimate commercialization as we fund the
pre-IDE work and continue achieving milestones.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Associated with Our Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is subject to a number of risks of which you should be aware of before making an investment decision. Some of these risks include
the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have incurred substantial losses since our inception and anticipate that we will continue to incur substantial and increasing losses
    for the foreseeable future.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    will require substantial additional financing to achieve our goals, and a failure to obtain this necessary capital when needed could
    force us to delay, limit, reduce or terminate our product development or commercialization efforts.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    currently have no source of revenues. We may never generate revenues or achieve profitability.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    expect to continue to incur significant operating and non-operating expenses, which may make it difficult for us to secure sufficient
    financing and may lead to uncertainty about our ability to continue as a going concern.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    is substantial doubt about our ability to continue as a going concern, which may affect our ability to obtain future financing and
    may require us to curtail our operations. We will need to raise additional capital to support our operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are dependent in part on technologies we license, and if we lose the right to license such technologies or we fail to license new
    technologies in the future, our ability to develop new products would be harmed, and if we fail to meet our obligations under our
    current or future license agreements, we may lose the ability to develop our lead product candidate or other product candidates.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
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    business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            intellectual property may not be sufficient to protect our products from competition.</span></p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Implications
of Being a Smaller Reporting Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a smaller reporting company as defined in the Securities Exchange Act of 1934, as amended. We may take advantage of certain of the
scaled disclosures available to smaller reporting companies and will be able to take advantage of these scaled disclosures for so long
as (i) the market value of our voting and non-voting common stock held by non-affiliates is less than $250 million measured on the last
business day of our second fiscal quarter or (ii) our annual revenue is less than $100 million during the most recently completed fiscal
year and the market value of our voting and non-voting common stock held by non-affiliates is less than $700 million measured on the
last business day of our second fiscal quarter. Specifically, as a smaller reporting company, we may choose to present only the two most
recent fiscal years of audited financial statements in our Annual Report on Form 10-K and have reduced disclosure obligations regarding
executive compensation, and, similar to emerging growth companies, if we are a smaller reporting company with less than $100 million
in annual revenue, we would not be required to obtain an attestation report on internal control over financial reporting issued by our
independent registered public accounting firm.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated under the laws of the State of Delaware on October 18, 2007 as AFH Acquisition X, Inc. Pursuant to a Merger Agreement,
dated September 19, 2014, by and among the Company, its wholly-owned subsidiary, Bone Biologics Acquisition Corp., a Delaware corporation
(&#8220;Merger Sub&#8221;), and Bone Biologics, Inc. Merger Sub merged with and into Bone Biologics Inc., with Bone Biologics Inc. remaining
as the surviving corporation in the merger. Upon the consummation of the merger, the separate existence of Merger Sub ceased. On September
22, 2014, the Company officially changed its name to &#8220;Bone Biologics Corporation&#8221; to more accurately reflect the nature of
its business and Bone Biologics, Inc. became a wholly owned subsidiary of the Company. Bone Biologics, Inc. was incorporated in California
on September 9, 2004.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Our
principal executive offices are located at 2 Burlington Woods Drive, Suite 100, Burlington MA 01803 and our telephone number is </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(781)
552-4452<span style="background-color: white">. Our website address is www.bonebiologics.com. The information contained on our website
is not incorporated by reference into this prospectus, and you should not consider any information contained on, or that can be accessed
through, our website as part of this prospectus or in deciding whether to invest in our common stock.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
OFFERING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; text-align: left">Units
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;] </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units,
    each consisting of: (i) one share of common stock; (ii) one Series A warrant (the &#8220;Series A Warrants&#8221;) to
    purchase one share of common stock at an exercise price equal to $_____ per share, exercisable until the fifth anniversary of the
    issuance date; (iii) one Series B warrant (the &#8220;Series B Warrants) to purchase one share of common stock at an
    exercise price equal to $_____ per share, exercisable until the fifth anniversary of the issuance date; and (iv) one Series C
    warrant to purchase one share of common stock at an exercise price equal to $_____ per share, exercisable until the fifth
    anniversary of the issuance date (the &#8220;Series C Warrants,&#8221; and together with the Series A Warrants and the Series B
    Warrants, the &#8220;Purchase Warrants&#8221;). The Purchase Warrants are subject to certain adjustment and cashless
    exercise provisions as described herein. Holders of the Series C Warrants may execute such warrants on a &#8220;cashless&#8221;
    basis upon the earlier of (i) 15 Trading Days from the issuance date of such warrant or (ii) the time when $10.0 million of volume
    is traded in shares of our common stock, if the volume weighted average price (&#8220;VWAP&#8221;) of our common stock on any
    trading day on or after the date of issuance fails to exceed the exercise price of the Series C  Warrant (subject to adjustment for
    any stock splits, stock dividends, stock combinations, recapitalizations and similar events). In such event, the aggregate number of
    Warrant Shares issuable in such cashless exercise pursuant to any given Notice of Exercise electing to effect a cashless exercise
    shall equal the product of (x) the aggregate number of Warrant Shares that would be issuable upon exercise of this Warrant in
    accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise and (y)
    1.00. The shares of our common stock and the Purchase Warrants will be immediately separable and will be issued separately, but will
    be purchased together in this offering.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: left"><p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock outstanding prior</span></p>
                                                                                <p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to this offering</span></p></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 63%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,350,579
    shares</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock to be outstanding immediately after this offering</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">_______shares
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Option
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    <td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters have an option for a period of 45 days to purchase up to ____ additional shares of our common stock at the offering
price and/or Series A Warrants to purchase up to an aggregate of ___ shares of our common stock at a price of $0.01 per share,
and/or Series B Warrants to purchase up to an aggregate of _____ shares of our common stock at a price of $0.01 per share, and/or
Series C Warrants to purchase up to an aggregate of _____ shares of our common stock at a price of $0.01 per share in any
combinations thereof, from us at the public offering price per security, less the underwriting discounts and commissions, for 45
days after the date of this prospectus to cover over-allotments, if any. See &#8220;<i><span style="text-decoration: underline">Underwriting</span></i><span style="text-decoration: underline">&#8221; for
additional information.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the warrants will not be listed on a national securities exchange or other nationally recognized trading market, the underwriters will
be unable to satisfy any overallotment of shares and warrants without exercising the underwriters&#8217; overallotment option with respect
to the warrants. As a result, the underwriters will exercise their overallotment option for all of the warrants which are over-allotted,
if any, at the time of the initial offering of the shares and the warrants. However, because our common stock is publicly traded, the
underwriters may satisfy some or all of the overallotment of shares of our common stock, if any, by purchasing shares in the open market
and will have no obligation to exercise the overallotment option with respect to our common stock.</span></p>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    and commissions, the non-accountable expense allowance payable to the underwriters, and estimated offering expenses payable by us.
    We intend to use the net proceeds from this offering to fund our planned clinical trials, maintain and extend our patent portfolio,
    retention of contract research organizations, and for working capital and other general corporate purposes. See &#8220;Use of Proceeds&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td>&#160;</td>
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    executive officers, directors and certain of our shareholders have agreed with the underwriters not to sell, transfer or dispose
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    our arrangement with the underwriters, please see &#8220;Underwriting.&#8221;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td>&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#8220;BBLG&#8221;
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number of shares of our common stock to be outstanding after this offering is based on 10,350,579 shares of our common stock outstanding
as of September 3, 2022, assumes no exercise of the Purchase Warrants included in the Units or exercise by the underwriters of their
over-allotment option, and excludes the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 48pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
Financial Data</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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following tables set forth our summary financial data as of the dates and for the periods indicated. We have derived the summary statement
of operations data for the years ended December 31, 2021 and 2020 from our audited financial statements included elsewhere in this prospectus.
The summary statements of operations data for the six months ended June 30, 2022 and 2021 and the summary balance sheet data
as of June 30, 2022 have been derived from our unaudited financial statements included elsewhere in this prospectus. The following summary
financial data should be read in conjunction with &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results
of Operations&#8221; and our financial statements and related notes and other information included elsewhere in this prospectus. Our
historical results are not necessarily indicative of the results to be expected in the future and the results for the six months ended
June 30, 2022 are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2022.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
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    that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting
    underwriting discounts and commissions and the non-accountable expense allowance payable to the underwriters. Each increase (decrease)
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Ak_002"></span>RISK
FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>An
investment in our common stock involves a high degree of risk. Before making an investment decision, you should give careful consideration
to the following risk factors, in addition to the other information included in this prospectus, including our financial statements and
related notes, before deciding whether to invest in shares of our common stock. The occurrence of any of the adverse developments described
in the following risk factors could materially and adversely harm our business, financial condition, results of operations or prospects.
In that case, the trading price of our common stock could decline, and you may lose all or part of your investment.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Our Financial Position and Capital Needs</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
limited operating history makes it difficult to evaluate our current business and future prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a limited operating history, and there is a risk that we will be unable to continue as a going concern. We have minimal assets and
no significant financial resources. Our limited operating history makes it difficult to evaluate our current business model and future
prospects. Accordingly, you should consider our prospects in light of the costs, uncertainties, delays and difficulties frequently encountered
by companies in the early stages of development. Potential investors should carefully consider the risks and uncertainties that a new
company with no operating history will face. In particular, potential investors should consider that there is a significant risk that
we will not be able to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">implement
    or execute our current business plan, which may or may not be sound;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">raise
    sufficient funds in the capital markets to effectuate our business plan.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we cannot execute any one of the foregoing or similar matters relating to our business, the business may fail, in which case you would
lose the entire amount of your investment in the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
long-term capital requirements are subject to numerous risks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that it will require approximately $15 million to complete first in man studies and an estimated additional $27 million
to achieve FDA approval for a spine interbody fusion indication. These amounts are estimates based on data currently available to us,
and are subject to many factors, including the risk factors discussed herein. We anticipate we will need to raise substantial additional
funds for the pivotal clinical trial prior to marketing our first product. The above estimates and our long-term capital requirements
will depend on many factors, including, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may consume available resources more rapidly than currently anticipated, resulting in the need for additional funding. We may seek to
raise any necessary additional funds through equity or debt financings, collaborative arrangements with corporate partners or other sources,
which may be dilutive to existing stockholders or otherwise have a material effect on our current or future business prospects. If adequate
funds are not available, we may be required to significantly reduce or refocus our development and commercialization efforts with regard
to our delivery technologies and our proposed formulations and products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have relied on funding from Hankey Capital for working capital to fund operations in the past.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the past several years, we have depended on our relationship with Hankey Capital for working capital to fund our operations, which has
been raised in the form of both debt and equity capital. Hankey Capital, directly and indirectly, controls approximately 70% of our issued
and outstanding shares of common stock. However, no assurance can be given that any future financing from Hankey Capital will be available
or, if available, that it will be on terms that are satisfactory to the Company. In the absence of financing from other sources, the
inability to obtain additional financing from Hankey Capital will result in the scaling back or discontinuance of our product development
programs or operations entirely.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
recurring operating losses have raised substantial doubt regarding our ability to continue as a going concern.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
recurring operating losses raise substantial doubt about our ability to continue as a going concern. As a result, our independent registered
public accounting firm included an explanatory paragraph in its report on our financial statements as and for the years ended December
31, 2021 and 2020 with respect to this uncertainty. As reflected in the financial statements, we incurred a net loss of $1,158,803,
and used net cash in operating activities of $1,220,843 during the six months ended June 30, 2022. The perception of our ability to continue
as a going concern may make it more difficult for us to obtain financing for the continuation of our operations and could result in the
loss of confidence by investors, suppliers and employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have incurred losses for the years ended December 31, 2021 and 2020 and we expect our operating expenses to increase in the foreseeable
future, which may make it more difficult for us to achieve and maintain profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have no significant operating history and since inception to December 31, 2021 have incurred accumulated losses of approximately $70.5
million. As of June 30, 2022, we had accumulated losses of $71.6 million. We will continue to incur significant expenses for development
activities for our lead product NELL-1/DBM.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 15, 2021, we completed a public offering generating net proceeds to the Company of $6,858,843.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will continue to attempt to raise additional capital through debt and/or equity financing to provide additional working capital and fund
future operations. However, there is no assurance that such financing will be consummated or obtained in sufficient amounts necessary
to meet our needs. If cash resources are insufficient to satisfy our on-going cash requirements, we will be required to scale back or
discontinue its product development programs, or obtain funds if available (although there can be no certainties) through strategic alliances
that may require us to relinquish rights to our technology, or substantially reduce or discontinue our operations entirely. No assurance
can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to us. Even
if we are able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing, or
cause substantial dilution for our stockholders, in the case of equity financing. As a result, we can provide no assurance as to whether
or if we will ever be profitability. If we are not able to achieve and maintain profitability, the value of our company and our common
stock could decline significantly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
face a number of risks associated with the incurrence of substantial debt which could adversely affect our financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we incur a substantial amount of debt, we may be required to use a significant portion of any cash flow to pay principal and interest
on the debt, which will reduce the amount available to fund working capital, capital expenditures, and other general purposes. Any indebtedness
may negatively impact our ability to operate our business and limit our ability to borrow additional funds by increasing our borrowing
costs, and impact the terms, conditions, and restrictions contained in possible future debt agreements, including the addition of more
restrictive covenants; impact our flexibility in planning for and reacting to changes in our business as covenants and restrictions contained
in possible future debt arrangements may require that we meet certain financial tests and place restrictions on the incurrence of additional
indebtedness and place us at a disadvantage compared to similar companies in our industry that have less debt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to the Development and Regulatory Approval of our Product Candidates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
product candidates are at an early stage of development and may not be successfully developed or commercialized.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
products are in the early stage of development and will require substantial further capital expenditures, development, testing, and regulatory
clearances prior to commercialization. The development and regulatory approval process takes several years, and it is not likely that
our products, technologies or processes, even if successfully developed and approved by the FDA, would be commercially available for
five or more years. Of the large number of devices in development, only a small percentage successfully completes the FDA regulatory
approval process and is commercialized. Accordingly, even if we are able to obtain the requisite financing to fund our development programs,
we cannot assure you that our product candidates will be successfully developed or commercialized. Our failure to develop, manufacture
or receive regulatory approval for or successfully commercialize any of our product candidates, could result in the failure of our business
and a loss of all of your investment in our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Any
product candidates advanced into clinical development are subject to extensive regulation, which can be costly and time consuming, cause
unanticipated delays or prevent the receipt of the required approvals to commercialize such product candidates.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
clinical development, manufacturing, labeling, storage, record-keeping, advertising, promotion, import, export, marketing and distribution
of our product candidates are subject to extensive regulation by the FDA in the U.S. and by comparable health authorities in foreign
markets. In the U.S., we may not be permitted to market our product candidates until we receive approval of our PMA from the FDA. The
process of obtaining PMA approval is expensive, often takes many years and can vary substantially based upon the type, complexity and
novelty of the products involved. In addition to the significant clinical testing requirements, our ability to obtain marketing approval
for these products depends on obtaining the final results of required non-clinical testing, including characterization of the manufactured
components of our product candidates and validation of our manufacturing processes. The FDA may determine that our product manufacturing
processes, testing procedures or facilities are insufficient to justify approval. Approval policies or regulations may change and the
FDA has substantial discretion in the approval process, including the ability to delay, limit or deny approval of a product candidate
for many reasons. Despite the time and expense invested in clinical development of product candidates, regulatory approval is never guaranteed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA or another regulatory agency can delay, limit or deny approval of a product candidate for many reasons, including, but not limited
to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA or comparable foreign regulatory authorities may disagree with the design or implementation of clinical trials;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may be unable to demonstrate to the satisfaction of the FDA that a product candidate is safe and effective for any indication;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA may not accept clinical data from trials which are conducted by individual investigators or in countries where the standard of
    care is potentially different from the U.S.;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    results of clinical trials may not meet the level of statistical significance required by the FDA for approval;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may be unable to demonstrate that a product candidate&#8217;s clinical and other benefits outweigh its safety risks;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA may disagree with our interpretation of data from preclinical studies or clinical trials;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA may fail to approve the manufacturing processes or facilities of third-party manufacturers with which we or our collaborators
    contract for clinical and commercial supplies; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    approval policies or regulations of the FDA may significantly change in a manner rendering our clinical data insufficient for approval.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to foreign markets, approval procedures vary among countries and, in addition to the aforementioned risks, can involve additional
product testing, administrative review periods and agreements with pricing authorities. Any delay in obtaining, or inability to obtain,
applicable regulatory approvals could prevent us from commercializing our product candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Any
product candidate we advance into clinical trials may cause unacceptable adverse events or have other properties that may delay or prevent
their regulatory approval or commercialization or limit their commercial potential.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unacceptable
adverse events caused by any of our product candidates that we advance into clinical trials could cause us or regulatory authorities
to interrupt, delay or halt clinical trials and could result in the denial of regulatory approval by the FDA or other regulatory authorities
for any or all targeted indications and markets. This, in turn, could prevent us from commercializing the affected product candidate
and generating revenues from its sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not yet completed testing of any of our product candidates for the treatment of the indications for which we intend to seek product
approval in humans, and we currently do not know the extent of adverse events, if any, that will be observed in patients who receive
any of our product candidates. If any of our product candidates cause unacceptable adverse events in clinical trials, we may not be able
to obtain regulatory approval or commercialize such product or, if such product candidate is approved for marketing, future adverse events
could cause us to withdraw such product from the market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Delays
in the commencement of clinical trials could result in increased costs and delay our ability to pursue regulatory approval.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
commencement of clinical trials can be delayed for a variety of reasons, including delays in:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtaining
    regulatory clearance to commence a clinical trial;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying,
    recruiting and training suitable clinical investigators;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtaining
    sufficient quantities of a product candidate for use in clinical trials;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtaining
    an IRB or ethics committee approval to conduct a clinical trial at a prospective site;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying,
    recruiting and enrolling patients to participate in a clinical trial; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">retaining
    patients who have initiated a clinical trial but may withdraw due to adverse events from the therapy, insufficient efficacy, fatigue
    with the clinical trial process or personal issues.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
delays in the commencement of clinical trials will delay our ability to pursue regulatory approval for our product candidates. In addition,
many of the factors that cause, or lead to, a delay in the commencement of clinical trials may also ultimately lead to the denial of
regulatory approval of a product candidate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Suspensions
or delays in the completion of clinical testing could result in increased costs to us and delay or prevent our ability to complete development
of that product or generate product revenues.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
a clinical trial has begun, patient recruitment and enrollment may be slower than we anticipate. Clinical trials may also be delayed
as a result of ambiguous or negative interim results or difficulties in obtaining sufficient quantities of product manufactured in accordance
with regulatory requirements. Further, a clinical trial may be modified, suspended or terminated by us, an IRB, an ethics committee or
a data safety monitoring committee overseeing the clinical trial, any clinical trial site with respect to that site, or the FDA or other
regulatory authorities due to a number of factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    to conduct the clinical trial in accordance with regulatory requirements or our clinical protocols;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inspection
    of the clinical trial operations or clinical trial site by the FDA or other regulatory authorities resulting in the imposition of
    a clinical hold;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">stopping
    rules contained in the protocol;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unforeseen
    safety issues or any determination that the clinical trial presents unacceptable health risks; and/or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
    of adequate funding to continue the clinical trial.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
changes in the current regulatory requirements and guidance also may occur, and we may need to amend clinical trial protocols to reflect
these changes. Amendments may require us to resubmit clinical trial protocols to IRBs for re-examination, which may impact the costs,
timing and the likelihood of a successful completion of a clinical trial. If we experience delays in the completion of, or if we must
suspend or terminate, any clinical trial of any product candidate, our ability to obtain regulatory approval for that product candidate
will be delayed and the commercial prospects, if any, for the product candidate may suffer as a result. In addition, many of these factors
may also ultimately lead to the denial of regulatory approval of a product candidate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates
or indications for which there may be a greater likelihood of success.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we have limited financial and managerial resources, we are focused on our lead product for spine fusion. As a result, we may forego or
delay pursuit of opportunities with other product candidates or, for other indications for which there may be a greater likelihood of
success or may prove to have greater commercial potential. Notwithstanding our investment to date and anticipated future expenditures,
we may never successfully develop, any marketed treatments using these products. Research programs to identify new product candidates
or pursue alternative indications for current product candidates require substantial technical, financial and administrative support.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may find it difficult to enroll patients in our clinical trials which could delay or prevent the start of clinical trials for our product
candidate.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identifying
and qualifying patients to participate in clinical trials of our product candidate is essential to our success. The timing of our clinical
trials depends in part on the rate at which we can recruit patients to participate in clinical trials of our product candidate, and we
may experience delays in our clinical trials if we encounter difficulties in enrollment. If we experience delays in our clinical trials,
the timeline for obtaining regulatory approval of our product candidate will most likely be delayed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
factors may affect our ability to identify, enroll and maintain qualified patients, including the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">eligibility
    criteria of our ongoing and planned clinical trials with specific characteristics appropriate for inclusion in our clinical trials;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">design
    of the clinical trial;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">size
    and nature of the patient population;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">patients&#8217;
    perceptions as to risks and benefits of the product candidate under study and the participation in a clinical trial generally in
    relation to other available therapies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    availability and efficacy of competing therapies and clinical trials;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pendency
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">willingness
    of physicians to participate in our planned clinical trials;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">severity
    of the disease under investigation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">proximity
    of patients to clinical sites;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">patients
    who do not complete the trials for personal reasons; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issues
    with Contract Research Organizations (&#8220;CROs&#8221;) and/or with other vendors that handle our clinical trials.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to initiate or continue to support clinical trials of our product candidates, for one or more applications, or any future
product candidates if we are unable to locate and enroll a sufficient number of eligible participants in these trials as required by
the FDA or other regulatory authorities. Even if we are able to enroll a sufficient number of patients in our clinical trials, if the
pace of enrollment is slower than we expect, the development costs for our product candidate may increase and the completion of our trials
may be delayed or our trials could become too expensive to complete.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we experience delays in the completion of, or termination of, any clinical trials of our product candidate, the commercial prospects
of our product candidate could be harmed, and our ability to generate product revenue from any of our product candidate could be delayed
or prevented. In addition, any delays in completing our clinical trials would likely increase our overall costs, impair product candidate
development and jeopardize our ability to obtain regulatory approval relative to our current plans. Any of these occurrences may harm
our business, financial condition, and prospects significantly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
results of preclinical studies are not necessarily predictive of future results. Our product candidates that may advance into clinical
trials may not have favorable results in later clinical trials or receive regulatory approval.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Success
in preclinical studies and early clinical trials does not ensure that later clinical trials will generate adequate data to demonstrate
the efficacy and safety of a device. A number of companies in the pharmaceutical and biotechnology industries, including those with greater
resources and experience than us, have suffered significant setbacks in clinical trials, even after seeing promising results in earlier
preclinical studies or clinical trials.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
the results reported in earlier preclinical studies for our lead product candidate, we do not know whether the clinical trials we may
conduct will demonstrate adequate efficacy and safety to result in regulatory approval to market our product candidate for a particular
indication, in any particular jurisdiction. Efficacy data from prospectively designed trials may differ significantly from those obtained
from retrospective subgroup analyses. If later-stage clinical trials do not produce favorable results, our ability to achieve regulatory
approval for our product candidate may be adversely impacted. Even if we believe that we have adequate data to support an application
for regulatory approval to market our current product candidate or any future product candidates, the FDA or other regulatory authorities
may not agree and may require that we conduct additional clinical trials.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
associated with operating in foreign countries could materially adversely affect our product development.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may conduct future studies in countries outside of the U.S. Consequently, we may be subject to risks related to operating in foreign
countries. Risks associated with conducting operations in foreign countries include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">differing
    regulatory requirements for device approvals and regulation of approved devices in foreign countries; more stringent privacy requirements
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unexpected
    changes in tariffs, trade barriers and regulatory requirements; economic weakness, including inflation, or political instability
    in particular foreign economies and markets; compliance with tax, employment, immigration and labor laws for employees living or
    traveling abroad; foreign taxes, including withholding of payroll taxes;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">differing
    payor reimbursement regimes, governmental payors or patient self-pay systems and price controls;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">foreign
    currency fluctuations, which could result in increased operating expenses or reduced revenues, and other obligations incident to
    doing business or operating in another country;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">workforce
    uncertainty in countries where labor unrest is more common than in the U.S.;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">production
    shortages resulting from any events affecting raw material supply or manufacturing capabilities abroad; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">business
    interruptions resulting from geopolitical actions, including war and terrorism.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to obtain regulatory approval in international jurisdictions would prevent our product candidate from being marketed abroad.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to regulations in the U.S., to market and sell our product candidate in the European Union, United Kingdom, many Asian countries
and other jurisdictions, we must obtain separate regulatory approvals and comply with numerous and varying regulatory requirements. Approval
by the FDA does not ensure approval by regulatory authorities in other countries or jurisdictions, and approval by one regulatory authority
outside the U.S. does not ensure approval by regulatory authorities in other countries or jurisdictions or by the FDA. The regulatory
approval process outside the U.S. generally includes all of the risks associated with obtaining FDA approval as well as risks attributable
to the satisfaction of local regulations in foreign jurisdictions. The approval procedure varies among countries and can involve additional
testing. The time required to obtain approval may differ substantially from that required to obtain FDA approval. We may not be able
to obtain approvals from regulatory authorities outside the U.S. on a timely basis, if at all. Clinical trials accepted in one country
may not be accepted by regulatory authorities in other countries. In addition, many countries outside the U.S. require that a product
be approved for reimbursement before it can be approved for sale in that country. A product candidate that has been approved for sale
in a particular country may not receive reimbursement approval in that country.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to file for regulatory approvals and may not receive necessary approvals to commercialize our product in any market.
If we are unable to obtain approval of any of our current product candidate or any future product candidates we may pursue by regulatory
authorities in the European Union, United Kingdom, Asia or elsewhere, the commercial prospects of that product candidate may be significantly
diminished, our business prospects could decline and this could materially adversely affect our business, results of operations and financial
condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Even
if our lead product candidate received regulatory approval, it may still face future development and regulatory difficulties.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we obtain regulatory approval for our lead product candidate, that approval would be subject to ongoing requirements by the FDA and
comparable foreign regulatory authorities governing the manufacture, quality control, further development, labeling, packaging, storage,
distribution, adverse event reporting, safety surveillance, import, export, advertising, promotion, recordkeeping and reporting of safety
and other post-marketing information. These requirements include submissions of safety and other post-marketing information and reports,
registration, as well as continued compliance by us and/or our Contract Development Manufacturing Organizations (&#8220;CDMOs&#8221;)
and CROs for any post-approval clinical trials that we may conduct. The safety profile of any product will continue to be closely monitored
by the FDA and comparable foreign regulatory authorities after approval. If the FDA or comparable foreign regulatory authorities become
aware of new safety information after approval of our product candidate, they may require labeling changes or establishment of a risk
evaluation and mitigation strategy, impose significant restrictions on such product&#8217;s indicated uses or marketing or impose ongoing
requirements for potentially costly post-approval studies or post-market surveillance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, manufacturers of devices and their facilities are subject to continual review and periodic inspections by the FDA and other
regulatory authorities for compliance with Current Good Manufacturing Practice, Good Clinical Practice, and other regulations. If we
or a regulatory agency discover previously unknown problems with a product, such as adverse events of unanticipated severity or frequency,
or problems with the facility where the product is manufactured, a regulatory agency may impose restrictions on that product, the manufacturing
facility or us, including requiring recall or withdrawal of the product from the market or suspension of manufacturing. If we, our product
candidate or the manufacturing facilities for our product candidate fail to comply with applicable regulatory requirements, a regulatory
agency may:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    dates for specific actions and penalties for noncompliance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    to approve pending applications or supplements to applications filed by us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">suspend
    or impose restrictions on operations, including costly new manufacturing requirements; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seize
    or detain products, refuse to permit the import or export of products, or require us to initiate a product recall.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
occurrence of any event or penalty described above may inhibit our ability to successfully commercialize our product and generate revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising
and promotion of any product candidates that obtains approval in the U.S. is heavily scrutinized by the FDA, the Department of Justice,
the Office of Inspector General of Health and Human Services, state attorneys general, members of Congress and the public. A company
can make only those claims relating to safety and efficacy, purity and potency that are approved by the FDA and in accordance with the
provisions of the approved label. Additionally, advertising and promotion of any product candidate that obtains approval outside of the
U.S. is heavily scrutinized by comparable foreign regulatory authorities. Violations, including actual or alleged promotion of our product
for unapproved or off-label uses, are subject to enforcement letters, inquiries and investigations, and civil and criminal sanctions
by the FDA, as well as prosecution under the federal False Claims Act. Any actual or alleged failure to comply with labeling and promotion
requirements may have a negative impact on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
results of our clinical trials may not support our product candidate claims and the results of preclinical studies and completed clinical
trials are not necessarily predictive of future results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, long-term safety and efficacy have not yet been demonstrated in clinical trials for any of our diagnostic product candidates. Favorable
results in early studies or trials, if any, may not be repeated in later studies or trials. Even if our clinical trials are initiated
and completed as planned, it cannot be certain that the results will support our product candidate claims. Success in preclinical testing
and pilot clinical trials does not ensure that later pilot or pivotal clinical trials will be successful. We cannot be sure that the
results of later clinical trials would replicate the results of prior clinical trials and preclinical testing. In particular, the limited
results we have obtained for our tests may not predict results from studies in larger numbers of subjects drawn from more diverse populations
over a longer period of time. Clinical trials may fail to demonstrate that our product candidates are safe for humans and effective for
indicated uses. Any such failure could cause us to abandon a product candidate and might delay development of other product candidates.
Preclinical and clinical results are frequently susceptible to varying interpretations that may delay, limit or prevent regulatory approvals
or commercialization. Any delay in, or termination of, our clinical trials would delay us in obtaining FDA approval for the affected
product candidate and, ultimately, our ability to commercialize that product candidate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Dependence on Third Parties</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may fail to retain or recruit necessary personnel, and we may be unable to secure the services of consultants.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this filing, we have two full-time employees. We also have engaged and plan to continue to engage regulatory consultants
to advise us on our dealings with the FDA and other foreign regulatory authorities and have been and will be required to retain additional
consultants and employees. Our future performance will depend in part on our ability to successfully integrate newly hired officers into
our management team and our ability to develop an effective working relationship among senior management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of our directors, officers, scientific advisors, and consultants serve as officers, directors, scientific advisors, or consultants of
other healthcare and life science companies or institutes that might be developing competitive products. Other than corporate opportunities,
none of our directors are obligated under any agreement or understanding with us to make any additional products or technologies available
to us. Similarly, we can give no assurances, and we do not expect and stockholders should not expect, that any biomedical or pharmaceutical
product or technology identified by any of our directors or affiliates in the future would be made available to us other than corporate
opportunities. We can give no assurances that any such other companies will not have interests that are in conflict with its interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Losing
key personnel or failing to recruit necessary additional personnel would impede our ability to attain our development objectives. There
is intense competition for qualified personnel in the biomedical-development field, and we may not be able to attract and retain the
qualified personnel we need to develop our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on independent organizations, advisors and consultants to perform certain services for us, including handling substantially all
aspects of regulatory approval, clinical management, manufacturing, marketing, and sales. We expect that this will continue to be the
case. Such services may not always be available to us on a timely basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely on third parties to supply our raw materials, and if certain manufacturing-related services do not timely supply these products
and services, it may delay or impair our ability to develop, manufacture and market our products.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on suppliers for raw materials and other third parties for certain manufacturing-related services to produce material that meets
appropriate content, quality and stability standards and to use in clinical trials of our products. To succeed, clinical trials require
adequate supplies of such materials, which may be difficult or uneconomical to procure or manufacture. We and our suppliers and vendors
may not be able to (i) produce our products to appropriate standards for use in clinical studies, (ii) perform under any definitive manufacturing,
supply or service agreements or (iii) remain in business for a sufficient time to successfully produce and market our product candidates.
If we do not maintain important manufacturing and service relationships, we may fail to find a replacement supplier or required vendor
or develop our own manufacturing capabilities which could delay or impair our ability to obtain regulatory approval for our products
and substantially increase our costs or deplete profit margins, if any. If we do find replacement providers, we may not be able to enter
into agreements with suppliers on favorable terms and conditions, or there could be a substantial delay before a new third party could
be qualified and registered with the FDA and foreign regulatory authorities as a provider.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
depend on third parties, including researchers, who are not under our control.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
depend upon independent investigators and scientific collaborators, such as universities and medical institutions or private physician
scientists, to conduct our preclinical and clinical trials under agreements. These collaborators are not our employees, and they cannot
control the amount or timing of resources that they devote to their programs or the timing of their procurement of clinical-trial data
or their compliance with applicable regulatory guidelines. Should any of these scientific inventors/advisors become disabled or die unexpectedly,
or should they fail to comply with applicable regulatory guidelines, we may be forced to scale back or terminate development of that
program. They may not assign as great a priority to our programs or pursue them as diligently as we would if it were undertaking those
programs itself. Failing to devote sufficient time and resources to our development programs, or substandard performance and failure
to comply with regulatory guidelines, could result in delay of any FDA applications and our commercialization of the product candidate
involved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
collaborators may also have relationships with other commercial entities, some of which may compete with us. Our collaborators assisting
our competitors at our expense could harm our competitive position. We have been and continue to be highly dependent on our strategic
partner, MTF, for technical support.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
interruptions could adversely affect future operations, revenues, and financial conditions, and may increase our costs and expenses.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations, and those of our directors, advisors, contractors, consultants, CROs, and collaborators, could be adversely affected by earthquakes,
floods, hurricanes, typhoons, extreme weather conditions, fires, water shortages, power failures, business systems failures, medical
epidemics and other natural and man-made disaster or business interruptions. Our phones, electronic devices and computer systems and
those of our directors, advisors, contractors, consultants, CROs, and collaborators are vulnerable to damages, theft and accidental loss,
negligence, unauthorized access, terrorism, war, electronic and telecommunications failures, and other natural and man-made disasters.
Operating as a virtual company, our employees conduct business outside of our headquarters and leased or owned facilities. These locations
may be subject to additional security and other risk factors due to the limited control of our employees. If such an event as described
above were to occur in the future, it may cause interruptions in our operations, delay research and development programs, clinical trials,
regulatory activities, manufacturing and quality assurance activities, sales and marketing activities, hiring, training of employees
and persons within associated third parties, and other business activities. For example, the loss of clinical trial data from completed
or future clinical trials could result in delays in our regulatory approval efforts and significantly increase our costs to recover or
reproduce the data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Likewise,
we will rely on third parties to manufacture our product candidates and conduct clinical trials, and similar events as those described
in the prior paragraph relating to their business systems, equipment and facilities could also have a material adverse effect on our
business. To the extent that any disruption or security breach were to result in a loss of, or damage to, our data or applications, or
inappropriate disclosure of confidential or proprietary information, we could incur liability and the further development and commercialization
of our product candidate could be delayed or altogether terminated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements,
which could cause significant liability for us and harm our reputation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to the risk of employee fraud or other misconduct, including intentional failures to comply with FDA regulations or similar
regulations of comparable foreign regulatory authorities, provide accurate information to the FDA or comparable foreign regulatory authorities,
comply with manufacturing standards we have established, comply with federal and state healthcare fraud and abuse laws and regulations
and similar laws and regulations established and enforced by comparable foreign regulatory authorities, report financial information
or data accurately or disclose unauthorized activities to us. Employee misconduct could also involve the improper use of information
obtained in the course of clinical trials, which could result in regulatory sanctions and serious harm to our reputation. It is not always
possible to identify and deter employee misconduct, 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 or regulations. 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 and results
of operations, including the imposition of significant civil, criminal and administrative penalties, damages, fines, imprisonment, exclusion
from government funded healthcare programs, such as Medicare and Medicaid, and integrity oversight and reporting obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to our Intellectual Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely on patents and patent applications and various regulatory exclusivities to protect some of our product candidates, and our ability
to compete may be limited or eliminated if we are not able to protect our products.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
patent positions of medical device companies are uncertain and involve complex legal and factual questions. We may incur significant
expenses in protecting our intellectual property and defending or assessing claims with respect to intellectual property owned by others.
Any patent or other infringement litigation by or against us could cause us to incur significant expenses and divert the attention of
our management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others
may file patent applications or obtain patents on similar technologies that compete with our products. We cannot predict how broad the
claims in any such patents or applications will be and whether they will be allowed. Once claims have been issued, we cannot predict
how they will be construed or enforced. We may infringe upon intellectual property rights of others without being aware of it. If another
party claims we are infringing their technology, we could have to defend an expensive and time consuming lawsuit, pay a large sum if
we are found to be infringing, or be prohibited from selling or licensing our products unless we obtain a license or redesign our products,
which may not be possible.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also rely on trade secrets and proprietary know-how to develop and maintain our competitive position. Some of our current or former employees,
consultants, scientific advisors, contractors, current or prospective corporate collaborators, may unintentionally or willfully disclose
our confidential information to competitors or use our proprietary technology for their own benefits. Furthermore, enforcing a claim
alleging the infringement of our trade secrets would be expensive and difficult to prove, making the outcome uncertain. Our competitors
may also independently develop similar knowledge, methods, and know-how or gain access to our proprietary information through some other
means.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights,
as well as costs associated with lawsuits.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any other person filed patent applications, or is issued patents, claiming technology also claimed by us, we may be required to participate
in interference or derivation proceedings in the U.S. Patent and Trademark Office to determine priority and/or ownership of the invention.
Our licensors or we may also need to participate in interference proceedings involving issued patents and pending applications of another
entity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
intellectual property environment in our industry is particularly complex, constantly evolving and highly fragmented. Other companies
and institutions have issued patents and have filed or will file patent applications that may issue into patents that cover or attempt
to cover products, processes or technologies similar to us. We have not conducted freedom-to-use patent searches on all aspects of our
product candidates or potential product candidates, and may be unaware of relevant patents and patent applications of third parties.
In addition, the freedom-to-use patent searches that have been conducted may not have identified all relevant issued patents or pending
patent applications. We cannot provide assurance that our proposed products in this area will not ultimately be held to infringe one
or more valid claims owned by third parties which may exist or come to exist in the future or that in such case we will be able to obtain
a license from such parties on acceptable terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot guarantee that our technologies will not conflict with the rights of others. In some foreign jurisdictions, we could become involved
in opposition proceedings, either by opposing the validity of others&#8217; foreign patents or by persons opposing the validity of our
foreign patents.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may also face frivolous litigation or lawsuits from various competitors or from litigious securities attorneys. The cost of any litigation
or other proceeding relating to these areas, even if deemed frivolous or resolved in our favor, could be substantial and could distract
management from its business. Uncertainties resulting from initiation and continuation of any litigation could have a material adverse
effect on our ability to continue our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we infringe the rights of others, we could be prevented from selling products or forced to pay damages.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our products, methods, processes, and other technologies are found to infringe the rights of other parties, we could be required to pay
damages, or may be required to cease using the technology or to license rights from the prevailing party. Any prevailing party may be
unwilling to offer us a license on commercially acceptable terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
cannot be certain we will be able to obtain patent protection to protect our product candidates and technology.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot be certain that all patents applied for will be issued. If a third party has also filed a patent application relating to an invention
claimed by us or one or more of our licensors, we may be required to participate in an interference or derivation proceeding declared
or instituted by the United States Patent and Trademark Office, which could result in substantial uncertainties and cost for us, even
if the eventual outcome is favorable to us. The degree of future patent protection for our product candidates and technology is uncertain.
For example:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    or our licensors might not have been the first to make the inventions covered by our issued patents, or pending or future patent
    applications;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">others
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    with any competitive advantages or may be challenged by third parties as not infringed, invalid, or unenforceable under United States
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    patent issued to us in the future or under which we hold rights may not be valid or enforceable; or</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may develop additional technologies that are not patentable and which may not be adequately protected through trade secrets; for
    example, if a competitor independently develops duplicative, similar, or alternative technologies.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to comply with our obligations in the agreements under which we may license intellectual property rights from third parties or
otherwise experience disruptions to our business relationships with our licensors, we could lose rights that are important to our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered and may be required to enter into intellectual property license agreements that are important to our business, including
our license agreements with UCLA TDG. These license agreements have imposed various diligence, milestone payment, royalty and other obligations
on us. For example, we may enter into exclusive license agreements with various third parties (for example, universities and research
institutions), we may be required to use commercially reasonable efforts to engage in various development and commercialization activities
with respect to licensed products, and may need to satisfy specified milestones and royalty payment obligations. If we fail to comply
with any obligations under our agreements with any of these licensors, we may be subject to termination of the license agreements in
whole or in part; increased financial obligations to our licensors or loss of exclusivity in a particular field or territory, in which
case our ability to develop or commercialize products covered by the license agreements will be impaired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, disputes may arise regarding intellectual property subject to a license agreement, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    scope of rights granted under the license agreement and other interpretation-related issues;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    extent to which our technology, products, methods and processes infringe on intellectual property of the licensor that is not subject
    to the licensing agreement;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    diligence obligations under the license agreement and what activities satisfy those obligations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    a third party expresses interest in an area under a license that we are not pursuing, under the certain terms of our license agreement,
    we may be required to sublicense rights in that area to the third party, and that sublicense could harm our business; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ownership of inventions and know-how resulting from the joint creation or use of intellectual property by our licensors and us.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0.5in; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
disputes over the intellectual property that we have licensed prevent or impair our ability to maintain our current licensing arrangements
on acceptable terms, we may be unable to successfully develop and commercialize the affected product candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may need to obtain licenses from third parties to advance our research to allow commercialization of our product candidates. We may fail
to obtain any of these licenses at a reasonable cost or on reasonable terms, if at all. In that event, we would be unable to further
develop and commercialize one or more of our product candidates, which could harm our business significantly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may infringe the intellectual property rights of others, which may prevent or delay our product development efforts and stop us from
commercializing or increase the costs of commercializing our product candidates.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success will depend in part on our ability to operate without infringing the proprietary rights of third parties. We cannot guarantee
that our products or product candidates, or manufacture or use of our products or product candidates, will not infringe third-party patents.
Furthermore, a third party may claim that we are using inventions covered by the third party&#8217;s patent rights and may go to court
to stop us from engaging in our normal operations and activities, including making or selling our product candidates or products. These
lawsuits are costly and could affect our results of operations and divert the attention of managerial and scientific personnel. Some
of these third parties may be better capitalized and have more resources than us. There is a risk that a court would decide that we are
infringing the third party&#8217;s patents and would order us to stop the activities covered by the patents. In that event, we may not
have a viable way to get around the patent and may need to halt commercialization of the relevant product candidate(s) or product(s).
In addition, there is a risk that a court will order us to pay the other party damages for having violated the other party&#8217;s patents.
In addition, we may be obligated to indemnify our licensors and collaborators against certain intellectual property infringement claims
brought by third parties, which could require us to expend additional resources. The pharmaceutical, medical device and biotechnology
industries have produced a proliferation of patents, and it is not always clear to industry participants, including us, which patents
cover various types of products or methods. The coverage of patents is subject to interpretation by the courts, and the interpretation
is not always uniform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are sued for patent infringement, we would need to demonstrate that our products or methods either do not infringe the claims of the
relevant patent or that the patent claims are invalid or unenforceable, and we may not be able to do this. Proving invalidity is difficult.
For example, in the United States, proving invalidity requires a showing of clear and convincing evidence to overcome the presumption
of validity enjoyed by issued patents. Even if we are successful in these proceedings, we may incur substantial costs and divert management&#8217;s
time and attention in pursuing these proceedings, which could have a material adverse effect on us. If we are unable to avoid infringing
the patent rights of others, we may be required to seek a license, which may not be available, and then we will have to defend an infringement
action or challenge the validity of the patent in court. Patent litigation is costly and time consuming. We may not have sufficient resources
to bring these actions to a successful conclusion. In addition, if we do not obtain a license, fail to develop or obtain non-infringing
technology, fail to defend an infringement action successfully or have infringed patents declared invalid or unenforceable, we may incur
substantial monetary damages, encounter significant delays in bringing our product candidates to market and be precluded from manufacturing
or selling our product candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot be certain that others have not filed patent applications for technology covered by our pending applications, or that we were
the first to invent the technology, because:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">some
    patent applications in the United States may be maintained in secrecy until the patents are issued;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">patent
    applications in the United States are typically not published until 18 months after the priority date; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">publications
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0.5in; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
competitors may have filed, and may in the future file, patent applications covering technology similar to ours. Any such patent applications
may have priority over our patent applications, which could further require us to obtain rights to issued patents covering such technologies.
If another party has filed US patent applications on inventions similar to ours that claims priority to any applications filed prior
to the priority dates of our applications, we may have to participate in an interference proceeding declared or a derivation proceed
instituted by the USPTO to determine priority of invention in the United States. The costs of these proceedings could be substantial,
and it is possible that such efforts would be unsuccessful if, unbeknownst to us, the other party had independently arrived at the same
or similar inventions prior to our own inventions, resulting in a loss of our U.S. patent position with respect to such inventions. Other
countries have similar laws that permit secrecy of patent applications, and thus the third party&#8217;s patent or patent application
may be entitled to priority over our applications in such jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of our competitors may be able to sustain the costs of complex patent litigation more effectively than we can because they have substantially
greater resources. In addition, any uncertainties resulting from the initiation and continuation of any litigation could have a material
adverse effect on our ability to raise the funds necessary to continue our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed alleged trade secrets.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
is common in the medical device, biotechnology and pharmaceutical industries, we employ, and may employ in the future, individuals who
were previously employed at other medical device, biotechnology or pharmaceutical companies, including our competitors or potential competitors.
Although we try to ensure that our employees, consultants and independent contractors do not use the proprietary information or know-how
of others in their work for us, we may be subject to claims that we or our employees, consultants or independent contractors have inadvertently
or otherwise used or disclosed trade secrets or other proprietary information of their former employers. Litigation may be necessary
to defend against these claims. If we fail in defending any such claims, in addition to paying monetary damages, we could lose valuable
intellectual property rights or personnel, which could adversely impact our business. Even if we are successful in defending against
these claims, litigation could result in substantial costs and be a distraction to management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
intellectual property may not be sufficient to protect our products from competition, which may negatively affect our business as well
as limit our partnership or acquisition appeal.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be subject to competition despite the existence of intellectual property we license or own. We can give no assurances that our intellectual
property will be sufficient to prevent third parties from designing around the patents we own or license and developing and commercializing
competitive products. The existence of competitive products that avoid our intellectual property could materially adversely affect our
operating results and financial condition. Furthermore, limitations, or perceived limitations, in our intellectual property may limit
the interest of third parties to partner, collaborate or otherwise transact with us, if third parties perceive a higher than acceptable
risk to commercialization of our products or future products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
approach involves filing patent applications covering new methods of use and/or new formulations of previously known, studied and/or
marketed devices. Although the protection afforded by patents issued from our patent applications may be significant, when looking at
our patents&#8217; ability to block competition, the protection offered by our patents may be, to some extent, more limited than the
protection provided by patents claiming the composition of matter previously unknown. If a competitor were able to successfully design
around any method of use and formulation patents we may have in the future, our business and competitive advantage could be significantly
affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may elect to sue a third party, or otherwise make a claim, alleging infringement or other violation of patents, trademarks, trade dress,
copyrights, trade secrets, domain names or other intellectual property rights that we either own or license. If we do not prevail in
enforcing our intellectual property rights in this type of litigation, we may be subject to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">paying
    monetary damages related to the legal expenses of the third party;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">facing
    additional competition that may have a significant adverse effect on our product pricing, market share, business operations, financial
    condition, and the commercial viability of our products; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restructuring
    our company or delaying or terminating select business opportunities, including, but not limited to, research and development, clinical
    trials, and commercialization activities, due to a potential deterioration of our financial condition or market competitiveness.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0.5in; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
third party may also challenge the validity, enforceability or scope of the intellectual property rights that we license or own; and,
the result of these challenges may narrow the claim scope of or invalidate patents that are integral to our product candidates in the
future. There can be no assurance that we will be able to successfully defend patents we own or licensed in an action against third parties
due to the unpredictability of litigation and the high costs associated with intellectual property litigation, amongst other factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
laws of some jurisdictions do not protect intellectual property rights to the same extent as the laws or rules and regulations in the
United States and Europe, and many companies have encountered significant difficulties in protecting and defending such rights in such
jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents,
trade secrets and other intellectual property protection, which could make it difficult for us to stop the infringement of our patents
or marketing of competing products in violation of our proprietary rights generally. Proceedings to enforce our patent rights in other
jurisdictions, whether or not successful, could result in substantial costs and divert our efforts and attention from other aspects of
our business, could put our patents at risk of being invalidated, rendered unenforceable or interpreted narrowly and our patent applications
at risk of not issuing, and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate,
and the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual
property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we
develop or license. Furthermore, while we intend to protect our intellectual property rights in our expected significant markets, we
cannot ensure that we will be able to initiate or maintain similar efforts in all jurisdictions in which we may wish to market our products
or product candidates. Accordingly, our efforts to protect our intellectual property rights in such countries may be inadequate, which
may have an adverse effect on our ability to successfully commercialize our product candidates in all of our expected significant foreign
markets. If we or our licensors encounter difficulties in protecting, or are otherwise precluded from effectively protecting, the intellectual
property rights important for our business in such jurisdictions, the value of these rights may be diminished, and we may face additional
competition from others in those jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
to patent law, for example the Leahy-Smith America Invests Act, AIA or Leahy-Smith Act, of 2011 and the Patent Reform Act of 2009 and
other future article of legislation in the U.S., may substantially change the regulations and procedures surrounding patent applications,
issuance of patents, prosecution of patents, challenges to patent validity, and patent enforcement. We can give no assurances that our
patents and those of our licensor(s) can be defended or will protect us against future intellectual property challenges, particularly
as they pertain to changes in patent law and future patent law interpretations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, enforcing and maintaining our intellectual property protection depends on compliance with various procedural, document submission,
fee payment and other requirements imposed by the U.S. Patent and Trademark Office and courts, and foreign government patent agencies
and courts, and our patent protection could be reduced or eliminated for non-compliance with these requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are not able to protect and control our unpatented trade secrets, know-how and other technological innovation, we may suffer competitive
harm.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also rely on proprietary trade secrets and unpatented know-how to protect our research and development activities, particularly when
we do not believe that patent protection is appropriate or available. However, trade secrets are difficult to protect. We will attempt
to protect our trade secrets and unpatented know-how by requiring our employees, consultants, collaborators, and advisors to execute
a confidentiality and non-use agreement. We cannot guarantee that these agreements will provide meaningful protection, that these agreements
will not be breached, that we will have an adequate remedy for any such breach, or that our trade secrets will not otherwise become known
or independently developed by a third party. Our trade secrets, and those of our present or future collaborators that we utilize by agreement,
may become known or may be independently discovered by others, which could adversely affect the competitive position of our product candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: center; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may incur substantial costs enforcing our patents, defending against third-party patents, invalidating third-party patents or licensing
third-party intellectual property, as a result of litigation or other proceedings relating to patent and other intellectual property
rights.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be unaware of or unfamiliar with prior art and/or interpretations of prior art that could potentially impact the validity or scope
of our patents, pending patent applications, or patent applications that we will file. We may have elected, or elect now or in the future,
not to maintain or pursue intellectual property rights that, at some point in time, may be considered relevant to or enforceable against
a competitor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
take efforts and enter into agreements with employees, consultants, collaborators, and advisors to confirm ownership and chain of title
in intellectual property rights. However, an inventorship or ownership dispute could arise that may permit one or more third parties
to practice or enforce our intellectual property rights, including possible efforts to enforce rights against us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not have rights under some patents or patent applications that may cover technologies that we use in our research, product candidates
and particular uses thereof that we seek to develop and commercialize, as well as synthesis of our product candidates. Third parties
may own or control these patents and patent applications in the United States and elsewhere. These third parties could bring claims against
us or our collaborators that would cause us to incur substantial expenses and, if successful against us, could cause us to pay substantial
damages. Further, if a patent infringement suit were brought against us or our collaborators, we or they could be forced to stop or delay
research, development, manufacturing or sales of the product or product candidate that is the subject of the suit. We or our collaborators
therefore may choose to seek, or be required to seek, a license from the third-party and would most likely be required to pay license
fees or royalties or both. These licenses may not be available on acceptable terms, or at all. Even if we or our collaborators were able
to obtain a license, the rights may be nonexclusive, which would give our competitors access to the same intellectual property. Ultimately,
we could be prevented from commercializing a product or product candidate, or forced to cease some aspect of our business operations,
as a result of patent infringement claims, which could harm our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-left: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
has been substantial litigation and other legal proceedings regarding patent and other intellectual property rights in the pharmaceutical,
medical device and biotechnology industries. Although we are not currently a party to any patent litigation or any other adversarial
proceeding, including any interference or derivation proceeding declared or instituted before the United States Patent and Trademark
Office, regarding intellectual property rights with respect to our products, product candidates and technology, it is possible that we
may become so in the future. We are not currently aware of any actual or potential third-party infringement claim involving our product
candidates. The cost to us of any patent litigation or other proceeding, even if resolved in our favor, could be substantial. The outcome
of patent litigation is subject to uncertainties that cannot be adequately quantified in advance, including the demeanor and credibility
of witnesses and the identity of the adverse party, especially in pharmaceutical, medical device and biotechnology related patent cases
that may turn on the testimony of experts as to technical facts upon which experts may reasonably disagree. Some of our competitors may
be able to sustain the costs of such litigation or proceedings more effectively than we can because of their substantially greater financial
resources. If a patent or other proceeding is resolved against us, we may be enjoined from researching, developing, manufacturing or
commercializing our products or product candidates without a license from the other party and we may be held liable for significant damages.
We may not be able to obtain any required license on commercially acceptable terms or at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertainties
resulting from the initiation and continuation of patent litigation or other proceedings could harm our ability to compete in the marketplace.
Patent litigation and other proceedings may also absorb significant management time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to protect our intellectual property rights, our competitors may develop and market products with similar features that
may reduce demand for our potential products.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following factors are important to our success:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">receiving
    patent protection for our product candidates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">preventing
    others from infringing our intellectual property rights; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintaining
    our patent rights and trade secrets.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be able to protect our intellectual property rights in patents and trade secrets from unauthorized use by third parties only to
the extent that such intellectual property rights are covered by valid and enforceable patents or are effectively maintained as trade
secrets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
issues of patentability involve complex legal and factual questions, the issuance, scope and enforceability of patents cannot be predicted
with certainty. Patents may be challenged, invalidated, found unenforceable, or circumvented. United States patents and patent applications
may be subject to interference and derivation proceedings, United States patents may also be subject to post grant proceedings, including
re-examination, derivation, <i>Inter Partes</i> Review and Post Grant Review, in the United States Patent and Trademark Office and foreign
patents may be subject to opposition or comparable proceedings in corresponding foreign patent offices, which could result in either
loss of the patent or denial of the patent application or loss or reduction in the scope of one or more of the claims of the patent or
patent application. In addition, such interference, derivation, post grant and opposition proceedings may be costly. Thus, any patents
that we own or license from others may not provide any protection against competitors. Furthermore, an adverse decision in an interference
or derivation proceeding can result in a third-party receiving the patent rights sought by us, which in turn could affect our ability
to market a potential product to which that patent filing was directed. Our pending patent applications, those that we may file in the
future, or those that we may license from third parties may not result in patents being issued. If issued, they may not provide us with
proprietary protection or competitive advantages against competitors with similar technology. Furthermore, others may independently develop
similar technologies or duplicate any technology that we have developed. Many countries, including certain countries in Europe, have
compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties. For example, compulsory licenses
may be required in cases where the patent owner has failed to &#8220;work&#8221; the invention in that country, or the third-party has
patented improvements. In addition, many countries limit the enforceability of patents against government agencies or government contractors.
In these countries, the patent owner may have limited remedies, which could materially diminish the value of our patents. Moreover, the
legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents and other intellectual
property protection, which makes it difficult to stop infringement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our ability to enforce our patent rights depends on our ability to detect infringement. It is difficult to detect infringers
who do not advertise or otherwise promote the compositions that are used in their products. Any litigation to enforce or defend our patent
rights, even if we prevail, could be costly and time-consuming and would divert the attention of management and key personnel from business
operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will also rely on trade secrets, know-how and technology, which are not protected by patents, to maintain our competitive position. We
will seek to protect this information by entering into confidentiality agreements with parties that have access to it, such as strategic
partners, collaborators, employees, contractors and consultants. Any of these parties may breach these agreements and disclose our confidential
information or our competitors might learn of the information in some other way. If any trade secret, know-how or other technology not
protected by a patent were disclosed to, or independently developed by, a competitor, our business, financial condition and results of
operations could be materially adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Commercializing of our Lead Product Candidate and Future Product Candidates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
commercial success depends upon attaining significant market acceptance of our lead product candidate and future product candidates,
if approved, among physicians, patients, healthcare payors and treatment centers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we obtain regulatory approval for our current product candidates or any future product candidates, the products may not gain market
acceptance among physicians, healthcare payors, patients or the medical community, including treatment centers. Market acceptance of
any product candidates for which we receive approval depends on a number of factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    efficacy and safety of such product candidates as demonstrated in clinical trials;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    clinical indications and patient populations for which the product candidate is approved;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">acceptance
    by physicians, major treatment centers and patients of the product candidates as a safe and effective treatment;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    potential and perceived advantages of product candidates over alternative treatments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    safety of product candidates seen in a broader patient group, including our use outside the approved indications;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    restrictions on use together with other medications;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    prevalence and severity of any side effects;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">product
    labeling or product insert requirements of the FDA or other regulatory authorities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    timing of market introduction of our product as well as competitive products;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    development of manufacturing and distribution processes for commercial scale manufacturing for our current product candidate and
    any future product candidates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    cost of treatment in relation to alternative treatments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    availability of coverage and adequate reimbursement from third-party payors and government authorities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">relative
    convenience and ease of administration; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    effectiveness of our sales and marketing efforts and those of our collaborators.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our current product and any future product candidates are approved but fail to achieve market acceptance among physicians, patients,
healthcare payors or surgery centers, we will not be able to generate significant revenues, which would compromise our ability to become
profitable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Even
if we are able to commercialize our current product candidates or any future product candidates, the products may not receive coverage
and adequate reimbursement from third-party payors in the U.S. and in other countries in which we seek to commercialize our products,
which could harm our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to commercialize any product successfully will depend, in part, on the extent to which coverage and adequate reimbursement for
such product and related treatments will be available from third-party payors, including government health administration authorities,
private health insurers and other organizations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third-party
payors determine which medications they will cover and establish reimbursement levels. A primary trend in the healthcare industry is
cost containment. Third-party payors have attempted to control costs by limiting coverage and the amount of reimbursement for particular
medications. Increasingly, third-party payors are requiring that biomedical companies provide them with predetermined discounts from
list prices and are challenging the prices charged for medical products. Third-party payors may also seek additional clinical evidence,
beyond the data required to obtain regulatory approval, demonstrating clinical benefit and value in specific patient populations before
covering our product for those patients. We cannot be sure that coverage and adequate reimbursement will be available for any product
that we commercialize and, if coverage is available, what the level of reimbursement will be. Coverage and reimbursement may impact the
demand for, or the price of, any product candidate for which we obtain regulatory approval. If reimbursement is not available or is available
only at limited levels, we may not be able to successfully commercialize any product candidate for which we obtain regulatory approval.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
may be significant delays in obtaining coverage and reimbursement for newly approved devices, and coverage may be more limited than the
purposes for which the device is approved by the FDA or comparable foreign regulatory authorities. Moreover, eligibility for coverage
and reimbursement does not imply that any device will be paid for in all cases or at a rate that covers our costs, including research,
development, manufacture, sale and distribution. Interim reimbursement levels for new devices, if applicable, may also not be sufficient
to cover our costs and may only be temporary. Reimbursement rates may vary according to the use of the device and the clinical setting
in which it is used, may be based on reimbursement levels already set for lower cost devices and may be incorporated into existing payments
for other services. Net prices for devices may be reduced by mandatory discounts or rebates required by third-party payors and by any
future relaxation of laws that presently restrict imports of devices from countries where they may be sold at lower prices than in the
U.S. No uniform policy for coverage and reimbursement exists in the U.S., and coverage and reimbursement can differ significantly from
payor to payor. Third-party payors often rely upon Medicare coverage policy and payment limitations in setting their own reimbursement
policies, but also have their own methods and approval process apart from Medicare determinations. Our inability to promptly obtain coverage
and profitable reimbursement rates from both government-funded and private payors for any approved product that we develop could have
a material adverse effect on our operating results, ability to raise capital needed to commercialize our product and overall financial
condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Healthcare
legislative measures aimed at reducing healthcare costs may have a material adverse effect on our business and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third-party
payors, whether domestic or foreign, or governmental or commercial, are developing increasingly sophisticated methods of controlling
healthcare costs. In both the U.S. and certain international jurisdictions, there have been a number of legislative and regulatory changes
to the health care system that could impact our ability to sell our product profitably. Since its enactment, there have been judicial
and Congressional challenges to certain aspects of the ACA, as well as recent efforts by the current U.S. administration to repeal or
repeal and replace certain aspects of the ACA. On December 14, 2018, a U.S. District Court Judge in the Northern District of Texas, or
the Texas District Court Judge, ruled that the individual mandate is a critical and inseverable feature of the ACA, and therefore, because
it was repealed as a part of the Tax Act, the remaining provisions of the ACA are invalid as well. While the Texas District Court Judge,
and CMS, have stated that the ruling will have no immediate effect, it is unclear how this decision, subsequent appeals and other efforts
to repeal and replace the ACA will impact the ACA. Until there is more certainty concerning the future of the ACA, it will be difficult
to predict its full impact and influence on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, other legislative changes have been proposed and adopted in the U.S. since the ACA was enacted. In August 2011, the Budget
Control Act of 2011, among other things, created measures for spending reductions by Congress. A Joint Select Committee on Deficit Reduction,
tasked with recommending a targeted deficit reduction of at least $1.2 trillion for the years 2013 through 2021, was unable to reach
required goals, thereby triggering the legislation&#8217;s automatic reduction to several government programs. This includes aggregate
reductions of Medicare payments to providers of 2% per fiscal year, which went into effect in 2013, and will remain in effect through
2027 unless additional Congressional action is taken. The American Taxpayer Relief Act of 2012 further reduced Medicare payments to several
providers, including hospitals and treatment centers, and increased the statute of limitations period for the government to recover overpayments
to providers from three to five years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been, and likely will continue to be, legislative and regulatory proposals at the foreign, federal and state levels directed at
containing or lowering the cost of healthcare. We cannot predict the initiatives that may be adopted in the future. The continuing efforts
of the government, insurance companies, managed care organizations and other payors of healthcare services to contain or reduce costs
of healthcare and/or impose price controls may adversely affect:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    demand for our product candidate, if we obtain regulatory approval;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to receive or set a price that we believe is fair for our product;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to generate revenue and achieve or maintain profitability;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    level of taxes that we are required to pay; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    availability of capital.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that the ACA, as well as other healthcare reform measures that may be adopted in the future, may result in additional reductions
in Medicare and other healthcare funding, more rigorous coverage criteria, lower reimbursement and new payment methodologies. This could
lower the price that we receive for any approved product. Any denial in coverage or reduction in reimbursement from Medicare or other
government-funded programs may result in a similar denial or reduction in payments from private payors, which may prevent us from being
able to generate sufficient revenue, attain profitability or commercialize our product candidate, if approved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Business Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
operate in a highly competitive environment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
medical device industry is characterized by rapidly evolving technology and intense competition. Our competitors include major multi-national
orthopedic and med-tech companies developing both generic and proprietary therapies to treat serious diseases. Many of these companies
are well-established and possess technical, human, research and development, financial and sales and marketing resources significantly
greater than ours. In addition, many of our potential competitors have formed strategic collaborations, partnerships and other types
of joint ventures with larger, well established industry competitors that afford these companies potential research and development and
commercialization advantages in the therapeutic areas we are currently pursuing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Academic
research centers, governmental agencies and other public and private research organizations are also conducting and financing research
activities which may produce products directly competitive to those being developed by us. In addition, many of these competitors may
be able to obtain patent protection, obtain FDA and other regulatory approvals, and begin commercial sales of their products before us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
future success is dependent, in part, on the performance and continued service of our officers and directors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are presently dependent largely upon the experience, abilities and continued services of Jeffrey Frelick, our President and Chief Executive
Officer. The loss of services of Mr. Frelick could have a material adverse effect on our business, financial condition or results of
operation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Acceptance
of our formulations or products in the marketplace is uncertain and failure to achieve market acceptance will prevent or delay our ability
to generate revenues.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future financial performance will depend, at least in part, upon the introduction and customer acceptance of our products. Even if approved
for marketing by the necessary regulatory authorities, our formulations or products may not achieve market acceptance. The degree of
market acceptance will depend upon a number of factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">receipt
    of regulatory approval of marketing claims for the uses that we are developing;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishment
    and demonstration of the advantages, safety and efficacy of our formulations, products and technologies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pricing
    and reimbursement policies of government and third-party payers such as insurance companies, health maintenance organizations and
    other health plan administrators;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to attract corporate partners, including medical device, biotechnology and pharmaceutical companies, to assist in commercializing
    our proposed products; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to market our products.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Physicians,
patients, payers or the medical community in general may be unwilling to accept, utilize or recommend any of our proposed formulations
or products. If we are unable to obtain regulatory approval, commercialize and market our proposed formulations or products when planned,
we may not achieve any market acceptance or generate revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Competitors
could develop and/or gain FDA approval of our products for a different indication.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot provide any assurances that any other company won&#8217;t obtain FDA approval for similar products that might adversely affect
our ability to develop and market these products in the U.S. We are aware that other companies have intellectual property protection
and have conducted clinical trials. Many of these companies may have more resources than us. We cannot provide any assurances that our
products will be FDA-approved prior to our competitors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA does not regulate the practice of medicine and, as a result, cannot direct physicians to select certain products for their patients.
Consequently, we might be limited in our ability to prevent off-label use of a competitor&#8217;s product to treat the diseases we intend
to commercialize, even if we have issued method of use patents for that indication. If we are not able to obtain and enforce our patents,
a competitor could develop and commercialize similar products for the same indications that we are pursuing. We cannot provide any assurances
that a competitor will not obtain FDA approval for a product that contains the same active ingredients as our products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
face substantial competition, which may result in others discovering, developing or commercializing products before or more successfully
than we do.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will face competition from numerous medical device, pharmaceutical and biotechnology enterprises, as well as from academic institutions,
government agencies and private and public research institutions for our current product candidate. Our commercial opportunities will
be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective, have fewer side effects
or are less expensive than any products that we may develop. Competition could result in reduced sales and pricing pressure on our current
product candidate, if approved, which in turn would reduce our ability to generate meaningful revenues and have a negative impact on
our results of operations. In addition, significant delays in the development of our product candidate could allow our competitors to
bring products to market before we do and impair our ability to commercialize our product candidate. The biotechnology industry is intensely
competitive and involves a high degree of risk. We compete with other companies that have far greater experience and financial, research
and technical resources than us. Potential competitors in the U.S. and worldwide are numerous and include medical device, pharmaceutical
and biotechnology companies, educational institutions and research foundations, many of which have substantially greater capital resources,
marketing experience, research and development staffs and facilities than ours. Some of our competitors may develop and commercialize
products that compete directly with those incorporating our technology or may introduce products to market earlier than our product or
on a more cost-effective basis. Our competitors compete with us in recruiting and retaining qualified scientific and management personnel
as well as in acquiring technologies complementary to our technology. We may face competition with respect to product efficacy and safety,
ease of use and adaptability to various modes of administration, acceptance by physicians, the timing and scope of regulatory approvals,
availability of resources, reimbursement coverage, price and patent position, including the potentially dominant patent positions of
others. An inability to successfully complete our product development or commercializing our product candidate could result in our having
limited prospects for establishing market share or generating revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of our competitors or potential competitors have significantly greater established presence in the market, financial resources and expertise
in research and development, manufacturing, preclinical testing, conducting clinical trials, obtaining regulatory approvals and marketing
approved products than we do, and as a result may have a competitive advantage over us. Mergers and acquisitions in the medical device,
pharmaceutical and biotechnology industries may result in even more resources being concentrated among a smaller number of our competitors.
Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large
and established companies. These third parties compete with us in recruiting and retaining qualified scientific and management personnel,
establishing clinical trial sites and patient registration for clinical trials, as well as in acquiring technologies and technology licenses
complementary to our programs or potentially advantageous to our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of these factors, these competitors may obtain regulatory approval of their products before we are able to obtain patent protection
or other intellectual property rights, which will limit our ability to develop or commercialize our current product candidate. Our competitors
may also develop devices that are safer, more effective, more widely used and cheaper than ours, and may also be more successful than
us in manufacturing and marketing their products. These appreciable advantages could render our product candidate obsolete or non-competitive
before we can recover the expenses of development and commercialization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business may be adversely affected by the ongoing coronavirus pandemic.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outbreak of the novel coronavirus (COVID-19) has evolved into a global pandemic. The coronavirus has spread to many regions of the world.
The extent to which the coronavirus impacts our business and operating results will depend on future developments that are highly uncertain
and cannot be accurately predicted, including new information that may emerge concerning the coronavirus and the actions to contain the
coronavirus or treat its impact, among others.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the continuing spread of the coronavirus, our business operations could be delayed or interrupted. For instance, our clinical
trials may be affected by the pandemic. Site initiation, participant recruitment and enrollment, and study monitoring and data analysis
may be paused or delayed due to changes in hospital or university policies, federal, state or local regulations, prioritization of hospital
resources toward pandemic efforts, or other reasons related to the pandemic. If the coronavirus continues to spread, some participants
and clinical investigators may not be able to comply with clinical trial protocols. For example, quarantines or other travel limitations
(whether voluntary or required) may impede participant movement, affect sponsor access to study sites, or interrupt healthcare services,
and we may be unable to conduct our clinical trials. Further, if the spread of the coronavirus pandemic continues and our operations
are adversely impacted, we risk a delay, default and/or non-performance under existing agreements which may increase our costs. These
cost increases may not be fully recoverable or adequately covered by insurance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Infections
and deaths related to the pandemic may disrupt the United States&#8217; healthcare and healthcare regulatory systems. Such disruptions
could divert healthcare resources away from, or materially delay FDA review and/or approval with respect to, our clinical trials. It
is unknown how long these disruptions could continue, were they to occur. Any elongation or de-prioritization of our clinical trials
or delay in regulatory review resulting from such disruptions could materially affect the development and study of our product candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently utilize third parties to, among other things, manufacture raw materials. If either any third-party parties in the supply chain
for materials used in the production of our product candidates are adversely impacted by restrictions resulting from the coronavirus
outbreak, our supply chain may be disrupted, limiting our ability to manufacture our product candidates for our clinical trials and research
and development operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the shelter-in-place order and other mandated local travel restrictions, individuals conducting research and development
or manufacturing activities may not be able to access their laboratory or manufacturing space which may result in our core activities
being significantly limited or curtailed, possibly for an extended period of time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
spread of the coronavirus, which has caused a broad impact globally, including restrictions on travel and quarantine policies put into
place by businesses and governments, may have a material economic effect on our business. While the potential economic impact brought
by and the duration of the pandemic may be difficult to assess or predict, it has already caused, and is likely to result in further,
significant disruption of global financial markets, which may reduce our ability to access capital either at all or on favorable terms.
In addition, a recession, depression or other sustained adverse market event resulting from the spread of the coronavirus could materially
and adversely affect our business and the value of our common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ultimate impact of the current pandemic, or any other health epidemic, is highly uncertain and subject to change. We do not yet know
the full extent of potential delays or impacts on our business, our clinical trials, our research programs, healthcare systems or the
global economy as a whole. However, these effects could have a material impact on our operations, and we will continue to monitor the
situation closely.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Significant
disruptions of information technology systems, computer system failures or breaches of information security could adversely affect our
business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely and plan to rely to a large extent upon sophisticated information technology systems to operate our business. In the ordinary course
of business, we collect, store and transmit large amounts of confidential information (including, but not limited to, personal information
and intellectual property). The size and complexity of our information technology and information security systems, and those of our
third-party vendors with whom we may contract, make such systems potentially vulnerable to service interruptions or to security breaches
from inadvertent or intentional actions by our employees or vendors, or from malicious attacks by third parties. Such attacks are of
ever-increasing levels of sophistication and are made by groups and individuals with a wide range of motives (including, but not limited
to, industrial espionage and market manipulation) and expertise. While we intend to invest in the protection of data and information
technology, there can be no assurance that our efforts will prevent service interruptions or security breaches.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
internal computer systems, and those of our CROs, our CDMOs, and other business vendors on which we may rely, are vulnerable to damage
from computer viruses, unauthorized access, natural disasters, fire, terrorism, war and telecommunication and electrical failures. We
exercise little or no control over these third parties, which increases our vulnerability to problems with their systems. If such an
event were to occur and cause interruptions in our operations, it could result in a material disruption of our development programs.
Any interruption or breach in our systems could adversely affect our business operations or result in the loss of critical or sensitive
confidential information or intellectual property, and could result in financial, legal, business and reputational harm to us or allow
third parties to gain material, inside information that they use to trade in our securities. For example, the loss of clinical trial
data from completed or ongoing clinical trials could result in delays in our regulatory approval efforts and significantly increase our
costs to recover or reproduce the data. To the extent that any disruption or security breach results in a loss of or damage to our data
or applications, or inappropriate disclosure of confidential or proprietary information, we could incur liability, the further development
of our current and future product candidates could be delayed and our business could be otherwise adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
will need to grow the size of our organization in the future, and we may experience difficulties in managing this growth.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this filing, we had two full-time employees. We will need to grow the size of our organization in order to support our
continued development and potential commercialization of our product candidate. As our development and commercialization plans and strategies
continue to develop, our need for additional managerial, operational, manufacturing, sales, marketing, financial and other resources
may increase. Our management, personnel and systems currently in place may not be adequate to support this future growth. Future growth
would impose significant added responsibilities on members of management, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">managing
    our internal development efforts effectively while complying with our contractual obligations to licensors, licensees, contractors
    and other third parties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">improving
    our managerial, development, operational, information technology, and finance systems; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expanding
    our facilities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our operations expand, we will also need to manage additional relationships with various strategic partners, suppliers and other third
parties. Our future financial performance and our ability to commercialize our product candidate and to compete effectively will depend,
in part, on our ability to manage any future growth effectively, as well as our ability to develop a sales and marketing force when appropriate
for our company. To that end, we must be able to manage our development efforts and preclinical studies and clinical trials effectively
and hire, train and integrate additional management, research and development, manufacturing, administrative and sales and marketing
personnel. The failure to accomplish any of these tasks could prevent us from successfully growing our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Product
liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we
may develop.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face an inherent risk of product liability exposure related to the testing of our current product candidate or future product candidates
in human clinical trials and will face an even greater risk if we commercially sell any products that we may develop. Product liability
claims may be brought against us by subjects enrolled in our clinical trials, patients, healthcare providers or others using, administering
or selling our product. If we cannot successfully defend ourselves against claims that our product candidate or product caused injuries,
we could incur substantial liabilities. Regardless of merit or eventual outcome, liability claims may result in:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">termination
    of clinical trial sites or entire clinical trial programs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">injury
    to our reputation and significant negative media attention;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">withdrawal
    of clinical trial participants;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
    costs to defend the related litigation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">substantial
    monetary awards to trial subjects or patients;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
    of revenue;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversion
    of management and scientific resources from our business operations; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    inability to commercialize any products that we may develop.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to engaging in future clinical trials, we intend to obtain product liability insurance coverage at a level that we believe is customary
for similarly situated companies and adequate to provide us with insurance coverage for foreseeable risks; however, we may be unable
to obtain such coverage at a reasonable cost, if at all. If we are able to obtain product liability insurance, we may not be able to
maintain insurance coverage at a reasonable cost or in an amount adequate to satisfy any liability that may arise and such insurance
may not be adequate to cover all liabilities that we may incur. Furthermore, we intend to expand our insurance coverage for products
to include the sale of commercial products if we obtain regulatory approval for our product candidate in development, but we may be unable
to obtain commercially reasonable product liability insurance for any products that receive regulatory approval. Large judgments have
been awarded in class action lawsuits based on devices that had unanticipated side effects. A successful product liability claim or series
of claims brought against us, particularly if judgments exceed our insurance coverage, could decrease our cash and adversely affect our
business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Tax Cuts and Jobs Act could adversely affect our business and financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.R.
1, &#8220;An Act to provide for reconciliation pursuant to title II and V of the concurrent resolution on the budget for fiscal year
2018,&#8221; informally entitled the Tax Cuts and Jobs Act (&#8220;Tax Act&#8221;) enacted on December 22, 2017, among other things,
contains significant changes to corporate taxation, including reduction of the corporate tax rate from a top marginal rate of 35% to
a single rate of 21%, limitation of the tax deduction for interest expense to 30% of adjusted taxable income (except for certain small
businesses), limitation of the deduction for net operating losses carried forward from taxable years beginning after December 31, 2017
to 80% of current year taxable income and elimination of net operating loss carrybacks, one time taxation of offshore earnings at reduced
rates regardless of whether they are repatriated, elimination of U.S. tax on foreign earnings (subject to certain important exceptions),
providing immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or
repealing many business deductions and credits . Notwithstanding the reduction in the corporate income tax rate, the overall impact of
the Tax Act is uncertain and our business and financial condition could be adversely affected. In addition, it is uncertain if and to
what extent various states will conform to the Tax Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ability to use net operating losses to offset future taxable income may be subject to limitations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, we had federal net operating loss, or NOLs, carryforwards of approximately $29,662,000. Our NOLs generated in tax
years ending on or prior to December 31, 2017 are only permitted to be carried forward for 20 years under applicable U.S. tax laws, and
will begin to expire, if not utilized, beginning in 2027. These NOL carryforwards could expire unused and be unavailable to offset future
income tax liabilities. Under the Tax Act, federal NOLs incurred in tax years ending after December 31, 2017 may be carried forward indefinitely,
but the deductibility of such federal NOLs is limited. It is uncertain if and to what extent various states will conform to the Tax Act,
or whether any further regulatory changes may be adopted in the future that could minimize its applicability. In addition, under Section
382 of the Internal Revenue Code of 1986, as amended, and certain corresponding provisions of state law, if a corporation undergoes an
&#8220;ownership change,&#8221; which is generally defined as a greater than 50% change, by value, in the ownership of its equity over
a three-year period, the corporation&#8217;s ability to use its pre-change NOL carryforwards and other pre-change tax attributes to offset
its post-change income may be limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Healthcare Compliance Regulations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
relationships with customers and third-party payors will be subject to applicable anti-kickback, fraud and abuse and other healthcare
laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm and diminished
profits and future earnings. If we or they are unable to comply with these provisions, we may become subject to civil and criminal investigations
and proceedings that could have a material adverse effect on our business, financial condition and prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Healthcare
providers, physicians and third-party payors will play a primary role in the recommendation and prescription of any product candidates
for which we obtain regulatory approval. Our current and future arrangements with healthcare providers, healthcare entities, third-party
payors and customers may expose us to broadly applicable fraud and abuse and other healthcare laws and regulations that may constrain
the business or financial arrangements and relationships through which we research, develop and will market, sell and distribute our
product. As a pharmaceutical company, even though we do not and will not control referrals of healthcare services or bill directly to
Medicare, Medicaid or other third-party payors, federal and state healthcare laws and regulations pertaining to fraud and abuse and patients&#8217;
rights are applicable to our business. Restrictions under applicable federal and state healthcare laws and regulations that may affect
our ability to operate include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    federal healthcare Anti-Kickback Statute which prohibits, among other things, individuals and entities from knowingly and willfully
    soliciting, offering, receiving or providing remuneration, directly or indirectly, overtly or covertly, in cash or in kind, to induce
    or reward, or in return for, either the referral of an individual for, or the purchase, order or recommendation of, any good or service,
    for which payment may be made under a federal healthcare program such as Medicare and Medicaid;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">federal
    civil and criminal false claims laws, including the federal False Claims Act that can be enforced through civil whistleblower or
    qui tam actions, and civil monetary penalty laws, prohibit individuals or entities from knowingly presenting, or causing to be presented,
    to the federal government, including the Medicare and Medicaid programs, claims for payment or approval that are false or fraudulent
    or making a false statement to avoid, decrease or conceal an obligation to pay money to the federal government;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    federal Health Insurance Portability and Accountability Act of 1996 (&#8220;HIPAA&#8221;) which imposes criminal and civil liability
    for executing a scheme to defraud any healthcare benefit program and also created federal criminal laws that prohibit knowingly and
    willfully falsifying, concealing or covering up a material fact or making any materially false statements in connection with the
    delivery of or payment for healthcare benefits, items or services, as amended by the Health Information Technology for Economic and
    Clinical Health Act of 2009 (&#8220;HITECH&#8221;) which imposes obligations, including mandatory contractual terms, with respect
    to safeguarding the privacy, security and transmission of individually identifiable health information on entities subject to the
    law, such as certain healthcare providers, health plans, and healthcare clearinghouses, known as covered entities, and their respective
    business associates that perform services for them that involve the creation, use, maintenance or disclosure of, individually identifiable
    health information;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    federal physician sunshine requirements under the ACA which requires certain manufacturers of , devices, biologics and medical supplies,
    with certain exceptions, to report annually to HHS information related to payments and other transfers of value to physicians, other
    healthcare providers, and teaching hospitals, and ownership and investment interests held by physicians and other healthcare providers
    and their immediate family members and applicable group purchasing organizations;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">analogous
    state and foreign laws and regulations, such as state anti-kickback and false claims laws, which may apply to sales or marketing
    arrangements and claims involving healthcare items or services reimbursed by non-governmental third-party payors, including private
    insurers; some state laws which require pharmaceutical companies to comply with the pharmaceutical industry&#8217;s voluntary compliance
    guidelines and the relevant compliance guidance promulgated by the federal government and may require device manufacturers to report
    information related to payments and other transfers of value to physicians and other healthcare providers, marketing expenditures
    or pricing information; and certain state and local laws which require the registration of pharmaceutical sales representatives;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">state
    and foreign laws govern the privacy and security of health information in specified circumstances, many of which differ from each
    other in significant ways and often are not pre-empted by HIPAA, thus complicating compliance efforts.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Efforts
to ensure that our business arrangements with third parties will comply with applicable healthcare laws and regulations will involve
substantial costs. It is possible that governmental authorities will conclude that our business practices may not comply with current
or future statutes, regulations or case law involving applicable fraud and abuse or other healthcare laws and regulations. If our operations
are found to be in violation of any of these laws or any other governmental regulations that may apply to us, we may be subject to significant
civil, criminal and administrative penalties, damages, fines, imprisonment, disgorgement, exclusion from government funded healthcare
programs, such as Medicare and Medicaid, integrity oversight and reporting obligations, and the curtailment or restructuring of our operations.
If any physicians or other healthcare providers or entities with whom we expect to do business are found to not be in compliance with
applicable laws, they may be subject to criminal, civil or administrative sanctions, including exclusions from government funded healthcare
programs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
application of privacy provisions of HIPAA is uncertain.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
application of privacy provisions of HIPAA is uncertain.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
HIPAA, among other things, protects the privacy and security of individually identifiable health information by limiting its use and
disclosure. HIPAA directly regulates &#8220;covered entities&#8221; (healthcare providers, insurers and clearinghouses) and indirectly
regulates &#8220;business associates&#8221; with respect to the privacy of patients&#8217; medical information. All entities that receive
and process protected health information are required to adopt certain procedures to safeguard the security of that information. It is
uncertain whether we would be deemed to be a covered entity under HIPAA, and it is unlikely that we, based on our current business model,
would be a business associate. Nevertheless, we may be contractually required to physically safeguard the integrity and security of any
patient information that we receive, store, create or transmit. If we fail to adhere to our contractual commitments, then certain of
our contract counterparties may be subject to civil monetary penalties and this could adversely affect our ability to market our product.
If we are deemed to be a vendor, under the Health Information Technology for Economic and Clinical Health Act, enacted as part of the
American Recovery and Reinvestment Act of 2009, then we will be obligated to adopt various security measures. We may also be subject
to state and foreign privacy laws under which breaches could lead to substantial fines and liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Owning our Common Stock and This Offering</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to establish appropriate internal financial reporting controls and procedures, it could cause us to fail to meet our reporting
obligations, result in the restatement of our financial statements, harm our operating results, subject us to regulatory scrutiny and
sanction, cause investors to lose confidence in our reported financial information and have a negative effect on the market price for
shares of our Common Stock.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
internal controls are necessary for us to provide reliable financial reports and to effectively prevent fraud. We maintain a system of
internal control over financial reporting, which is defined as a process designed by, or under the supervision of, our principal executive
officer and principal financial officer, or persons performing similar functions, and effected by our Board of Directors, management
and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, management assessed the effectiveness of our internal controls over financial reporting, and based on that evaluation,
they concluded that our internal controls and procedures were not effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a public company, we have significant additional requirements for enhanced financial reporting and internal controls. We are required
to document and test our internal control procedures in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of
2002, which requires annual management assessments of the effectiveness of our internal controls over financial reporting. The process
of designing and implementing effective internal controls is a continuous effort that requires us to anticipate and react to changes
in our business and the economic and regulatory environments and to expend significant resources to maintain a system of internal controls
that is adequate to satisfy our reporting obligations as a public company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that we will, in the future, identify areas requiring improvement in our internal control over financial reporting.
We cannot assure you that the measures we will take to remediate any areas in need of improvement will be successful or that we will
implement and maintain adequate controls over our financial processes and reporting in the future as we continue our growth. If we are
unable to establish appropriate internal financial reporting controls and procedures, it could cause us to fail to meet our reporting
obligations, result in the restatement of our financial statements, harm our operating results, subject us to regulatory scrutiny and
sanction, cause investors to lose confidence in our reported financial information and have a negative effect on the market price for
shares of our Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
may be potential conflicts of interest involving Don Hankey, as a director and as an affiliate of Hankey Capital, with our other
stockholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Don
Hankey, Chairman of our Board of Directors, is affiliated with Hankey Capital. Don Hankey, directly and indirectly, is our controlling
stockholder. Don Hankey may be able to exert significant control over our business affairs. Accordingly, Don Hankey may have actual or
potential economic and/or legal interests that may diverge from our other stockholders&#8217; interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may issue more shares in a future financing or pursuant to existing agreements which will result in substantial dilution.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Amended and Restated Certificate of Incorporation authorizes the issuance of a maximum of 100,000,000 shares of Common Stock and a maximum
of 20,000,000 shares of Preferred Stock. Any future merger or acquisition effected by us would result in the issuance of additional securities
without stockholder approval and the substantial dilution in the percentage of our Common Stock held by our then existing stockholders.
Moreover, the Common Stock issued in any such merger or acquisition transaction may be valued on an arbitrary or non-arm&#8217;s-length
basis by our management, resulting in an additional reduction in the percentage of Common Stock held by our then existing stockholders.
Additionally, we expect to seek additional financing in order to provide working capital to the operating business. Our Board of Directors
has the power to issue any or all of such authorized but unissued shares without stockholder approval. To the extent that additional
shares of Common Stock or Preferred Stock are issued in connection with and following a business combination or otherwise, dilution to
the interests of our stockholders will occur and the rights of the holders of Common Stock might be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Board of Directors is authorized to issue Preferred Stock without obtaining shareholder approval.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Amended and Restated Certificate of Incorporation authorizes the issuance of up to 20,000,000 shares of Preferred Stock with designations,
rights and preferences determined from time to time by the Board of Directors. Accordingly, our Board of Directors is empowered, without
stockholder approval, to issue Preferred Stock with dividend, liquidation, conversion, voting, or other rights which could adversely
affect the voting power or other rights of the holders of the Common Stock. In the event of issuance, the Preferred Stock could be utilized,
under certain circumstances, as a method of discouraging, delaying or preventing a change in control of the Company. Although we have
no present intention to issue any shares of Preferred Stock, there can be no assurance that the Company will not do so in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Purchase Warrants are speculative in nature additionally, since the Purchase Warrants will not be listed on any established market, there
will be no trading market for these Purchase Warrants.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Purchase Warrants
offered hereby do not confer any rights of common stock ownership on their holders, such as voting rights or the right to receive
dividends, but rather merely represent the right to acquire shares of common stock at a fixed price. Specifically, commencing on the
date of issuance, holders of the Series A Warrants may exercise their right to acquire the common stock and pay an exercise price of
$___, or ____% of the public offering price of a Unit, holders of the Series B Warrants may exercise their right to acquire the
common stock and pay an exercise price of $___, or ____% of the public offering price of a Unit and holders of the Series C Warrants
may exercise their right to acquire the common stock and pay an exercise price of $___, or ____% of the public offering price of a
Unit. Additionally, holders of the Series C Warrants may execute such warrants on a &#8220;cashless&#8221; basis upon the earlier of
(i) 15 Trading Days from the issuance date of such warrant or (ii) the time when $10.0 million of volume is traded in our common
stock, if the volume weighted average price (&#8220;VWAP&#8221;) of our common stock on any trading day on or after the date of
issuance fails to exceed the exercise price of the Series C Warrant (subject to adjustment for any stock splits, stock dividends,
stock combinations, recapitalizations and similar events). In such event, the aggregate number of Warrant Shares issuable in such
cashless exercise pursuant to any given Notice of Exercise electing to effect a cashless exercise shall equal the product of (x) the
aggregate number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise and (y) 1.00. The shares of our common stock and
the Warrants are immediately separable and will be issued separately, but will be purchased together in this offering. Furthermore,
each Purchase Warrant will expire five (5) years from the original issuance date. In the event our common stock price does not
exceed the exercise price of the Purchase Warrants during the period when the Purchase Warrants are exercisable, the Purchase
Warrants may not have any value. We do not intend to apply for any listing of either of the Warrants on the Nasdaq Capital Market or
any other securities exchange or nationally recognized trading system, and we do not expect a market to develop for the Series A
Warrants, the Series B Warrants or the Series C Warrants.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Holders
of the Purchase Warrants will have no rights as a common stockholder until they acquire our common stock.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
you acquire shares of our common stock upon exercise of your Purchase Warrants, you will have no rights with respect to shares of our
common stock issuable upon exercise of your Purchase Warrant. Upon exercise of your Purchase Warrant, you will be entitled to exercise
the rights of a common stockholder as to the security exercised only as to matters for which the record date occurs after the exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provisions
of the Purchase Warrants could discourage an acquisition of us by a third party.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the discussion of the provisions of our certificate of incorporation and our bylaws, certain provisions of the Purchase Warrants
could make it more difficult or expensive for a third party to acquire us. The Warrants prohibit us from engaging in certain transactions
constituting &#8220;fundamental transactions&#8221; unless, among other things, the surviving entity assumes our obligations under the
Purchase Warrants. These and other provisions of the Purchase Warrants could prevent or deter a third party from acquiring us even where
the acquisition could be beneficial to you.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
price of our common stock may fluctuate substantially.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should consider an investment in our common stock to be risky, and you should invest in our Units only if you can withstand a significant
loss and wide fluctuations in the market value of your investment. Some factors that may cause the market price of our common stock to
fluctuate, in addition to the other risks mentioned in this &#8220;Risk Factors&#8221; section and elsewhere in this prospectus, are:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sale
    of our common stock by our stockholders, executives, and directors and our stockholders whose shares are being registered in this
    offering;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">volatility
    and limitations in trading volumes of our shares of common stock;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to obtain financings to conduct and complete research and development activities including, but not limited to, our clinical
    trials, and other business activities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">possible
    delays in the expected recognition of revenue due to lengthy and sometimes unpredictable sales timelines;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    timing and success of introductions of new products by us or our competitors or any other change in the competitive dynamics of our
    industry, including consolidation among competitors, customers or strategic partners;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">network
    outages or security breaches;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to secure resources and the necessary personnel to conduct clinical trials on our desired schedule;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">commencement,
    enrollment or results of our clinical trials for our product candidate or any future clinical trials we may conduct;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the development status of our product candidate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    delays or adverse developments or perceived adverse developments with respect to the FDA&#8217;s review of our planned preclinical
    and clinical trials;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    delay in our submission for studies or product approvals or adverse regulatory decisions, including failure to receive regulatory
    approval for our product candidate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unanticipated
    safety concerns related to the use of our product candidate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failures
    to meet external expectations or management guidance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in our capital structure or dividend policy, future issuances of securities, sales of large blocks of common stock by our stockholders;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    cash position;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    of acquisitions, partnerships, collaborations, joint ventures, new products, capital commitments, or other events by us or our competitors;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 38.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    research reports, recommendation and changes in recommendations, price targets, and withdrawals of coverage;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">departures
    and additions of key personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">disputes
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in applicable laws, rules, regulations, or accounting practices and other dynamics; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    events or factors, many of which may be out of our control.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if the market for stocks in our industry or industries related to our industry, or the stock market in general, experiences
a loss of investor confidence, the trading price of our common stock could decline for reasons unrelated to our business, financial condition
and results of operations. If any of the foregoing occurs, it could cause our stock price to fall and may expose us to lawsuits that,
even if unsuccessful, could be costly to defend and a distraction to management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
sale or perceived sale of a substantial number of shares of our common stock may cause the price of our common stock to decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our executive officers and directors and certain of our stockholders and warrant holders have agreed not to sell shares of our common
stock for a period of 180 days from the date of effectiveness of this prospectus subject to extension under specified circumstances.
Common stock subject to these lock-up agreements will become eligible for sale in the public market upon expiration of these lock-up
agreements, subject to limitations imposed by Rule 144 under the Securities Act of 1933, as amended. If our stockholders sell substantial
amounts of our common stock in the public market, the market price of our common stock could fall. Moreover, the perceived risk of this
potential dilution could cause stockholders to attempt to sell their shares and investors to short our common stock. These sales also
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have broad discretion in the use of the net proceeds from this offering and may not use them effectively.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management will have broad discretion in the application of the net proceeds from this public offering, including for any of the currently
intended purposes described in the section entitled &#8220;Use of Proceeds.&#8221; Because of the number and variability of factors that
will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended
use. Our management may not apply our cash from this offering in ways that ultimately increase the value of any investment in our securities
or enhance stockholder value. The failure by our management to apply these funds effectively could harm our business. Pending their use,
we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities. These investments may
not yield a favorable return to our stockholders. If we do not invest or apply our cash in ways that enhance stockholder value, we may
fail to achieve expected financial results, which may result in a decline in the price of our shares of common stock, and, therefore,
may negatively impact our ability to raise capital, invest in or expand our business, acquire additional products or licenses, commercialize
our product, or continue our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
and economic conditions may negatively impact our business, financial condition and share price.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concerns
over medical epidemics, energy costs, geopolitical issues, the U.S. mortgage market and a deteriorating real estate market, unstable
global credit markets and financial conditions, and volatile oil prices have led to periods of significant economic instability, diminished
liquidity and credit availability, declines in consumer confidence and discretionary spending, diminished expectations for the global
economy and expectations of slower global economic growth, increased unemployment rates, and increased credit defaults in recent years.
Our general business strategy may be adversely affected by any such economic downturns (including the current downturn related to the
current COVID-19 pandemic), volatile business environments and continued unstable or unpredictable economic and market conditions. If
these conditions continue to deteriorate or do not improve, it may make any necessary debt or equity financing more difficult to complete,
more costly, and more dilutive. Failure to secure any necessary financing in a timely manner and on favorable terms could have a material
adverse effect on our growth strategy, financial performance, and share price and could require us to delay or abandon development or
commercialization plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish research or reports, or publish unfavorable research or reports about our business, our
stock price and trading volume may decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our common stock will rely in part on the research and reports that industry or financial analysts publish about us,
our business, our markets and our competitors. We do not control these analysts. If securities analysts do not cover our common stock
after the closing of this offering, the lack of research coverage may adversely affect the market price of our common stock. Furthermore,
if one or more of the analysts who do cover us downgrade our stock or if those analysts issue other unfavorable commentary about us or
our business, our stock price would likely decline. If one or more of these analysts cease coverage of us or fails to regularly publish
reports on us, we could lose visibility in the market and interest in our stock could decrease, which in turn could cause our stock price
or trading volume to decline and may also impair our ability to expand our business with existing customers and attract new customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
certain of our stockholders control a significant number of shares of our common stock, they may have effective control over actions
requiring stockholder approval.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hankey
Capital directly or indirectly beneficially owns approximately 70% of our outstanding shares of common stock. As a result, Hankey Capital
would have the ability to control the outcome of matters submitted to our stockholders for approval, including the election of directors
and any merger, consolidation or sale of all or substantially all of our assets. In addition, Hankey Capital would have the ability to
control the management and affairs of our Company. Accordingly, this concentration of ownership might harm the market price of our common
stock by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delaying,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discouraging
    a potential acquirer from making a tender offer or otherwise attempting to obtain control of us.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
will incur immediate dilution as a result of this offering.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you purchase common stock in this offering, you will pay more for your shares than the net tangible book value of your shares. As a result,
you will incur immediate dilution of $____ per share, representing the difference between the public offering price of $____ per share
and our estimated as adjusted net tangible book value as of June 30, 2022 of $____ per share. Accordingly, should we be liquidated at
our book value, you would not receive the full amount of your investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
sales and issuances of our common stock could result in additional dilution of the percentage ownership of our stockholders and could
cause our share price to fall.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that significant additional capital will be needed in the future to continue our planned operations, including increased marketing,
hiring new personnel, commercializing our product, and continuing activities as an operating public company. To the extent we raise additional
capital by issuing equity securities, our stockholders may experience substantial dilution. We may sell common stock, convertible securities
or other equity securities in one or more transactions at prices and in a manner we determine from time to time. If we sell common stock,
convertible securities or other equity securities in more than one transaction, investors may be materially diluted by subsequent sales.
Such sales may also result in material dilution to our existing stockholders, and new investors could gain rights superior to our existing
stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do not intend to pay cash dividends on our shares of common stock so any returns will be limited to the value of our shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently anticipate that we will retain future earnings for the development, operation and expansion of our business and do not anticipate
declaring or paying any cash dividends for the foreseeable future. Any return to stockholders will therefore be limited to the increase,
if any, of our share price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be at risk of securities class action litigation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be at risk of securities class action litigation. In the past, medical device, biotechnology and pharmaceutical companies have experienced
significant stock price volatility, particularly when associated with binary events such as clinical trials and product approvals. If
we face such litigation, it could result in substantial costs and a diversion of management&#8217;s attention and resources, which could
harm our business and results in a decline in the market price of our common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Amended and Restated Certificate of Incorporation and our Amended and Restated Bylaws, and Delaware law may have anti-takeover effects
that could discourage, delay or prevent a change in control, which may cause our stock price to decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Amended and Restated Certificate of Incorporation and our Amended and Restated Bylaws, and Delaware law could make it more difficult
for a third party to acquire us, even if closing such a transaction would be beneficial to our stockholders. We are authorized to issue
up to 20,000,000 shares of preferred stock. This preferred stock may be issued in one or more series, the terms of which may be determined
at the time of issuance by our Board of Directors without further action by stockholders. The terms of any series of preferred stock
may include voting rights (including the right to vote as a series on particular matters), preferences as to dividend, liquidation, conversion
and redemption rights and sinking fund provisions. The issuance of any preferred stock could materially adversely affect the rights of
the holders of our common stock, and therefore, reduce the value of our common stock. In particular, specific rights granted to future
holders of preferred stock could be used to restrict our ability to merge with, or sell our assets to, a third party and thereby preserve
control by the present management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
of our Certificate of Incorporation and our Amended and Restated Bylaws and Delaware law also could have the effect of discouraging potential
acquisition proposals or making a tender offer or delaying or preventing a change in control, including changes a stockholder might consider
favorable. Such provisions may also prevent or frustrate attempts by our stockholders to replace or remove our management. In particular,
the certificate of incorporation and bylaws and Delaware law, as applicable, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">place
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
reporting obligations of being a public company in the U.S. are expensive and time-consuming, and our management will be required to
devote substantial time to compliance matters.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a publicly traded company we incur significant additional legal, accounting and other expenses. The obligations of being a public company
in the U.S. require significant expenditures and will place significant demands on our management and other personnel, including costs
resulting from public company reporting obligations under the Exchange Act and the rules and regulations regarding corporate governance
practices, including those under the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the listing
requirements of the stock exchange on which our securities are listed. These rules require the establishment and maintenance of effective
disclosure and financial controls and procedures, internal control over financial reporting and changes in corporate governance practices,
among many other complex rules that are often difficult to implement, monitor and maintain compliance with. Moreover, despite recent
reforms made possible by the JOBS Act, the reporting requirements, rules, and regulations will make some activities more time-consuming
and costly, particularly after we are no longer an &#8220;emerging growth company.&#8221; In addition, we expect these rules and regulations
to make it more difficult and more expensive for us to obtain director and officer liability insurance. Our management and other personnel
will need to devote a substantial amount of time to ensure that we comply with all of these requirements and to keep pace with new regulations,
otherwise we may fall out of compliance and risk becoming subject to litigation or being delisted, among other potential problems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
can be no assurance that the results and events contemplated by forward-looking statements will, in fact, transpire.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are statements in this Registration Statement that are not historical facts. These &#8220;forward-looking statements&#8221; can be identified
by the use of terminology such as &#8220;believe,&#8221; &#8220;hope,&#8221; &#8220;may,&#8221; &#8220;anticipate,&#8221; &#8220;should,&#8221;
&#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;positioned,&#8221;
&#8220;strategy&#8221; and similar expressions. You should be aware that these forward-looking statements are subject to risks and uncertainties
that are beyond our control. Actual results could differ significantly from these forward-looking statements. In light of these risks
and uncertainties, there can be no assurance that the results and events contemplated by the forward-looking statements contained in
this Registration Statement will in fact transpire. You are cautioned to not place undue reliance on these forward-looking statements,
which speak only as of their dates. We do not undertake any obligation to update or revise any forward-looking statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_1"></span>INFORMATION
REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus contains forward-looking statements that involve risks and uncertainties. You should not place undue reliance on these forward-looking
statements. All statements other than statements of historical facts contained in this prospectus are forward-looking statements. The
forward-looking statements in this prospectus are only predictions. We have based these forward-looking statements largely on our current
expectations and projections about future events and financial trends that we believe may affect our business, financial condition and
results of operations. In some cases, you can identify these forward-looking statements by terms such as &#8220;anticipate,&#8221; &#8220;believe,&#8221;
&#8220;continue,&#8221; &#8220;could,&#8221; &#8220;depends,&#8221; &#8220;estimate,&#8221; &#8220;expects,&#8221; &#8220;intend,&#8221;
&#8220;may,&#8221; &#8220;ongoing,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221;
&#8220;should,&#8221; &#8220;will,&#8221; &#8220;would&#8221; or the negative of those terms or other similar expressions, although not
all forward-looking statements contain those words. We have based these forward-looking statements on our current expectations and projections
about future events and trends that we believe may affect our financial condition, results of operations, strategy, short- and long-term
business operations and objectives, and financial needs. These forward-looking statements include, but are not limited to, statements
concerning the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    projected financial position and estimated cash burn rate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    estimates regarding expenses, future revenues and capital requirements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to continue as a going concern;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    need to raise substantial additional capital to fund our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    success, cost and timing of our clinical trials;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    dependence on third parties in the conduct of our clinical trials;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to obtain the necessary regulatory approvals to market and commercialize our product candidate;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 38.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ultimate impact of the current coronavirus pandemic, or any other health epidemic, on our business, our clinical trials, our research
    programs, healthcare systems or the global economy as a whole;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    potential that results of preclinical and clinical trials indicate our current product candidate or any future product candidates
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    results of market research conducted by us or others;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to obtain and maintain intellectual property protection for our current product candidates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to protect our intellectual property rights and the potential for us to incur substantial costs from lawsuits to enforce
    or protect our intellectual property rights;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    possibility that a third party may claim we or our third-party licensors have infringed, misappropriated or otherwise violated their
    intellectual property rights and that we may incur substantial costs and be required to devote substantial time defending against
    claims against us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    reliance on third-party suppliers and manufacturers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    success of competing therapies and products that are or become available;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to expand our organization to accommodate potential growth and our ability to retain and attract key personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    potential for us to incur substantial costs resulting from product liability lawsuits against us and the potential for these product
    liability lawsuits to cause us to limit our commercialization of our product candidate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">market
    acceptance of our product candidate, the size and growth of the potential markets for our current product candidate and any future
    product candidates we may seek to develop, and our ability to serve those markets; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    successful development of our commercialization capabilities, including sales and marketing capabilities.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in &#8220;Risk
Factors.&#8221; Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is
not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which
any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements
we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this prospectus
may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected
in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events
and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither
we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation
to update publicly any forward-looking statements for any reason after the date of this prospectus to conform these statements to actual
results or to changes in our expectations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read this prospectus and the documents that we reference in this prospectus and have filed with the SEC as exhibits to the registration
statement of which this prospectus is a part with the understanding that our actual future results, levels of activity, performance and
events and circumstances may be materially different from what we expect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_2"></span>INDUSTRY
AND MARKET DATA</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus contains estimates and other statistical data made by independent parties and by us relating to market size and growth and
other data about our industry. We obtained the industry and market data in this prospectus from our own research as well as from industry
and general publications, surveys and studies conducted by third parties. This data involves a number of assumptions and limitations
and contains projections and estimates of the future performance of the industries in which we operate that are subject to a high degree
of uncertainty, including those discussed in &#8220;Risk Factors.&#8221; We caution you not to give undue weight to such projections,
assumptions and estimates. Further, industry and general publications, studies and surveys generally state that they have been obtained
from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe
that these publications, studies and surveys are reliable, we have not independently verified the data contained in them. In addition,
while we believe that the results and estimates from our internal research are reliable, such results and estimates have not been verified
by any independent source.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="a_3"></span><b>USE
OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that the net proceeds from our issuance and sale of Units in this offering will be approximately $____, based on an assumed
public offering price of $__ per share, after deducting estimated underwriting discounts and commissions and estimated offering expenses
payable by us. If the underwriters exercise their over-allotment option to purchase additional shares in full, we estimate that the net
proceeds from this offering will be approximately $___.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to use the net proceeds to fund our planned clinical trials, maintain and extend our patent portfolio, retention of contract research
organizations, and for working capital and other general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
$1.00 increase or decrease in the assumed public offering price of $___ per share would increase or decrease the net proceeds from this
offering by approximately $___, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus remains
the same and after deducting the estimated underwriting discounts and commissions and non-accountable expense allowance payable to the
underwriters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
expected use of the net proceeds from this offering and our existing cash represents our intentions based upon our current plans, financial
condition and business conditions. Predicting the cost necessary to develop a product candidate can be difficult and the amounts and
timing of our actual expenditures may vary significantly depending on numerous factors, including the progress of our development and
commercialization efforts, the status of and results from clinical trials, any collaborations that we may enter into with third parties
for our product candidate and any unforeseen cash needs. As a result, our management will retain broad discretion over the allocation
of the net proceeds from this offering and our existing cash.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the ordinary course of our business, we expect to from time to time evaluate the acquisition of, investment in or in-license of complementary
products, technologies or businesses, and we could use a portion of the net proceeds from this offering for such activities. We currently
do not have any agreements, arrangements or commitments with respect to any potential acquisition, investment or license.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending
our use of the net proceeds from this offering, we intend to invest the net proceeds in a variety of capital preservation investments,
including short-term, investment-grade, interest-bearing instruments and government securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
would receive additional gross proceeds of $_____ if all of the Purchase Warrants included in the Units are exercised. We intend to use
any such proceeds for working capital and general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_4"></span>DIVIDEND
POLICY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have never paid or declared any cash dividends on our common stock, and we do not anticipate paying any cash dividends on our common
stock in the foreseeable future. We intend to retain all available funds and any future earnings to fund the development and expansion
of our business. Any future determination to pay dividends will be at the discretion of our board of directors and will depend upon a
number of factors, including our results of operations, financial condition, future prospects, contractual restrictions, restrictions
imposed by applicable law and other factors our board of directors deems relevant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="a_5"></span><b>CAPITALIZATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our capitalization as of June 30, 2022 as described below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stockholders&#8217; equity:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Preferred stock, $0.001 par value per share,
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Common stock, $0.001 par value per share; 100,000,000 shares authorized,
    issued and outstanding 10,350,579 shares</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,350</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Additional paid-in capital</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">77,212,305</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accumulated deficit</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(71,634,410</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total stockholders&#8217;
    equity</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,588,245</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total capitalization</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,588,245</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
$1.00 increase (decrease) in the assumed public offering price of $___ per Unit would increase (decrease) the pro forma amount of each
of cash, total stockholders&#8217; equity (deficiency) and total capitalization by approximately $____, assuming that the number of shares
offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts
and commissions and the non-accountable expense allowance payable to the underwriters. An increase (decrease) of 500,000 shares included
in the Units offered by us, would increase (decrease) the pro forma amount of each of cash, total stockholders&#8217; equity and total
capitalization by approximately $___, assuming no change in the assumed public offering price per Unit and after deducting estimated
underwriting discounts and commissions and the non-accountable expense allowance payable to the underwriters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of shares of our common stock to be outstanding after this offering is based on 10,350,579 shares of common stock outstanding
as of September 3, 2022 and assumes no exercise of the Purchase Warrants included in the Units or by the underwriters of
their over-allotment option, and excludes the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">452,824
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock issuable upon exercise
    of outstanding common stock options issued to members of management, consultants, and directors at a weighted average exercise price
    of $21.76 per common share.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,827,650
    shares of common stock issuable upon exercise of outstanding common stock Public Warrants at an average exercise price of $6.30 per
    common share.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107,176
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock reserved for future grants
    pursuant to our 2015 Equity Incentive Plan.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">___
    shares of common stock issuable upon exercise of Warrants to be issued to the underwriters as part of this offering at an exercise
    price of $___ per common share (___% of the assumed public offering price of $___ per share).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 26.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise indicated herein, all information in this prospectus assumes or gives effect to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">no
    exercise by the underwriters of their option to purchase an additional ___ shares of common stock.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_6"></span>DILUTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you invest in our Units in this offering, your ownership interest will be diluted to the extent of the difference between the public
offering price per share of our common stock and the pro forma net tangible book value per share of our common stock immediately after
this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, we had a historical net tangible book value of $5,588,245, or $0.54 per share of common stock, based on 10,350,579
shares of common stock outstanding at June 30, 2022. Our historical net tangible book value per share is the amount of our total tangible
assets less our total liabilities at June 30, 2022, divided by the number of shares of common stock outstanding at June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
adjusted net tangible book value per share represents as adjusted net tangible book value divided by the as adjusted total number of
shares outstanding as of June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
giving effect to the issuance and sale of ___ shares of our common stock included in the Units in this offering at an assumed public
offering price of $___ per share, and after deducting estimated underwriting discounts and commissions, the non-accountable expense allowance
payable to the underwriters, and estimated offering costs payable by us, our as adjusted net tangible book value as of June 30, 2022
would have been $____, or $___ per share. This represents an immediate increase in as adjusted net tangible book value per share of $___
to existing stockholders and immediate dilution of $___ in as adjusted net tangible book value per share to new investors purchasing
common stock in this offering. Dilution per share to new investors is determined by subtracting pro forma net tangible book value per
share after this offering from the assumed public offering price per share paid by new investors. The following table illustrates this
dilution on a per share basis:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 68%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Assumed
    public offering price per Unit</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Historical net tangible
    book value per share as of June 30, 2022</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Increase in as adjusted
    net tangible book value per share attributable to new investors purchasing common stock in this offering</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">As adjusted net tangible book value per share
    after this offering</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Dilution per share to
    new investors purchasing Units in this offering</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
dilution information discussed above is illustrative only and will change based on the actual public offering price and other terms of
this offering determined at pricing. A $1.00 increase in the assumed public offering price of $___ per Unit would increase our pro forma
net tangible book value after this offering by approximately $____ per share and the dilution to new investors purchasing common stock
in this offering by approximately $___ per share, assuming that the number of shares offered by us, as set forth on the cover page of
this prospectus, remains the same and after deducting estimated underwriting discount and commissions and the non-accountable expense
allowance payable to the underwriters. A $1.00 decrease in the assumed public offering price of $___ per Unit would decrease our pro
forma net tangible book value after this offering by approximately $___ per share and the dilution to new investors purchasing common
stock in this offering by approximately $___ per share, assuming that the number of shares offered by us, as set forth on the cover page
of this prospectus, remains the same and after deducting estimated underwriting discount and commissions and the non-accountable expense
allowance payable to the underwriters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
increase of 500,000 shares in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase our
pro forma net tangible book value after this offering by approximately $___ per share and decrease the dilution to new investors purchasing
common stock in this offering by approximately $___ per share, assuming no change in the assumed public offering price per share and
after deducting estimated underwriting discounts and commissions and the non-accountable expense allowance payable to the underwriters.
A decrease of 500,000 shares in the number of shares offered by us, as set forth on the cover page of this prospectus, would decrease
our pro forma net tangible book value after this offering by approximately $___ per share and increase the dilution to new investors
purchasing common stock in this offering by approximately $___ per share, assuming no change in the assumed public offering price per
share and after deducting estimated underwriting discounts and commissions and the non-accountable expense allowance payable to the underwriters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the underwriters exercise their option to purchase additional shares in full, the as adjusted net tangible book value per share after
giving effect to the offering would be $___ per share. This represents an increase in as adjusted net tangible book value of $___ per
share to existing stockholders and dilution in as adjusted net tangible book value of $___ per share to new investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of shares of our common stock to be outstanding after this offering is based on 10,350,579 shares of common stock outstanding
as of September 3, 2022 and assumes no exercise of the Purchase Warrants included in the Units or by the underwriters of
their over-allotment option and excludes the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">452,824
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock issuable upon exercise
    of outstanding common stock options issued to members of management, consultants, and directors at a weighted average exercise price
    of $21.76 per common share.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,827,650
    shares of common stock issuable upon exercise of outstanding common stock Public Warrants at an average exercise price of $6.30 per
    common share.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107,176
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock reserved for future grants
    pursuant to our 2015 Equity Incentive Plan.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">___
    shares of common stock issuable upon exercise of warrants to be issued to the underwriters as part of this offering at an exercise
    price of $___ per common share (___% of the assumed public offering price of $___ per share).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise indicated herein, all information in this prospectus assumes or gives effect to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">no
    exercise by the underwriters of their option to purchase an additional ___ shares of common stock.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that stock options or warrants are exercised, we issue new stock options under our 2015 Equity Incentive Plan, or we issue
additional shares of common stock in the future, there will be further dilution to investors participating in this offering. In addition,
if we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result
in further dilution to our stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_7"></span>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein known
as NELL-1/DBM. The NELL-1/DBM combination product is an osteostimulative recombinant protein that provides target specific control over
bone regeneration. The protein, as part of the UCB-1 technology platform, has been licensed exclusively for worldwide applications to
us through a technology transfer from the UCLA Technology Development Group on behalf of UC Regents (&#8220;UCLA TDG&#8221;). UCLA TDG
and the Company received guidance from the FDA that NELL-1/DBM will be classified as a combination product with a device lead.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was founded by University of California professors in collaboration with an Osaka University professor and a University of Southern
California surgeon in 2004 as a privately-held company with proprietary, patented technology that has been validated in sheep and non-human
primate models to facilitate bone growth. Our platform technology has application in delivering improved outcomes in the surgical specialties
of spinal, orthopedic, general orthopedic, plastic reconstruction, neurosurgery, interventional radiology, and sports medicine. Lead
product development and clinical studies are targeted on spinal fusion surgery, one of the larger segments in the orthopedic market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a development stage entity. The production and marketing of our products and ongoing research and development activities will be
subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any
combination product developed by us must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory
approval process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that we will not encounter problems
in clinical trials that will cause us or the FDA to delay or suspend the clinical trials.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success will depend in part on our ability to obtain patents and product license rights, maintain trade secrets, and operate without
infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents
issued to or licensed by us will not be challenged, invalidated, rendered unenforceable, or circumvented, or that the rights granted
thereunder will provide proprietary protection or competitive advantages to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Year
ended December 31, 2021 compared to the Year ended December 31, 2020</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our inception, we devoted substantially all of our efforts and funding to the development of the NELL-1 protein and raising capital.
We have not yet generated revenues from our planned operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    ended<br />
    December 31, 2021</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    ended <br /> December 31, 2020</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    development</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">82,044</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(75.92</b></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)%</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,019,432</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>484,342</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>110.48</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>%</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total operating expenses</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,101,476</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>825,014</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>33.51</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>%</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss from operations</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,101,476</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(825,014</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>33.51</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>%</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(998,076</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(19.33</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)%</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>100.00</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>%</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss before provision for income taxes</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Provision for income
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,600</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>1,600</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>-</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>%</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net loss</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,610,685</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(1,824,690</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(11.73</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)%</b></span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
and Development</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development decreased from $340,672 during the year ended December 31, 2020 to $82,044 during the year ended December 31,
2021. The $258,628 decrease was due to curtailing of operations due to lack of necessary funds. The lack of capital occurring simultaneously
during the COVID-19 pandemic caused a delay in R&amp;D activities, and a scale back in all operations other than fund raising. As a result
starting in 2020, the company engaged in cost-cutting measures in an attempt to extend our cash resources as long as possible. As a result,
of the October 2021 Primary Offering we have resumed our research and development activities. We will continue to incur significant expenses
for development activities for NELL-1 in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
and Administrative</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
general and administrative expenses increased from $484,342 during the year ended December 31, 2020 to $1,019,432 during the year ended
December 31, 2021. The $535,090 increase was primarily due to resuming operations and bringing the Company&#8217;s filings current. The
increase also includes the fair value, $207,035, of options granted to our new Directors consistent with our Director&#8217;s Compensation
Policy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
Expense</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
interest expense decreased from $998,076 for the year ended December 31, 2020 to $805,109 during the year ended December 31, 2021. The
decrease of $192,967 resulted from the conversation of the outstanding debt in conjunction with the October 2021 Primary Offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Six
Months ended June 30, 2022 compared to the Six Months ended June 30, 2021</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">June 30, 2022</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-family: Times New Roman, Times, Serif; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><b>Six-months
                                            ended</b></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><b>June
                                            30, 2021</b></span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>%
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">General
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total operating expenses</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>412,805</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>180.33</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>%</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss from operations</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,157,203</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(412,805</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>180.33</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>%</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest expense, related party</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(510,840</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(100.00</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)%</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Provision for income
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,600</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>-</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>100.00</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>%</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>(923,645</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>)</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>25.46</b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>%</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
and Development</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development increased from $47,516 during the six months ended June 30, 2021 to $54,000 during the six months ended June
30, 2022. We continue to implement research activities after curtailing our operations during 2021. We will continue to incur significant
expenses for development activities for NELL-1 in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
and Administrative</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
general and administrative expenses increased from $365,289 during the six months ended June 30, 2021 to $1,103,203 during the six months
ended June 30, 2022. The $737,914 increase was due to resuming operations in 2022. Significant expenses incurred during 2022 were
Directors and Officers insurance, directors&#8217; compensation, the revised CFO employment agreement for full-time services and the
services of an investor relations firm. We also incurred stock based compensation expense for our directors and management team totaling
$171,592.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
Expense</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
interest expense decreased from $510,840 for the six months ended June 30, 2021 to $-0- during the six months ended June 30, 2022. All
the outstanding convertible notes were converted in October 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going
Concern and Liquidity</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has no significant operating history and since inception to June 30, 2022 has incurred accumulated losses of approximately $71.6
million. The Company will continue to incur significant expenses for development activities for their lead product NELL-1/DBM. Operating
expenditures for the next twelve months are estimated at $9.5 million. The accompanying consolidated financial statements for the six
months ended June 30, 2022 have been prepared assuming the Company will continue as a going concern. As reflected in the financial statements,
the Company incurred a net loss of $1,158,803, and used net cash in operating activities of $1,220,843 during the six months ended June
30, 2022. These factors raise substantial doubt about the Company&#8217;s ability to continue as a going concern within a reasonable
period of time, which is considered to be one year from the issuance date of the financial statements. In addition, our independent registered
public accounting firm, in its audit report to the financial statements included in our Annual Report for the year ended December 31,
2021, expressed substantial doubt about our ability to continue as a going concern. The consolidated financial statements do not include
any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities
that might be necessary should the Company be unable to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 15, 2021, the Company completed a public offering generating net proceeds to the Company of $6,858,843.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will continue to attempt to raise additional debt and/or equity financing to fund future operations and to provide additional
working capital. However, there is no assurance that such financing will be consummated or obtained in sufficient amounts necessary to
meet the Company&#8217;s needs. If cash resources are insufficient to satisfy the Company&#8217;s on-going cash requirements, the Company
will be required to scale back or discontinue its product development programs, or obtain funds if available (although there can be no
certainties) through strategic alliances that may require the Company to relinquish rights to its technology, substantially reduce or
discontinue its operations entirely. No assurance can be given that any future financing will be available or, if available, that it
will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue
restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of equity
financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the past several years, we have depended on our relationship with Hankey Capital for working capital to fund our operations, which has
been raised in the form of both debt and equity capital. Hankey Capital, directly and indirectly, controls approximately 70% of our issued
and outstanding shares of common stock. However, no assurance can be given that any future financing from Hankey Capital will be available
or, if available, that it will be on terms that are satisfactory to the Company. In the absence of financing from other sources, the
inability to obtain additional financing from Hankey Capital will result in the scaling back or discontinuance of our product development
programs or operations entirely.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, we had cash of $6,675,365 and as of June 30, 2022, we had cash of $5,454,522.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that it will require approximately $15 million to complete first in man studies, and an estimated additional $27 million
to achieve FDA approval for a spine interbody fusion indication.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
Flows</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of our cash flows from operating, investing and financing activities for the years ended December 31, 2021 and
2020:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operating
activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021 and 2020, cash used in operating activities was $1,228,586 and $426,933 respectively. Cash expenditures
for the year ended December 31, 2021 increased primarily due to resuming operations, bringing the Company&#8217;s filings current and
costs associated with the October 2021 Primary Offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financing
activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, cash provided by financing activities of $7,903,951 resulted primarily from draws on our second and
third credit facilities with Hankey Capital and the October 2021 Primary Offering which provided proceeds from sale of common stock units
in public offering, net of offering costs of $6,858,843. During the year ended December 31, 2020, cash provided by financing activities
of $402,788 primarily resulted from draws on our second credit facilities with Hankey Capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of our cash flows from operating, investing and financing activities for the six months ended June 30, 2022 and
2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operating
activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended June 30, 2022 and 2021, cash used in operating activities was $1,220,843 and $763,964, respectively. Cash expenditures
for the six months ended June 30, 2022 increased primarily due to directors&#8217; compensation, the revised CFO employment agreement
for full-time services and investor relation services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financing
activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended June 30, 2022, there were no financing activities. During the six months ended June 30, 2021, cash provided by financing
activities of $768,402 resulted primarily from draws on our second and third credit facilities with Hankey Capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Application
of Critical Accounting Policies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our critical accounting policies are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
    Value of Financial Instruments;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant estimates include
the assumptions used in the valuation of stock options and warrants and income tax valuation allowances. Actual results could differ
from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Research
and Development Costs</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development costs include, but are not limited to, payroll and other personnel expenses, consultants, expenses incurred under agreements
with contract research and manufacturing organizations and animal clinical investigative sites and the cost to manufacture clinical trial
materials. Costs related to research, design and development of products are charged to research and development expense as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock
Based Compensation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
718, <i>Compensation &#8211; Stock Compensation</i>, prescribes accounting and reporting standards for all share-based payment transactions
in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options,
and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees,
including grants of employee stock options, are recognized as compensation expense in the consolidated financial statements based on
their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for
the award, known as the requisite service period (usually the vesting period).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50,
<i>Equity &#8211; based Payments to Non-Employees</i>. Measurement of share-based payment transactions with non-employees is based on
the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The
fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion
date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair
Value Measurements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.
We base our fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. Additionally, from time to time, we may be required to record certain assets at
fair value on a non-recurring basis, such as certain impaired loans held for investment and securities held to maturity that are other-than-temporarily
impaired. These non-recurring fair value adjustments typically involve write-downs of individual assets due to application of lower-of-cost
or market accounting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have established and documented a process for determining fair value. We maximize the use of observable inputs and minimize the use of
unobservable inputs when developing fair value measurements. Whenever there is no readily available market data, management uses its
best estimate and assumptions in determining fair value, but these estimates involve inherent uncertainties and the application of management&#8217;s
judgment. As a result, if other assumptions had been used, our recorded earnings or disclosures could have been materially different
from those reflected in these financial statements. For detailed information on our use of fair value measurements and our related valuation
methodologies, see Note 2 to the Consolidated Financial Statements of this report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recently
Issued Accounting Standards</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
discussion in Notes to the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-Balance
Sheet Arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the
Company&#8217;s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources that is material to investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="BB_013"></span>BUSINESS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein, known
as NELL-1/DBM. The NELL-1/DBM combination product is an osteostimulative recombinant protein that provides target specific control over
bone regeneration. The protein, as part of the UCB-1 technology platform has been licensed exclusively for worldwide applications to
us through a technology transfer from UCLA TDG. UCLA TDG and the Company received guidance from the FDA that NELL-1/DBM will be classified
as a combination product with a device lead.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was founded by University of California professors in collaboration with an Osaka University professor and a University of Southern
California surgeon in 2004 as a privately-held company with proprietary, patented technology that has been validated in sheep and non-human
primate models to facilitate bone growth. Our platform technology has application in delivering improved outcomes in the surgical specialties
of spinal, orthopedic, general orthopedic, plastic reconstruction, neurosurgery, interventional radiology, and sports medicine. Lead
product development and clinical studies are targeted on spinal fusion surgery, one of the larger segments in the orthopedic market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a development stage entity. The production and marketing of our products and ongoing research and development activities will be
subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any
combination product developed by us must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory
approval process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that we will not encounter problems
in clinical trials that will cause us or the FDA to delay or suspend the clinical trials.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success will depend in part on our ability to obtain patents and product license rights, maintain trade secrets, and operate without
infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents
issued to or licensed by us will not be challenged, invalidated, or circumvented, or that the rights granted thereunder will provide
proprietary protection or competitive advantages to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>UCLA
TDG Exclusive License Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
April 9, 2019, the Company entered into an Amended and Restated Exclusive License Agreement dated as of March 21, 2019 and amended through
three sets of amendments (as so amended the &#8220;Amended License Agreement&#8221;) with the UCLA TDG. The Amended License Agreement
amends and restates the Amended and Restated Exclusive License Agreement, dated as of June 19, 2017 (the &#8220;2017 Agreement&#8221;).
The 2017 Agreement amended and restated the Exclusive License Agreement, effective March 15, 2006, between the Company and UCLA TDG,
as amended by ten amendments. Under the terms of the Amended License Agreement, the Regents have continued to grant the Company exclusive
rights to develop and commercialize NELL-1 (the &#8220;Licensed Product&#8221;) for spinal fusion by local administration, osteoporosis
and trauma applications. The Licensed Product is a recombinant human protein growth factor that is essential for normal bone development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to pay an annual maintenance fee to UCLA TDG of $10,000 as well as pay certain royalties to UCLA TDG under the Amended License
Agreement at the rate of 3.0% of net sales of licensed products or licensed methods. We must pay the royalties to UCLA TDG on a quarterly
basis. Upon a first commercial sale, we also must pay a minimum annual royalty between $50,000 and $250,000, depending on the calendar
year which is after the first commercial sale. If we are required to pay any third party any royalties as a result of us making use of
UCLA TDG patents, then we may reduce the royalty owed to UCLA TDG by 0.333% for every percentage point paid to a third party. If we grant
sublicense rights to a third party to use the UCLA TDG patent, then we will pay UCLA TDG 10% to 20% of the sublicensing income we receive
from such sublicense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are obligated to make the following milestone payments to UCLA TDG for each Licensed Product or Licensed Method:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also obligated pay to UCLA TDG a fee (the &#8220;Diligence Fee&#8221;) of $8,000,000 upon the sale of any Licensed Product (the &#8220;Triggering
Sale Date&#8221;) in accordance with the payment schedule below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
    upon cumulative Net Sales equaling $50,000,000 following the Triggering Sale Date - $2,000,000;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
    upon cumulative Net Sales equaling $100,000,000 following the Triggering Sale Date - $2,000,000; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
    upon cumulative Net Sales equaling $200,000,000 following the Triggering Sale Date - $4,000,000.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s obligation to pay the Diligence Fee will survive termination or expiration of the agreement and the Company is prohibited
from assigning, selling, or otherwise transferring any of its assets related to any Licensed Product unless the Company&#8217;s foregoing
Diligence Fee obligation is assigned, sold, or transferred along with such assets, or unless the Company pays UCLA TDG the Diligence
Fee within ten (10) days of such assignment, sale or other transfer of such rights to any Licensed Product.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also obligated to pay UCLA TDG a cash milestone payment within thirty (30) days of a Liquidity Event (including a Change of Control
Transaction and a payment election by UCLA TDG exercisable after December 22, 2016) such payment to equal the greater of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$500,000;
    or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2%
    of all proceeds in connection with a Change of Control Transaction.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, none of the above milestones has been met.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are obligated to diligently proceed with developing and commercializing licensed products under UCLA TDG patents set forth in the Amended
License Agreement. UCLA TDG has the right to either terminate the license or reduce the license to a non-exclusive license if we do not
meet certain diligence milestone deadlines set forth in the Amended License Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must reimburse or pre-pay UCLA TDG for patent prosecution and maintenance costs incurred during the term of the Amended License Agreement.
We have the right to bring infringement actions against third party infringers of the Amended License Agreement, UCLA TDG may join voluntarily,
at its own expense, or, at our expense, be joined involuntarily to the action. We are required to indemnify UCLA TDG against any third
party claims arising out of our exercise of the rights under the Amended License Agreement or any sublicense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Products</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have developed a stand-alone platform technology through significant laboratory and small and large animal research over more than ten
years to generate the current applications across broad fields of use. The platform technology is our recombinant human protein, known
as NELL-1, a proprietary skeletal specific growth factor which is a bone void filler. NELL-1 provides regulation over skeletal tissue
formation and stem cell differentiation during bone regeneration. The Company obtained the platform technology pursuant to an exclusive
license agreement with UCLA TDG.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently focused on bone regeneration in lumbar spinal fusion, in keeping with our exclusive license agreement, using NELL-1 in
combination with DBM, a demineralized bone matrix from Musculoskeletal Transplant Foundation (&#8220;MTF&#8221;). The NELL-1/DBM medical
device is a combination product which is an osteostimulative recombinant protein that provides target specific control over bone regeneration.
Leveraging the resources of investors and strategic partners, we have successfully surpassed four critical milestones:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Demonstrating
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
lead product is expected to be purified NELL-1 mixed with 510(k) cleared DBM Demineralized Bone Putty recommended for use in conjunction
with applicable hardware consistent with the indication. The NELL-1/DBM Fusion Device will be comprised of a single dose vial of NELL-1
recombinant protein freeze dried onto DBM. A vial of NELL-1/DBM will be sold in a convenience kit with a diluent and a syringe of 510(k)
cleared demineralized bone (&#8220;DBM Putty&#8221;) produced by MTF. A delivery device will allow the surgeon to mix the reconstituted
NELL-1 with the appropriate quantity of DBM Putty just prior to implantation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NELL-1/DBM Fusion Device is intended for use in lumbar spinal fusion and may have a variety of other spine and orthopedic applications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the product is initially targeted at the lumbar spine fusion market, in keeping with our exclusive license agreement, we believe NELL-1&#8217;s
novel set of characteristics, target specific mechanism of action, efficacy, safety and affordability position the product well for application
in a variety of procedures including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Spine
Implants</span>. </i>This is the largest market for bone substitute product, representing greater than 70% of the total U.S. market according
to Transparency Market Research. While use of the patient&#8217;s own bone, also referred to as autograft, to enhance fusion of vertebral
segments remains the optimal use for this type of treatment, complications associated with use of autograft bone including pain, increased
surgical time and infection limit its use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Non-Union
Trauma Cases</span>. </i>While the majority of fractures heal without the need for osteosynthetic products, bone substitutes are used in
complicated breaks where the bone does not mend naturally. Management believes that NELL-1 is expected to perform as well as high-priced
growth factors in this market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Osteoporosis</span>.
</i>The medical need to find a solution to counter a decrease in bone mass and density seen in women most frequently after menopause
or a similar effect on astronauts in microgravity environments for an extended period is a major medical challenge. The systemic use
of NELL-1 to stimulate bone regeneration throughout the body thereby increasing bone density could have a very significant impact on
the treatment of osteoporosis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UCLA&#8217;s
initial research was funded with approximately $18 million in resources from UCLA TDG and government grants. Since licensing the exclusive
worldwide intellectual property rights from UCLA TDG, our continued development has been funded through various strategic investments.
Our research and development expenses for the years ended December 31, 2021 and 2020 were $45,500 and $102,293, respectively. We anticipate
that it will require approximately $15 million to complete first in man studies and an estimated additional $27 million to achieve
FDA approval for a spine interbody fusion indication. These amounts are estimates based on data currently available to us, and are subject
to many factors including the various risk factors discussed under &#8220;<i>Risk Factors</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NELL-1&#8217;s
powerful specific bone and cartilage forming properties are derived from the ability of NELL-1 to only target cells that exhibit an activated
&#8220;master switch&#8221; to develop into bone or cartilage. NELL-1 is a function specific recombinant human protein that has been
proven in laboratory bench models to recapitulate normal human growth and development to provide control over bone and cartilage regeneration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NELL-1
was isolated in 1996, and the first NELL-1 patent on bone regeneration was filed in 1999. Subsequent patents and continuations in part
describing NELL-1 manufacturing, delivery, and cartilage regeneration were filed to further strengthen the patent portfolio.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
&amp; Publications</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our scientific evidence validates the many benefits of NELL-1. Currently there is a comprehensive database of more than 80 research
publications and abstracts of preclinical studies with NELL-1 of which more than 45 are peer-reviewed publications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">We
completed a preclinical study, which shows our rhNELL-1 growth factor effectively promotes bone formation in a phylogenetically advanced
spine model. In addition, rhNELL-1 was shown to be well tolerated and there were no findings of inflammation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Bone
Biologics has received Human Research Ethics Committee (&#8220;HREC&#8221;) approval for the first center of a multicenter pilot clinical
trial to evaluate NB1 (&#8220;NELL-1/DBM&#8221;) in 30 patients in Australia. The pilot study will evaluate the safety and effectiveness
of NB1 in adult subjects with spinal degenerative disc disease (&#8220;DDD&#8221;) at one level from L2-S1, who may also have up to Grade
1 spondylolisthesis or Grade 1 retrolisthesis at the involved level who undergo transforaminal lumbar interbody fusion (&#8220;TLIF&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Proposed
Initial Clinical Application</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NELL-1/DBM Fusion Device will be indicated for spinal fusion procedures in skeletally mature patients with DDD at one level from L4-S1.
These DDD patients may also have up to Grade I spondylolisthesis at the involved level. The NELL-1/DBM Fusion Device is to be implanted
via an anterior open or an anterior laparoscopic approach in conjunction with a cleared intervertebral body fusion device. Patients receiving
the device should have had at least six months of non-operative treatment prior to treatment with the device. A cervical indication is
currently under consideration. This indication for use would fill a current clinical gap, created by potentially dangerous inflammatory
responses caused by commercially available catalytic bone growth agents, the subject of a Public Health Notification from the FDA on
July 1, 2008 about life threatening complications associated with a recombinant human protein in cervical spine fusion. We do not expect
our product to see the same adverse events with NELL-1/DBM as have been observed with other commercially available protein. We have performed
a rat femoral onlay model to compare proinflammatory response of rhBMP-2 and NELL-1 within Helistate collagen sponges. While NELL-1 induced
normal healing, rhBMP-2 induced significant amounts of swelling and histological evidence of intense inflammatory response.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Description
of the DBM Putty to Be Used With NELL-1</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
DBM Demineralized Bone Putty provided as part of the convenience kit with NELL-1/DBM is a Class II device. The common name is &#8220;Bone
Void Filler Containing Human Demineralized Bone Matrix.&#8221; The product is regulated under 21 C.F.R. &#167;888.3045 Resorbable calcium
salt bone void filler device, Product Codes MQV, GXP, and MBP. MTF is the manufacturer of the DBM Putty that was cleared by the FDA for
spine indication in December 2006.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DBM
Putty is a matrix composed of processed human cortical bone. Demineralized bone granules are mixed with sodium hyaluronate to form the
DBM Putty. Every lot of final DBM Putty product is tested in an athymic mouse model or in an alkaline phosphatase assay, which has been
shown to have a positive correlation with the athymic mouse model, to ensure osteostimulation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon extensive discussions with regulatory experts and a specific communication from the FDA in response to a submission of our plan
under the Amended License Agreement between UCLA TDG and the Company we believe the NELL-1/DBM Fusion Device is a combination product
that will be regulated as a Class III medical device and will therefore require submission and approval of a pre-market approval, (&#8220;PMA&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Business Strategy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business plan is to develop our target specific growth factor for bone regeneration that has demonstrated increases in the quantity and
quality of bone, while displaying strong safety profile. Our spine fusion product focus continues to advance from the research to the
development stage and then to clinical stage to allow for the approval for use of our target specific protein exhibiting efficacy and
safety by matching or exceeding current market approved products. The utilization of investment partners is critical to facilitate the
development through pre Investigational Device Exemption (&#8220;IDE&#8221;), clinical, and ultimate commercialization as we fund the
pre-IDE work and continue achieving milestones.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
orthobiologic and orthopedic industries are characterized by rapidly advancing technologies, intense competition and a strong emphasis
on intellectual property. We face substantial competition from many different sources, including large and specialty orthopedic companies,
biotechnology companies, academic research institutions and governmental agencies along with public and private research institutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is in a very competitive and evolving field, that faces competition from large established orthopedic companies such as (but
not limited to) Medtronic, Stryker, Zimmer-Biomet, and DePuy-Synthes that possess considerably more resources than Bone Biologics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
commercial opportunity could be reduced if our competitors develop and commercialize products that are safer, more effective, have fewer
or less severe side effects, are more convenient or are less expensive than any products that we may develop. Our competitors also may
obtain FDA or other regulatory approval for their products more rapidly than we may obtain approval for ours, which could result in our
competitors establishing a strong market position before we are able to enter the market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NELL-1 growth factor is mechanistically distinct from BMPs and can minimize complications associated with BMP therapies. The early proof
of concept animal studies has shown the efficacy of NELL-1 combined with demineralized bone matrix (&#8220;DBM&#8221;) as a novel bone
graft material for interbody spine fusion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have an intellectual property portfolio that includes exclusive, worldwide licenses from UCLA TDG which we believe constitute a formidable
barrier to entry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
patent applications are currently in preparation. The intellectual property portfolio comprehensively covers NELL-1 manufacture, NELL-1
compositions and NELL-1 use in wide ranging clinical and diagnostic applications. We protect our proprietary technology through mechanisms
including U.S. and foreign patent filings, trade secret protections, and collaboration agreements with domestic and international corporations,
universities and research institutions. We are the exclusive licensee for the following nine (9) UCLA TDG issued patents:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
                                            </b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Patent
    No. </b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.75in; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
    Issued</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7544486</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NELL-1
    Peptide Expression Systems</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/9/2009</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7691607</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expression
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/6/2010</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7807787</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/5/2010</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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compositions for treating or preventing bone conditions</span></p></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/2/2019</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Government
Regulation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
manufacturing and marketing of any product which we may formulate with our technologies as well as our related research and development
activities are subject to regulation for safety, efficacy and quality by governmental authorities in the U.S. and other countries. We
anticipate that these regulations will apply separately to each product. The Company believes that complying with these regulations will
involve a considerable level of time, expense and uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the U.S., devices are subject to rigorous federal regulation and, to a lesser extent, state regulation. The Federal Food, Drug and Cosmetic
Act, as amended, and the regulations promulgated thereunder, and other federal and state statutes and regulations govern, among other
things, the testing, manufacture, safety, efficacy, labeling, storage, record keeping, approval, advertising and promotion of our products.
Device development and approval within this regulatory framework is difficult to predict, requires a number of years and involves the
expenditure of substantial resources. Moreover, ongoing legislation by U.S. Congress and rule making by the FDA presents an ever-changing
landscape where we could be required to undertake additional activities before any governmental approval is granted allowing us to market
our products. The steps required before a biological device may be marketed in the U.S. include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clinical
    trials to characterize the efficacy and safety of the product in the intended patient population;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FDA
    approval of the NDA or PMA prior to any commercial sale or shipment of the product.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to obtaining FDA approval for each product, each manufacturing establishment must be registered with, and approved by, the FDA.
Moreover, manufacturing establishments are subject to biennial inspections by the FDA and must comply with the FDA&#8217;s current Good
Manufacturing Practice <b>&#8220;cGMP&#8221;</b> for products, drugs and devices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-clinical
Trials</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-clinical
testing includes laboratory evaluation of chemistry and formulation as well as tissue culture and animal studies to assess the safety
and potential efficacy of the product. Non-clinical safety tests must be conducted by laboratories that comply with FDA regulations regarding
good laboratory practices. Non-clinical testing is inherently risky and the results can be unpredictable or difficult to interpret. The
results of non-clinical testing are submitted to the FDA as part of an IDE and are reviewed by the FDA prior to the commencement of clinical
trials. Unless the FDA objects to an IDE, clinical studies may begin 30 days after the IDE is submitted. We have relied and intend to
continue to rely on third-party contractors to perform non-clinical trials.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Clinical
Trials</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clinical
trials involve the administration of the investigational product to healthy volunteers or to patients under the supervision of a qualified
investigator. Clinical trials must be conducted in accordance with good clinical practices under protocols that detail the objectives
of the study, the parameters to be used to monitor safety and the efficacy criteria to be evaluated. Each protocol must be submitted
to the FDA prior to its conduct. Further, each clinical study must be conducted under the auspices of an independent institutional review
board. The institutional review board will consider, among other things, ethical factors, the safety of human subjects and the possible
liability of the institution. The drug product used in clinical trials must be manufactured according to the FDA&#8217;s current Good
Manufacturing Practices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clinical
trials under IDE regulations are typically conducted in two sequential trials. In the Pilot trial, the initial introduction of the product
into healthy human subjects, the drug is tested for safety (adverse side effects), absorption, metabolism, bio-distribution, excretion,
food and drug interactions, abuse as well as limited measures of pharmacologic effect and proof of principle that involves studies in
a limited patient population in order to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">assess
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
there is evidence that the product may be effective and has an acceptable safety profile in pilot evaluations, pivotal trials are undertaken
to establish and confirm the clinical efficacy and establish the safety profile of the product within a larger population at geographically
dispersed clinical study sites. Pivotal trials frequently involve randomized controlled trials and, whenever possible, studies are conducted
in a manner so that neither the patient nor the investigator knows what treatment is being administered. The Company, the IRB or the
FDA, may suspend clinical trials at any time if it is believed that the individuals participating in such trials are being exposed to
unacceptable health risks. We intend to rely upon third-party contractors to advise and assist us in the preparation of our IDEs and
the conduct of clinical trials that will be conducted under the IDEs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Premarket
Approval and FDA Approval Process</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results of the manufacturing process, development work, non-clinical studies and clinical studies are submitted to the FDA in the form
of a PMA prior to marketing and selling the product. The testing and approval process is likely to require substantial time and effort.
In addition to the results of non-clinical and clinical testing, the PMA applicant must submit detailed information about chemistry,
manufacturing and controls that will describe how the product is made and tested through the manufacturing process.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PMA review process involves FDA investigation into the details of the manufacturing process, as well as the design and analysis of each
of the non-clinical and clinical studies. This review includes inspection of the manufacturing facility, the data recording process for
the clinical studies, the record keeping at a sample of clinical trial sites and a thorough review of the data collected and analyzed
for each non-clinical and clinical study. Through this investigation, the FDA reaches a decision about the risk-benefit profile of a
product candidate. If the benefit is worth the risk, the FDA begins negotiating with the company about the content of an acceptable package
insert and associated Risk Evaluation and Mitigation Strategies (&#8220;REMS&#8221;), if required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
approval process is affected by a number of factors, including the severity of the disease, the availability of alternative treatments
and the risks and benefits demonstrated in clinical trials. Consequently, there is a risk that approval may not be granted on a timely
basis, if at all. The FDA may deny a PMA if applicable regulatory criteria are not satisfied, require additional testing or information
or require post-marketing testing (Phase 4) and surveillance to monitor the safety of a company&#8217;s product if it does not believe
the PMA contains adequate evidence of the safety and efficacy of the product. Moreover, if regulatory approval of a product is granted,
such approval may entail limitations on the indicated uses for which it may be marketed. Finally, product approvals may be withdrawn
if compliance with regulatory standards is not maintained or health problems are identified that would alter the risk-benefit analysis
for the product. Post-approval studies may be conducted to explore the use of the product for new indications or populations such as
pediatrics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among
the conditions for PMA approval is the requirement that any prospective manufacturer&#8217;s quality control and manufacturing procedures
conform to the FDA&#8217;s Good Manufacturing Practices and the specifications approved in the PMA. In complying with standards set forth
in these regulations, manufacturers must continue to expend time, money and effort in the area of product and quality control to ensure
full technical compliance. Manufacturing establishments, both foreign and domestic, also are subject to inspections by or under the authority
of the FDA and by other federal, state or local agencies. Additionally, in the event of non-compliance, FDA may issue warning letters
and/or seek criminal and civil penalties, enjoin manufacture, seize product or revoke approval.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>International
Approval</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
or not FDA approval has been obtained, approval of a product by regulatory authorities in foreign countries must be obtained prior to
the commencement of commercial sales of the medical product in such countries. The requirements governing the conduct of clinical trials
and product approvals vary widely from country to country, and the time required for approval may be longer or shorter than that required
for FDA approval. Although there are some procedures for unified filings for certain European countries, in general, each country at
this time has its own procedures and requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Regulation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to regulations enforced by the FDA, we are also subject to U.S. regulation under the Controlled Substances Act, the Occupational
Safety and Health Act, the Environmental Protection Act, the Toxic Substances Control Act, the Resource Conservation and Recovery Act
and other present and potential future federal, state, local or similar foreign regulations. Our research and development may involve
the controlled use of hazardous materials, chemicals and radioactive compounds. Although we believe that its safety procedures for handling
and disposing of such materials comply with the standards prescribed by state and federal regulations, the risk of accidental contamination
or injury from these materials cannot be completely eliminated. In the event of any accident, we could be held liable for any damages
that result and any such liability could exceed our resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees
and Human Capital</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date hereof, we have two (2) full-time employees. We have relied and plan on continuing to rely on independent organizations,
advisors and consultants to perform certain services for us, including handling substantially all aspects of regulatory approval, clinical
management, manufacturing, marketing, and sales. Such services may not always be available to us on a timely basis or at costs that we
can afford. Our future performance will depend in part on our ability to successfully integrate newly hired officers and to engage and
retain consultants, as well as our ability to develop an effective working relationship with our management and consultants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="BB_001"></span>MANAGEMENT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table and biographical summaries set forth information, including principal occupation and business experience, about our directors
and executive officers as of the date of this prospectus:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Jeffrey
Frelick: Chief Executive Officer and President</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
Frelick serves as the President and Chief Executive Officer of Bone Biologics, bringing more than 25 years of leadership, operational,
and investment experience in the life science industry. He joined Bone Biologics in 2015 as the company&#8217;s Chief Operating Officer
and assumed his current role in June 2019. Prior to Bone Biologics, Mr. Frelick spent 15 years on Wall Street as a sell-side analyst
following the med-tech industry at investment banks Canaccord Genuity, ThinkEquity and Lazard. He also previously worked at Boston Biomedical
Consultants where he provided strategic planning assistance, market research data and due diligence for diagnostic companies. He began
his career at Becton Dickinson in sales and sales management positions after gaining technical experience as a laboratory technologist
with Clinical Pathology Facility. Mr. Frelick received a B.S. in Biology from University of Pittsburgh and an M.B.A. from Suffolk University&#8217;s
Sawyer Business School.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deina
H. Walsh: Chief Financial Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deina
Walsh has served as our Chief Financial Officer since November 2014. She is a certified public accountant and owner/founder of DHW CPA,
PLLC a Public Companies Accounting Oversight Board (PCAOB) registered firm since 2014. Prior to forming her firm, Ms. Walsh has 13 years
at a public accounting firm where as a partner she was actively responsible for leading firm audit engagements of publicly held entities
in accordance with PCAOB standards and compliance with SEC regulations, including internal control requirements under section 404 of
the Sarbanes-Oxley Act. Ms. Walsh had a global client base including entities throughout the United States, Canada and China. These entities
encompass a diverse range of industries including manufacturing, wholesale, life sciences, pharmaceuticals, and technology. Her experience
includes work with start-up companies and well-established operating entities. She has assisted many entities seeking debt and equity
capital. Areas of specialty include mergers, acquisitions, reverse mergers, consolidations, complex equity structures, foreign currency
translations and revenue recognition complexities. Ms. Walsh has an Associates of Science Degree in Business Administration from Monroe
Community College and a Bachelor of Science Degree in Accounting from the State University of New York at Brockport.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Don
Hankey: Chairman of the Board of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Hankey has served as Chairman of the Board of Directors since 2018. Mr. Hankey holds his BA and post-graduate work from the University
of Southern California. At age 27, Mr. Hankey became Vice President of a major investment banking firm, which would later become part
of USB Paine Weber. Mr. Hankey acquired Midway Ford in 1972 and founded Hankey Investment Company. During the 1980s, Mr. Hankey&#8217;s
organization grew its portfolio and established a foothold in the financial services industry. Mr. Hankey has incorporated technology
into every aspect of the Hankey Group of companies improving efficiencies and outcomes. Mr. Hankey has been the manager of Hankey Capital,
LLC, since its formation in 2002. Given Mr. Hankey&#8217;s financial experience, the Company believes he is well qualified to serve as
the Chairman of the Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stephen
R. LaNeve: Director</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
LaNeve has served on the Company&#8217;s Board of Directors since 2015 bringing thirty-five years of medical device experience. From
2019 to the present, Mr. La Neve has served as President of Global Medical&#8217;s (an orthopedic device company) international business.
Previously, Mr. La Neve was Chief Executive Officer of the Company from 2015 to 2019. Mr. La Neve held leadership roles in the medical
device and diagnostic segments which include: CEO and president of Etex Corporation; president of Becton Dickinson&#8217;s Pre-Analytical
Systems business; president of Medtronic&#8217;s $3.5b Spine and Biologics business; and president of Medtronic&#8217;s then second largest
country business unit, Medtronic Japan. He also served as senior vice president and executive vice president at Premier, one of the largest
GPOs in the United States and ran the global Injection Systems business unit for Becton Dickinson. Additionally, Mr. LaNeve has held
a number of commercial leadership roles at Becton Dickinson, Roche Diagnostics and E Merck Diagnostic Systems in sales, marketing, strategic
planning and project management both in the US and outside the US. He serves on the board of directors for SkelRegen, LLC and Life Science
Enterprise, and has served on the Board of Rapid Pathogen Screening, Inc. (RPS) up through its sale of the eye-care business. Mr. La
Neve has consulted for private equity companies in the medical device area. Mr. LaNeve holds a B.S. in Health Planning and Administration
from the Pennsylvania State University, an M.B.A. from West Chester University, and is a member of the Omicron Delta Epsilon honor society
for academic excellence in economics. Given Mr. Laneve&#8217;s extensive experience in leadership roles in the biotech industry and the
continuity he brings to the Board of Directors, we believe he is well qualified to serve as a member of the Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bruce
Stroever: Director</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Stroever has served on Biologics board of directors since 2012, bringing forty years of product development and general management experience
in the medical device and orthobiologics fields. Mr. Stroever most recently served as President and Chief Executive Officer at MTF until
he retired in 2020 after 30 years of service. Under Mr. Stroever&#8217;s leadership, MTF grew to be the largest tissue bank in the world.
From 1971 to 1988, Mr. Stroever held several positions with Ethicon, Inc., a Johnson &amp; Johnson, Inc. subsidiary. Mr. Stroever served
on the advisory board for the New Jersey Organ and Tissue Sharing Network. He was also elected to the Board of Governors of the American
Association of Tissue Banks for a three-year term in 1999 and subsequently in 2012. He was a founding member of the Tissue Policy Group
subsidiary of the AATB and served as its Chairman for two terms. Mr. Stroever is Chairman of the School of Engineering and Science Advisory
Board at Stevens Institute of Technology and a member of the Board of Directors of Donate Life New York State. He is also a member of
the Advisory Board of Miraki Innovation LLC of Cambridge, MA and a volunteer EMT with the Long Valley First Aid Squad. Mr. Stroever received
his B.E. in Mechanical/Chemical Engineering from Stevens Institute of Technology in 1972 and a Masters of Science in Bioengineering from
Columbia University in 1977. Given Mr. Stroever&#8217;s educational background , his senior management experience in our industry and
the continuity he brings to the Board of Directors, .we believe that Mr. Stroever is well qualified to serve as a member of the Board
of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Erick
Lucera: Director</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Lucera&#8217;s appointment to the Board became effective upon completion of the October 2021 Primary Offering. From 2020 to the present,
Mr. Lucera served as Chief Financial Officer of AVEO Oncology, a public biotech company. From 2016 to 2020, Mr. Lucera served as Chief
Financial Officer, Treasurer and Secretary of VALERITAS, a publicly held medical device company. From 2017 to the present, Mr. Lucera
has served as a member of the Board of Directors and Audit Chairman of Beyond Air, a publicly held medical device company. From 2015
to 2016, Mr. Lucera served as Chief Financial Officer, Treasurer and Secretary of VIVENTIA Bio, a privately held biotech company. From
2012 to 2015, Mr. Lucera served as Vice President, Corporate Development of Aratana Therepeutics, a publicly held biotech company. In
2012, Mr. Lucera served as Vice President, Corporate Development of Sunshine Heart, a publicly held medical device manufacturer. From
2008 to 2011, Mr. Lucera served as Vice President, Healthcare Analyst at Eaton Vance. From 2004 to 2008, he served as Portfolio Manager,
Triathlon Life Sciences Fund. From 1995 to 2004, he served as Senior Vice President and Principal of Independence Investments, as head
of healthcare research team. From 1990 to 1993, Mr. Lucera served as Staff Accountant at Price Waterhouse. Given Mr. Lucera&#8217;s extensive
experience in strategic planning and finance, we believe that Mr. Lucera is well qualified to serve as a member of the Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Siddhesh
(Sid) R. Angle: Director</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Angle&#8217;s appointment to the Board became effective upon completion of October 2021 Offering. From 2018 to the present, Dr. Angle
is Co-Founder, President and Chief Executive Officer of Regenosine, an early stage start-up for osteoarthritic disease. From 2021 to
present, Dr. Angle also serves on the Executive Team of Vetosine, an animal health affiliate of Regenosine. From 2020 to 2021, Dr. Angle
was Associate Director, Innovation Commercialization at NYU Langone. From 2017 to 2020, Dr. Angle was Program Manager, Innovation Commercialization
at NYU Langone. From 2013 to 2017, Dr. Angle worked in various R&amp;D capacities at Zimmer Biomet, culminating as R&amp;D manager of
global orthobiologics. From 2011 to 2013, Dr. Angle served as Research Scientist at Carnegie Mellon University. Given Mr. Angle&#8217;s
extensive background in research and development, we believe that Mr. Angle is well qualified to serve as a member of the Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Director
Terms; Qualifications</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Members
of our board of directors serve until the next annual meeting of stockholders, or until their successors have been duly elected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
considering whether directors and nominees have the experience, qualifications, attributes and skills to enable the board of directors
to satisfy its oversight responsibilities effectively in light of the Company&#8217;s business and structure, the board of directors
focuses primarily on the industry and transactional experience, and other background, in addition to any unique skills or attributes
associated with a director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Family
Relationships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
of Directors and Corporate Governance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors consists of five (5) members, consisting of Don Hankey, Bruce Stroever, Stephen R. LaNeve, Erick Lucera, and Sid Angle.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Board
Committees</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has appointed an audit committee, governance committee and compensation committee. The Board of Directors met or acted
by written consent three times during 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit committee is responsible for overseeing: (i) our accounting and reporting practices and compliance with legal and regulatory requirements
regarding such accounting and reporting practices; (ii) the quality and integrity of our financial statements; (iii) our internal control
and compliance programs; (iv) our independent auditors&#8217; qualifications and independence and (v) the performance of our independent
auditors and our internal audit function. In so doing, the audit committee maintains free and open means of communication between our
directors, internal auditors and management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee consists of Bruce Stroever, Erick Lucera, and Sid Angle, with Mr. Lucera acting as Chairman and the Audit Committee financial
expert. The Audit Committee met or acted by written consent once during 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation
Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation committee is responsible for reviewing and approving the compensation of our executive officers and directors and our performance
plans and other compensation plans. The compensation committee makes recommendations to our Board of Directors in connection with such
compensation and performance plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee consists of Bruce Stroever, Erick Lucera, and Sid Angle, with Mr. Stroever acting as Chairman. The Compensation
Committee met or acted by written consent once during 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nominating
and Corporate Governance Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
nominating and corporate governance committee is responsible for (i) identifying, screening and reviewing individuals qualified to serve
as directors (consistent with criteria approved by our Board of Directors) and recommending to our Board candidates for nomination for
election at the annual meeting of shareholders or to fill board vacancies or newly created directorships; (ii) developing and recommending
to our Board of Directors and overseeing the implementation of our corporate governance guidelines (if any); (iii) overseeing evaluations
of our Board of Directors and (iv) recommending to our Board of Directors candidates for appointment to board committees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nominating and Corporate Governance Committee consists of Bruce Stroever, Erick Lucera, and Sid Angle, with Dr. Angle acting as Chairman.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Code
of Ethics</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company adopted a formal code of ethics within the meaning of Item 406 of Regulation S-K promulgated under the Securities Act, that applies
to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar
functions and that that establishes, among other things, procedures for handling actual or apparent conflicts of interest. Our Code of
Ethics is available at our website www.bonebiologics.com/investor-relations/corporate-governance/.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indemnification
Agreements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into indemnification agreements for our directors and executive officers (&#8220;Indemnification Agreement&#8221;). The
Indemnification Agreement provides for indemnification against expenses, judgments, fines and penalties actually and reasonably incurred
by an indemnitee in connection with threatened, pending or completed actions, suits or other proceedings, subject to certain limitations.
The Indemnification Agreement also provides for the advancement of expenses in connection with a proceeding prior to a final, non-appealable
judgment or other adjudication, provided that the indemnitee provides an undertaking to repay to us any amounts advanced if the indemnitee
is ultimately found not to be entitled to indemnification by us. The Indemnification Agreement sets forth procedures for making and responding
to a request for indemnification or advancement of expenses, as well as dispute resolution procedures that will apply to any dispute
between us and an indemnitee arising under the Indemnification Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="BB_002"></span>Executive
Compensation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below summarizes the compensation earned for services rendered to us in all capacities, for the fiscal years indicated, by its
named executive officers:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <td style="width: 1%; text-align: left">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,100</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,100</span></td>
    <td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
    to the October 2016 Note Purchase Agreement, the Company&#8217;s management had agreed to defer 20% of earned compensation. This
    stipulation was met with the closing of the October 2021 Primary Offering.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
    June 28, 2019 through January 2, 2022, Ms. Deina Walsh, the Company&#8217;s Chief Financial Officer, was employed through an independent
    contractor agreement. On December 17, 2021, Bone Biologics Corporation entered into a revised employment agreement with Ms. Walsh
    to become full time. The employment agreement is effective January 3, 2022.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors approved the following compensation for our named executive officers:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Jeffrey
Frelick, Chief Executive Officer and President:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Base
Salary: Mr. Frelick&#8217;s base salary is $300,000.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bonus:
</b>During each calendar year, Mr. Frelick shall be eligible to earn an annual target bonus of fifty percent (50%) of his base salary
as in-effect for the applicable calendar year, subject to the achievement of personal and corporate objectives or milestones to be established
by the board of directors, or any compensation committee thereof, (after considering any input or recommendations from Mr. Frelick) within
sixty (60) days following the beginning of each calendar year during Mr. Frelick&#8217;s employment. In order to earn the annual bonus
under this provision, the applicable objectives must be achieved and Mr. Frelick must be employed by Company at the time the annual bonus
is distributed by Company. The annual bonus, if any, shall be paid on or before March 15th of the calendar year following the year in
which it is considered earned. The actual annual bonus paid may be more or less than fifty percent (50%) of Mr. Frelick&#8217;s base
salary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
was no bonus accrual during the year ended December 31, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
Options: </b>On January 1, 2022, Mr. Frelick received a stock option grant whereby he is entitled to 50,000 shares of Common Stock of
the Company as of the date of the grant on the condition that i) the exercise price will be the current market price on the date of the
grant; and ii) the options will be issued with a two-year maturity. Any portion of this stock option grant that is not exercised on the
date of termination shall be forfeited on such date of termination except: (i) in the case of Termination by the Company Without Cause;
and (ii) upon a Change in Control (as defined in the Equity Incentive Plan) of the Company. To allow Mr. Frelick to prevent or mitigate
dilution of his equity interests in the Company, in connection with each financing, Mr. Frelick will be provided an opportunity to invest
in the Company such that his interest, at his option, remains undiluted or partially diluted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deina
H. Walsh, Chief Financial Officer:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Walsh was retained through an independent contractor agreement through December 31, 2021. On December 17, 2021, Bone Biologics Corporation
entered into a revised Employment Agreement with Deina H. Walsh. The Employment Agreement is effective January 3, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Base
Salary: Ms. Walsh&#8217;s base salary is $200,000.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bonus:
</b>During each calendar year, Ms. Walsh shall be eligible to earn an annual target bonus of twenty-five percent (25%) of her base salary
as in-effect for the applicable calendar year, subject to the achievement of personal and corporate objectives or milestones to be established
by the board of directors, or any compensation committee thereof, (after considering any input or recommendations from Ms. Walsh) within
sixty (60) days following the beginning of each calendar year during Ms. Walsh&#8217;s employment. In order to earn the annual bonus
under this provision, the applicable objectives must be achieved and Ms. Walsh must be employed by Company at the time the annual bonus
is distributed by Company. The annual bonus, if any, shall be paid on or before March 15th of the calendar year following the year in
which it is considered earned. The actual annual bonus paid may be more or less than twenty-five percent (25%) of Ms. Walsh&#8217;s base
salary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Walsh received a stock option grant whereby she is entitled to 25,000 shares of Common Stock of the Company as of the date of the grant
on the condition that i) the exercise price will be the current market price on the date of the grant; and ii) the options will be issued
with a two-year maturity. Any portion of this stock option grant that is not exercised on the date of termination shall be forfeited
on such date of termination except: (i) in the case of Termination by the Company Without Cause; and (ii) upon a Change in Control (as
defined in the Equity Incentive Plan) of the Company. To allow Ms. Walsh to prevent or mitigate dilution of her equity interests in the
Company, in connection with each financing, Ms. Walsh shall be provided an opportunity to invest in the Company such that her interest,
at her option, remains undiluted or partially diluted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s compensation committee believes the agreements and other incentives granted to these named executive officers align our
named executive officers&#8217; interests with those of our stockholders. Our compensation committee and board of directors continues
to evaluate our executive compensation program with a view toward motivating our named executive officers to meet our strategic operational
and financial goals in the best interests of our stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executives
Outstanding Equity Awards at Fiscal Year End</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Grant</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>securities</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>underlying</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>unexercised</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>options</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(#)</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>exercisable</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>securities</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>underlying</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>unexercised</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>options</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(#)</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>unexercisable</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>incentive</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>plan</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>awards:</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>securities</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>underlying</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>unexercised</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>unearned</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>options
                                            (#)</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Option</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>exercise</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>price
                                            ($)</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Option</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>expiration</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>date</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>shares</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>or</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>units</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>stock</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>that</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>have
                                            not</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>vested</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(#)</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>value
                                            of</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>shares</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
                                            units</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>stock</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>that</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>have</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>not</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>vested</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>($)</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>incentive</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>plan</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>awards:</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>unearned</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>shares,</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>units
                                            or</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>other</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>rights</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>that
                                            have</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>not</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>vested
                                            (#)&#160;</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>incentive</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>plan</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>awards:</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>or
                                            payout</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>value
                                            of</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>unearned</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>shares,</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>units
                                            or</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>other</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>rights</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>that
                                            have</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>not</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>vested</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>($)&#160;</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(d)</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(e)</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(f)</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(g)</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(h)</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(i)</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(j)</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows information regarding the compensation earned during the year ended December 31, 2021 by the members of our board
of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees
                                            Earned</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>or
                                            Paid in</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Option</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Awards</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share</b></span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Awards</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bruce
    Stroever</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Don
    Hankey<sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Erick
    Lucera<sup>(3)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,268</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104,768</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sid
    Angle<sup>(3)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,267</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104,767</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen
    R. La Neve<sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bret
    Hankey<sup>(1)(2)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">207,035</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">229,535</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-independent
    director. No compensation paid per our Non-Employee Director Compensation Policy.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resigned
    effective October 12, 2021.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointed
    effective October 12, 2021.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board adopted a Non-Employee Director Compensation Policy (the &#8220;Director Compensation Policy&#8221;) as following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual
Cash Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Non-Employee Director will receive the cash compensation set forth below for service on the Board. The annual cash compensation amounts
will be payable in equal quarterly installments, in arrears following the end of each quarter in which the service occurred, pro-rated
for any partial months of service. All annual cash fees are vested upon payment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
    Board Service Retainer:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
    Non-Employee Directors other than the Board Chair: $25,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Employee
    Director who is the Board Chair: $35,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
    Committee Chair Service Retainer (in addition to Annual Board Service Retainer):</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    of the Audit Committee: $5,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    of the Compensation Committee: $5,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    of the Corporate Governance Committee: $5,000</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
awards will be granted under the Company&#8217;s 2015 Equity Incentive Plan or any successor equity incentive plan (the &#8220;Plan&#8221;).
All stock options granted under this Director Compensation Policy will be Nonstatutory Stock Options (as defined in the Plan), with a
term of ten years from the date of grant and an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan)
of the underlying common stock of the Company (&#8220;Common Stock&#8221;) on the date of grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)
</b>Automatic Equity Grants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(i)
Initial Grant for New Directors. </b>Without any further action of the Board, each person who, after the Effective Date, is elected or
appointed for the first time to be a Non-Employee Director will automatically, upon the date of his or her initial election or appointment
to be a Non-Employee Director, be granted a Nonstatutory Stock Option to purchase 20,000 shares of Common Stock (the &#8220;Initial Grant&#8221;),
regardless of when such person is elected or appointed to the Board. Each Initial Grant will fully vest on the date of the annual meeting
of the stockholders of the Company (&#8220;Annual Meeting&#8221;) next following the Initial Grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(ii)
Annual Grant.</b> Without any further action of the Board, at the close of business on the date of each Annual Meeting following the
Effective Date, each person who is then a Non-Employee Director will automatically be granted a Nonstatutory Stock Option to purchase
a number of shares of Common Stock having an Option Value (calculated on the date of grant) of $50,000 (the &#8220;Annual Grant&#8221;).
Each Annual Grant will vest in a series of four (4) successive equal quarterly installments over the one-year period measured from the
date of grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="BB_003"></span>CERTAIN
RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as disclosed below, none of the following persons has any direct or indirect material interest in any transaction to which we are a party
since our incorporation or in any proposed transaction to which we are proposed to be a party:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    of our directors or officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    proposed nominee for election as our director;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    person who beneficially owns, directly or indirectly, shares carrying more than 5% of the voting rights attached to our Common Stock;
    or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    relative or spouse of any of the foregoing persons, or any relative of such spouse, who has the same house as such person or who
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Hankey
Capital LLC</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the past several years, we have depended on our relationship with Hankey Capital for working capital to fund our operations, which has
been raised in the form of both debt and equity capital. Hankey Capital, directly and indirectly, controls approximately 70% of our issued
and outstanding shares of common stock at December 31, 2021. Representatives of Hankey Capital also currently serve as directors of the
Company. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory
to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the
case of debt financing, or cause substantial dilution for our stockholders, in the case of equity financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Review,
Approval or Ratification of Transactions with Related Persons</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All related party transactions
are reviewed by our Audit Committee. Our Audit Committee reviews any such transaction in light of the particular affiliation and
interest of any involved director, officer or other employee or stockholder and, if applicable, any such person&#8217;s affiliates or
immediate family members. Management aims to present transactions to our Audit Committee for approval before they are entered
into or, if that is not possible, for ratification after the transaction has occurred. If our Audit Committee finds that a conflict
of interest exists, then it will determine the appropriate action or remedial action, if any. Our Audit Committee approves or
ratifies a transaction if it determines that the transaction is consistent with our best interests and the best interest of our stockholders.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
Independence</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors consists of five (5) members: Don Hankey, Bruce Stroever, Stephen R. LaNeve, Erick Lucera and Sid Angle. Our Board
of Directors undertook a review of the composition of our Board of Directors and the independence of each director. Based upon information
requested from and provided by each director concerning their background, employment and affiliations, including family relationships,
our Board of Directors has determined that Bruce Stroever, Stephen R. LaNeve, Erick Lucera, and Sid Angle qualify as &#8220;independent&#8221;
as that term is defined by NASDAQ Listing Rule 5605(a) (2). Don Hankey would not qualify as &#8220;independent&#8221; under applicable
NASDAQ Listing Rules applicable to the Board of Directors generally or to separately designated board committees because he is the CEO
and Chairman of the Hankey Group. Hankey Capital, LLC is part of the Hankey Group, and a significant shareholder of the Company. In making
such determinations, our Board of Directors considered the relationships that each of our nonemployee directors has with the Company
and all other facts and circumstances deemed relevant in determining independence, including the beneficial ownership of our capital
stock by each non-employee director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to some exceptions, NASDAQ Listing Rule 5605(a)(2) provides that a director will only qualify as an &#8220;independent director&#8221;
if, in the opinion of our Board of Directors, that person does not have a relationship that would interfere with the exercise of independent
judgment in carrying out the responsibilities of a director, and that a director cannot be an &#8220;independent director&#8221; if (a)
the director is, or in the past three years has been, an employee of ours; (b) a member of the director&#8217;s immediate family is,
or in the past three years has been, an executive officer of ours; (c) the director or a member of the director&#8217;s immediate family
has received more than $120,000 per year in direct compensation from us within the preceding three years, other than for service as a
director or benefits under a tax-qualified retirement plan or non-discretionary compensation (or, for a family member, as a non-executive
employee); (d) the director or a member of the director&#8217;s immediate family is a current partner of our independent public accounting
firm, or has worked for such firm in any capacity on our audit at any time during the past three years; (e) the director or a member
of the director&#8217;s immediate family is, or in the past three years has been, employed as an executive officer of a company where
one of our executive officers serves on the compensation committee; or (f) the director or a member of the director&#8217;s immediate
family is an executive officer, partner or controlling shareholder of a company that makes payments to, or receives payments from, us
in an amount which, in any twelve-month period during our past three fiscal years, exceeds the greater of 5% of the recipient&#8217;s
consolidated gross revenues for that year or $200,000 (except for payments arising solely from investments in our securities or payments
under non-discretionary charitable contribution matching programs). Additionally, in order to be considered an independent member of
an audit committee under Rule 10A-3 of the Exchange Act, a member of an audit committee may not, other than in his or her capacity as
a member of the audit committee, the Board of Directors, or any other committee of the Board of Directors, accept, directly or indirectly,
any consulting, advisory, or other compensatory fee from the applicable company or any of its subsidiaries or otherwise be an affiliated
person of the applicable company or any of its subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="BB_004"></span>PRINCIPAL
STOCKHOLDERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information regarding beneficial ownership of our common stock as of the date of this prospectus by
(i) each person (or group of affiliated persons) who is known by us to own more than five percent (5%) of the outstanding shares of our
common stock, (ii) each director and executive officer, and (iii) all of our directors, executive officers and director nominees as a
group. As of the date of this prospectus, there were 10,350,579 shares of our common stock issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise indicated, the persons listed below have sole voting and investment power with respect to all shares of our common stock
owned by them, except to the extent that power may be shared with a spouse.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined in accordance with SEC rules and generally includes voting or investment power with respect to securities. For
purposes of this table, a person or group of persons is deemed to have &#8220;beneficial ownership&#8221; of any shares of common stock
that such person currently owns or has the right to acquire within 60 days of the date of this prospectus. With respect to options and
warrants, this would include options and warrants that are currently exercisable within 60 days. With respect to convertible securities,
this would include securities that are currently convertible within 60 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as indicated in footnotes to this table, we believe that the stockholders named in this table have sole voting and investment power with
respect to all shares of common stock shown to be beneficially owned by them, based on information provided to us by such stockholders.
Unless otherwise indicated, the address for each director and executive officer listed is: c/o Bone Biologics Corporation, 2 Burlington
Woods Drive, Suite 100, Burlington, MA 01803.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,094</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(7)</sup></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.5</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Siddhesh
    Angle, 2 Burlington Woods Drive, <br />Ste 100, Burlington, MA 01803</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,094</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(8)</sup></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.5</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
                                            Officers and Directors as a Group</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(7
                                            persons)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Stock</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,914,111</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(10)</sup></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71.6</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
    on 10,350,579 issued and outstanding shares. The number of shares issued and outstanding that was used to calculate the percentage
    ownership of each listed person includes the shares underlying convertible debt, stock options and warrants that are exercisable
    60 days from our report date.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists
    of 7,043,801 shares and 476,190 shares issuable upon exercise of Public Warrants.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Hankey is the Manager of Hankey Capital. Mr. Hankey is the beneficial owner of 7,678,343 shares of the Company consisting of 7,043,801
    shares owned by Hankey Capital, 126,656 shares owned by the Don Hankey Trust (the &#8220;Trust&#8221;) of which Mr. Hankey is the
    Trustee, 31,696 shares held by H&amp;H Funding LLC of which Mr. Hankey is the sole manager and 476,190 shares issuable upon exercise
    of Public Warrants. The Trust owns 86.41% of Hankey Capital. Don Hankey is the manager of Hankey Capital.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(4)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    102,389 shares underlying stock options exercisable within 60 days.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(5)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    25,000 shares underlying stock options exercisable within 60 days.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(6)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    30,094 shares underlying stock options exercisable within 60 days.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(7)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    50,094 shares underlying stock options exercisable within 60 days.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(8)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    50,094 shares underlying stock options exercisable within 60 days.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><sup>(9)</sup></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Mr.
                                            LaNeve has declined his independent director compensation.</p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(10)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists
    of 7,205,249 shares, 476,190 shares issuable upon exercise of Public Warrants and 232,671 shares underlying stock options
    exercisable within 60 days.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="BB_005"></span>DESCRIPTION
OF CAPITAL STOCK</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
completion of this offering, our authorized capital stock will consist of 100,000,000 shares of common stock, par value $0.001 per share,
and 20,000,000 shares of preferred stock, par value $0.001 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 3, 2022, the Company had 28 stockholders of record holding 10,350,579 shares of the Company&#8217;s common stock
outstanding, including 7,708,459 shares of common stock held by an indeterminate number of beneficial owners of securities whose
shares are held in the names of various depository accounts, brokerage firms and clearing agencies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following description of our capital stock and provisions of our Amended and Restated Certificate of Incorporation and Amended and Restated
Bylaws to be effective upon the completion of this offering is only a summary. You should also refer to our Certificate of Incorporation,
a copy of which is filed as an exhibit to the registration statement of which this prospectus is a part, and our Amended and Restated
Bylaws, a copy of which is filed as an exhibit to the registration statement of which this prospectus is a part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are authorized to issue up to a total of 100,000,000 shares of common stock, par value $0.001 per share. Holders of our common stock
are entitled to one vote for each share held on all matters submitted to a vote of our stockholders. Holders of our common stock have
no cumulative voting rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
holders of our common stock have no pre-emptive or conversion rights or other subscription rights. Upon our liquidation, dissolution
or winding-up, holders of our common stock are entitled to share in all assets remaining after payment of all liabilities and the liquidation
preferences of any of our outstanding shares of preferred stock. Subject to preferences that may be applicable to any outstanding shares
of preferred stock, holders of our common stock are entitled to receive dividends, if any, as may be declared from time to time by our
board of directors out of our assets which are legally available. Each outstanding share of our common stock is, and all shares of common
stock to be issued in this offering when they are paid for will be, fully paid and non-assessable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of a majority of the shares of our capital stock, represented in person or by proxy, are necessary to constitute a quorum for
the transaction of business at any meeting. If a quorum is present, an action by stockholders entitled to vote on a matter is approved
if the number of votes cast in favor of the action exceeds the number of votes cast in opposition to the action, with the exception of
the election of directors, which requires a plurality of the votes cast.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors will have the authority, without further action by the stockholders, to issue up to 20,000,000 shares of preferred
stock in one or more series and to fix the designations, powers, preferences, privileges, and relative participating, optional, or special
rights as well as the qualifications, limitations, or restrictions of the preferred stock, including dividend rights, conversion rights,
voting rights, terms of redemption, and liquidation preferences, any or all of which may be greater than the rights of the common stock.
Our board of directors, without stockholder approval, will be able to issue convertible preferred stock with voting, conversion, or other
rights that could adversely affect the voting power and other rights of the holders of common stock. Preferred stock could be issued
quickly with terms calculated to delay or prevent a change of control or make removal of management more difficult. Additionally, the
issuance of preferred stock may have the effect of decreasing the market price of our common stock, and may adversely affect the voting
and other rights of the holders of common stock. At present, we have no plans to issue any shares of preferred stock following this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
2015 Equity Incentive Plan provides for us to sell or issue restricted shares of common stock or to grant incentive stock options or
non-qualified stock options, stock appreciation rights, and restricted stock unit awards for the purchase of shares of common stock to
employees, members of the Board of Directors and consultants (see &#8220;Executive and Director Compensation &#8211; 2015 Equity Incentive
Plan&#8221;). As of June 30, 2022, we had issued options to purchase of 342,294 shares of our common stock under the 2015 Equity Incentive
Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anti-Takeover
Provisions of Delaware Law, our Certificate of Incorporation and our Amended and Restated Bylaws</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Delaware
Law</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are governed by the provisions of Section 203 of the Delaware General Corporation Law. In general, Section 203 prohibits a publicly traded
Delaware corporation from engaging in a business combination with an interested stockholder for a period of three years after the date
of the transaction in which the person became an interested stockholder, unless the business combination is approved in a prescribed
manner. A business combination includes mergers, asset sales or other transactions resulting in a financial benefit to the stockholder.
An interested stockholder is a person who, together with affiliates and associates, owns (or within three years, did own) 15% or more
of the corporation&#8217;s voting stock, subject to certain exceptions. The statute could have the effect of delaying, deferring or preventing
a change in control of our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Board
of Directors Vacancies</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Certificate of Incorporation and Amended and Restated Bylaws authorize only our board of directors to fill vacant directorships. In addition,
the number of directors constituting our board of directors may be set only by resolution of the majority of the incumbent directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stockholder
Action; Special Meeting of Stockholders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Certificate of Incorporation and Amended and Restated Bylaws provide that our stockholders may take action by written consent. Our Certificate
of Incorporation and Amended and Restated Bylaws further provide that special meetings of our stockholders may be called by a majority
of the board of directors, the Chief Executive Officer, or the Chairman of the board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Advance
Notice Requirements for Stockholder Proposals and Director Nominations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Amended and Restated Bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate
candidates for election as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To
be timely, a stockholder&#8217;s notice must be delivered to the secretary at our principal executive offices not later than the close
of business on the 90<sup>th</sup> day nor earlier than the close of business on the 120<sup>th</sup> day prior to the first anniversary
of the preceding year&#8217;s annual meeting; provided, however, that in the event the date of the annual meeting is more than 30 days
before or more than 60 days after such anniversary date, or if no annual meeting was held in the preceding year, notice by the stockholder
to be timely must be so delivered not earlier than the close of business on the 120<sup>th</sup> day prior to such annual meeting and
not later than the close of business on the later of the 90<sup>th</sup> day prior to such annual meeting or the 10<sup>th</sup> day
following the day on which a public announcement of the date of such meeting is first made by us. These provisions may preclude our stockholders
from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized
but Unissued Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
authorized but unissued shares of common stock and preferred stock are available for future issuance without stockholder approval and
may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions
and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more
difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. If we issue
such shares without stockholder approval and in violation of limitations imposed by The Nasdaq Capital Market or any stock exchange on
which our stock may then be trading, our stock could be delisted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transfer
Agent and Registrar</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer agent and registrar for our common stock is Equiniti Trust Company, 1110 Centre Pointe Curve, Mendota Heights, MN 55120.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock
Market Listing</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is listed on The Nasdaq Capital Market under the symbol &#8220;BBLG.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2015
Equity Incentive Plan</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
2015 Equity Incentive Plan was approved by majority shareholder consent on December 30, 2015 and all options outstanding as of the effective
date were cancelled and re-issued under the new plan at current plan terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Base
    Salary: </b>The Company&#8217;s base salaries are designed as a means to provide a fixed level of compensation in order to attract
    and retain talent. The base salaries of our named executive officers depend on their job responsibilities, the market rate of compensation
    paid by companies in our industry for similar positions, our financial position and the strength of our business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance-Based
    Cash Awards: </b>As part of the Company&#8217;s executive compensation program, the board intends to establish an annual performance-based
    cash award program for our executive officers and other key employees based upon individual performance and the Company&#8217;s performance.
    The award program will also be designed to reinforce the Company&#8217;s goals and then current strategic initiatives. The annual
    performance-based cash awards will be based on the achievement of Company and individual performance metrics established at the beginning
    of each fiscal year by the compensation committee and our Board of Directors. Following the end of each fiscal year, the compensation
    committee will be responsible for determining the bonus amount payable to the executive officer based on the achievement of the Company&#8217;s
    performance and the individual performance metrics established for such executive.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long-Term
    Equity Awards: </b>Our Board of Directors believes that equity ownership by our executive officers and key employees encourages them
    to create long-term value and aligns their interest with those of our stockholders. We grant annual equity awards to our executive
    officers under our 2015 Equity Incentive Plan. Our Board of Directors adopted and approved the following 2015 Equity Incentive Plan
    and intends to submit it for approval by our stockholders.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2015
    Equity Incentive Plan: </b>The Company has 560,000 shares of Common Stock authorized and reserved for issuance under our 2015 Equity
    Incentive Plan for option awards. This reserve may be increased by the Board each year by up to the number of shares of stock equal
    to 5% of the number of shares of stock issued and outstanding on the immediately preceding December 31. Appropriate adjustments will
    be made in the number of authorized shares and other numerical limits in our 2015 Equity Incentive Plan and in outstanding awards
    to prevent dilution or enlargement of participants&#8217; rights in the event of a stock split or other change in our capital structure.
    Shares subject to awards granted under our 2015 Equity Incentive Plan which expire, are repurchased or are cancelled or forfeited
    will again become available for issuance under our 2015 Equity Incentive Plan. The shares available will not be reduced by awards
    settled in cash. Shares withheld to satisfy tax withholding obligations will not again become available for grant. The gross number
    of shares issued upon the exercise of stock appreciation rights or options exercised by means of a net exercise or by tender of previously
    owned shares will be deducted from the shares available under our 2015 Equity Incentive Plan.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Awards
    may be granted under our 2015 Equity Incentive Plan to our employees, including officers, director or consultants, and our present
    or future affiliated entities. While we may grant incentive stock options only to employees, we may grant non-statutory stock options,
    stock appreciation rights, restricted stock purchase rights or bonuses, restricted stock units, performance shares, performance units
    and cash-based awards or other stock based awards to any eligible participant.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2015 Equity Incentive Plan is administered by our compensation committee. Subject to the provisions of our 2015 Equity Incentive Plan,
the compensation committee determines, in its discretion, the persons to whom, and the times at which, awards are granted, as well as
the size, terms and conditions of each award. All awards are evidenced by a written agreement between us and the holder of the award.
The compensation committee has the authority to construe and interpret the terms of our 2015 Equity Incentive Plan and awards granted
under our 2015 Equity Incentive Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="BB_006"></span>DESCRIPTION
OF SECURITIES WE ARE OFFERING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Units</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are offering __units (each a &#8220;Unit,&#8221; and collectively the &#8220;Units&#8221;). The public offering price of the Units
is $_____per Unit (the &#8220;Offering Price&#8221;)., Each unit consists of: (i) one share of common stock, par value $0.001 per
share; (ii) one Series A warrant (the &#8220;Series A Warrants&#8221;) to purchase one share of common stock at an exercise price
equal to $_____ per share, exercisable until the fifth anniversary of the issuance date; (iii) one Series B warrant (the
&#8220;Series B Warrants&#8221;) to purchase one share of common stock at an exercise price equal to $_____ per share, exercisable
until the fifth anniversary of the issuance date; and (iv) one Series C warrant (the &#8220;Series C Warrants,&#8221; and together
with the Series A Warrants and the Series B Warrants, the &#8220;Purchase Warrants&#8221;) to purchase one share of common stock at
an exercise price equal to $______ per share, exercisable until the fifth anniversary of the issuance date and subject to certain
adjustment and cashless exercise provisions as described herein. Holders of the Series C Warrants may execute such warrants on a
&#8220;cashless&#8221; basis upon the earlier of (i) 15 Trading Days from the issuance date of such warrant or (ii) the time when
$10.0 million of volume is traded in the our common stock, if the volume weighted average price (&#8220;VWAP&#8221;) of our common
stock on any trading day on or after the date of issuance fails to exceed the exercise price of the Series C Warrant (subject to
adjustment for any stock splits, stock dividends, stock combinations, recapitalizations and similar events). In such event, the
aggregate number of Warrant Shares issuable in such cashless exercise pursuant to any given Notice of Exercise electing to effect a
cashless exercise shall equal the product of (x) the aggregate number of Warrant Shares that would be issuable upon exercise of this
Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless
exercise and (y) 1.00. The Units have no stand-alone rights and will not be certificated or issued as stand-alone securities. The
shares of common stock and Purchase Warrants may be transferred separately immediately upon issuance. The shares of our common stock
and the Purchase Warrants are immediately separable and will be issued separately, but will be purchased together in this
offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
material terms and provisions of our common stock are described under the caption &#8220;Description of Our Capital Stock&#8221; in this
prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant
Agent</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Series A Warrants, Series B Warrants and Series C Warrants will be
issued in registered form under separate warrant agent agreements (each a &#8220;Warrant Agent Agreement&#8221;) between us and our warrant
agent, Equiniti Trust Company (the &#8220;Warrant Agent&#8221;). The material provisions of the warrants are set forth herein and a copy
of each of the Warrant Agent Agreements will be filed as an exhibit to the Registration Statement on Form S-1, of which this prospectus
forms a part. The Company and the Warrant Agent may amend or supplement each of the Warrant Agent Agreements without the consent of any
holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained therein or adding
or changing any other provisions with respect to matters or questions arising under each of the Warrant Agent Agreements as the parties
thereto may deem necessary or desirable and that the parties determine, in good faith, shall not adversely affect the interest of the
Series A Warrant Series B Warrant or Series C Warrant holders, respectively. All other amendments and supplements to each of the Warrant
Agent Agreement shall require the vote or written consent of holders of at least 50.1% of each of the Series A Warrants, Series B Warrants
and Series C Warrant, as applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Series
A Warrants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise
Limitation</i>. A holder will not have the right to exercise any portion of the warrant if the holder (together with its affiliates)
would beneficially own in excess of 4.99% of the number of shares of our common stock outstanding immediately after giving effect to
the exercise, as such percentage ownership is determined in accordance with the terms of the Series A Warrants. However, any holder may
increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall
not be effective until 61 days following notice from the holder to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise
Price. </i>The exercise price per whole share of common stock purchasable upon exercise of the Series A Warrants is $____ per share,
which is ____% of public offering price of the common stock. The exercise price is subject to appropriate adjustment in the event of
certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common
stock and also upon any distributions of assets, including cash, stock or other property to our stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transferability.
</i>Subject to applicable laws, the Series A Warrants may be offered for sale, sold, transferred or assigned without our consent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange
Listing. </i>We do not intend to list the Series A Warrants on any securities exchange or nationally recognized trading system. The Common
Stock issuable upon exercise of the Series A Warrants is currently listed on the Nasdaq Capital Market symbol &#8220;BBLG.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fundamental
Transactions. </i>In the event of a fundamental transaction, as described in the Series A Warrants and generally including any reorganization,
recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our
properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common
stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding common stock, the
holders of the warrants will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property
that the holders would have received had they exercised the warrants immediately prior to such fundamental transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rights
as a Stockholder. </i>Except as otherwise provided in the Series A Warrants or by virtue of such holder&#8217;s ownership of shares of
our common stock, the holder of a Series A Warrant does not have the rights or privileges of a holder of our common stock, including
any voting rights, until the holder exercises the Series A Warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Governing
Law</i>. The Series A Warrants and the warrant agent agreement are governed by Delaware law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Series
B Warrants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise
Limitation</i>. A holder will not have the right to exercise any portion of the warrant if the holder (together with its affiliates)
would beneficially own in excess of 4.99% of the number of shares of our common stock outstanding immediately after giving effect to
the exercise, as such percentage ownership is determined in accordance with the terms of the Series B Warrants. However, any holder may
increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall
not be effective until 61 days following notice from the holder to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise
Price. </i>The exercise price per whole share of common stock purchasable upon exercise of the Series B Warrants is $____ per share,
which is ____% of public offering price of the common stock. The exercise price is subject to appropriate adjustment in the event of
certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common
stock and also upon any distributions of assets, including cash, stock or other property to our stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transferability.
</i>Subject to applicable laws, the Series B Warrants may be offered for sale, sold, transferred or assigned without our consent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange
Listing. </i>We do not intend to list the Series B Warrants on any securities exchange or nationally recognized trading system. The Common
Stock issuable upon exercise of the Series B Warrants is currently listed on the Nasdaq Capital Market symbol &#8220;BBLG.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fundamental
Transactions. </i>In the event of a fundamental transaction, as described in the Series B Warrants and generally including any reorganization,
recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our
properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common
stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding common stock, the
holders of the warrants will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property
that the holders would have received had they exercised the warrants immediately prior to such fundamental transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rights
as a Stockholder. </i>Except as otherwise provided in the Series B Warrants or by virtue of such holder&#8217;s ownership of shares of
our common stock, the holder of a Series B Warrant does not have the rights or privileges of a holder of our common stock, including
any voting rights, until the holder exercises the Series B Warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Governing
Law</i>. The Series B Warrants and the warrant agent agreement are governed by Delaware law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Representative&#8217;s
Warrants. </i>Please see &#8220;Underwriting &#8212; Underwriters&#8217; Warrants&#8221; for a description of the warrants we have agreed
to issue to the representative of the underwriters in this offering, subject to the completion of the offering. We expect to enter into
a warrant agreement in respect of the representative&#8217;s warrants prior to the closing of this offering.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Series C Warrants</i></b></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>Exercise Limitation</i>.
A holder will not have the right to exercise any portion of the warrant if the holder (together with its affiliates) would beneficially
own in excess of 4.99% of the number of shares of our common stock outstanding immediately after giving effect to the exercise, as such
percentage ownership is determined in accordance with the terms of the Series C Warrants. However, any holder may increase or decrease
such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective
until 61 days following notice from the holder to us.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>Exercise Price. </i>The
exercise price per whole share of common stock purchasable upon exercise of the Series C Warrants is $____ per share, which is ____%
of public offering price of the common stock. The exercise price is subject to appropriate adjustment in the event of certain stock dividends
and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common stock and also upon any
distributions of assets, including cash, stock or other property to our stockholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Series C  Warrants may exercise such warrants on a &#8220;cashless&#8221; basis upon the earlier of (i) 15 trading days from the
issuance date of such warrant or (ii) the time when $10.0 million of volume is traded in our common stock, if the volume weighted
average price (&#8220;VWAP&#8221;) of our common stock on any trading day on or after the date of issuance fails to exceed the then
current exercise price of the Series C  Warrant (subject to adjustment for any stock splits, stock dividends, stock combinations,
recapitalizations and similar events). In such event, the aggregate number of shares of common stock issuable in such cashless
exercise shall equal the product of (x) the aggregate number of shares of common stock that would be issuable upon exercise of the
Series C Warrant in accordance with its terms if such exercise were by means of a cash exercise rather than a cashless exercise and
(y) 1.00.</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>Transferability. </i>Subject
to applicable laws, the Series C Warrants may be offered for sale, sold, transferred or assigned without our consent.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>Exchange Listing. </i>We
do not intend to list the Series C Warrants on any securities exchange or nationally recognized trading system. The Common Stock issuable
upon exercise of the Series C Warrants is currently listed on the Nasdaq Capital Market symbol &#8220;BBLG.&#8221;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>Fundamental Transactions.
</i>In the event of a fundamental transaction, as described in the Series C Warrants and generally including any reorganization, recapitalization
or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets,
our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common stock, or any person
or group becoming the beneficial owner of 50% of the voting power represented by our outstanding common stock, the holders of the warrants
will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property that the holders
would have received had they exercised the warrants immediately prior to such fundamental transaction.</p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>Governing Law</i>. The
Series C Warrants and the warrant agent agreement are governed by Delaware law.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="BB_007"></span>MATERIAL
U.S. FEDERAL INCOME TAX CONSEQUENCES TO<br />
NON-U.S. HOLDERS OF OUR COMMON STOCK</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the material U.S. federal income tax consequences to non-U.S. holders (as defined below) of the ownership and
disposition of our common stock and Warrants but does not purport to be a complete analysis of all the potential tax considerations relating
thereto. This summary is based upon the provisions of the Internal Revenue Code of 1986, as amended (&#8220;Internal Revenue Code&#8221;)
Treasury regulations promulgated thereunder, administrative rulings and judicial decisions, all as of the date hereof. These authorities
may be changed, possibly retroactively, so as to result in U.S. federal income tax consequences different from those set forth below.
No ruling on the U.S. federal, state, or local tax considerations relevant to our operations or to the purchase, ownership or disposition
of our shares, has been requested from the IRS or other tax authority. No assurance can be given that the IRS would not assert, or that
a court would not sustain, a position contrary to any of the tax consequences described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary also does not address the tax considerations arising under the laws of any non-U.S., state or local jurisdiction, or under U.S.
federal gift and estate tax laws, except to the limited extent set forth below. In addition, this discussion does not address tax considerations
applicable to an investor&#8217;s particular circumstances or to investors that may be subject to special tax rules, including, without
limitation:</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    deemed to sell our common stock under the constructive sale provisions of the Internal Revenue Code.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You
are urged to consult your tax advisor with respect to the application of the U.S. federal income tax laws to your particular situation,
as well as any tax consequences of the purchase, ownership and disposition of our common stock arising under the U.S. federal estate
or gift tax rules or under the laws of any state, local, non-U.S., or other taxing jurisdiction or under any applicable tax treaty.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-U.S.
Holder Defined</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, you are a non-U.S. holder (other than a partnership) if you are any holder other than:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual citizen or resident of the U.S. (for U.S. federal income tax purposes);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation or other entity taxable as a corporation created or organized in the U.S. or under the laws of the U.S., any state thereof,
    or the District of Columbia, or other entity treated as such for U.S. federal income tax purposes;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate whose income is subject to U.S. federal income tax regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust (x) whose administration is subject to the primary supervision of a U.S. court and which has one or more &#8220;U.S. persons&#8221;
    (within the meaning of Section 7701(a)(30) of the Internal Revenue Code) who have the authority to control all substantial decisions
    of the trust or (y) which has made a valid election to be treated as a U.S. person.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if a partnership or entity classified as a partnership for U.S. federal income tax purposes holds our common stock, the tax
treatment of a partner generally will depend on the status of the partner and upon the activities of the partnership. Accordingly, partnerships
that hold our common stock, and partners in such partnerships, should consult their tax advisors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Allocation
of Investment in Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investor in this offering will be required to allocate cost of the acquisition of the securities between the shares of common stock and
Warrants acquired based upon their relative fair market values.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Distributions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described in &#8220;Dividend Policy,&#8221; we have never declared or paid cash dividends on our common stock and do not anticipate paying
any dividends on our common stock in the foreseeable future. However, if we do make distributions on our common stock, those payments
will constitute dividends for U.S. tax purposes to the extent paid from our current or accumulated earnings and profits, as determined
under U.S. federal income tax principles. To the extent those distributions exceed both our current and our accumulated earnings and
profits, they will constitute a return of capital and will first reduce your basis in our common stock, but not below zero, and then
will be treated as gain from the sale of stock as described below under &#8220;&#8212; Gain on Disposition of Common Stock.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion below on effectively connected income, backup withholding and foreign accounts, any dividend paid to you generally
will be subject to U.S. withholding tax either at a rate of 30% of the gross amount of the dividend or such lower rate as may be specified
by an applicable income tax treaty. In order to receive a reduced treaty rate, you must provide us with an IRS Form W-8BEN, IRS Form
W-8BEN-E or other appropriate version of IRS Form W-8 certifying qualification for the reduced rate. A non-U.S. holder of shares of our
common stock eligible for a reduced rate of U.S. withholding tax pursuant to an income tax treaty may obtain a refund of any excess amounts
withheld by timely filing an appropriate claim for refund with the IRS. If the non-U.S. holder holds the stock through a financial institution
or other agent acting on the non-U.S. holder&#8217;s behalf, the non-U.S. holder will be required to provide appropriate documentation
to the agent, which then will be required to provide certification to us or our paying agent, either directly or through other intermediaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
received by you that are effectively connected with your conduct of a U.S. trade or business (and, if required by an applicable income
tax treaty, attributable to a permanent establishment maintained by you in the U.S.) are generally exempt from such withholding tax.
In order to obtain this exemption, you must provide us with an IRS Form W-8ECI or other applicable IRS Form W-8 properly certifying such
exemption. Such effectively connected dividends, although not subject to withholding tax, are taxed at the same graduated rates applicable
to U.S. persons, net of certain deductions and credits. In addition, if you are a corporate non-U.S. holder, dividends you receive that
are effectively connected with your conduct of a U.S. trade or business may also be subject to a branch profits tax at a rate of 30%
or such lower rate as may be specified by an applicable income tax treaty. You should consult your tax advisor regarding any applicable
tax treaties that may provide for different rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gain
on Disposition of our Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion below regarding backup withholding and foreign accounts, you generally will not be required to pay U.S. federal income
tax on any gain realized upon the sale or other disposition of our common stock unless:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    gain is effectively connected with your conduct of a U.S. trade or business (and, if required by an applicable income tax treaty,
    the gain is attributable to a permanent establishment maintained by you in the U.S.);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">you
    are a non-resident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable
    year in which the sale or disposition occurs and certain other conditions are met; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    common stock constitutes a U.S. real property interest by reason of our status as a &#8220;U.S. real property holding corporation,&#8221;
    or USRPHC, for U.S. federal income tax purposes at any time within the shorter of (i) the five-year period preceding your disposition
    of our common stock, or (ii) your holding period for our common stock.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we are not currently and will not become a USRPHC for U.S. federal income tax purposes, and the remainder of this discussion
so assumes. However, because the determination of whether we are a USRPHC depends on the fair market value of our U.S. real property
relative to the fair market value of our other business assets, there can be no assurance that we will not become a USRPHC in the future.
Even if we become a USRPHC, however, as long as our common stock is regularly traded on an established securities market, such common
stock will be treated as U.S. real property interests only if you actually or constructively hold more than five percent of such regularly
traded common stock at any time during the shorter of the five-year period preceding your disposition of, or your holding period for,
our common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you are a non-U.S. holder described in the first bullet above, you will be required to pay tax on the net gain derived from the sale
under regular graduated U.S. federal income tax rates, and a corporate non-U.S. holder described in the first bullet above also may be
subject to the branch profits tax at a 30% rate, or such lower rate as may be specified by an applicable income tax treaty. If you are
an individual non-U.S. holder described in the second bullet above, you will be required to pay a flat 30% tax (or such lower rate specified
by an applicable income tax treaty) on the gain derived from the sale, which gain may be offset by U.S. source capital losses for the
year (provided you have timely filed U.S. federal income tax returns with respect to such losses). You should consult any applicable
income tax or other treaties that may provide for different rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Federal
Estate Tax</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock beneficially owned by an individual who is not a citizen or resident of the U.S. (as defined for U.S. federal estate tax
purposes) at the time of their death will generally be includable in the decedent&#8217;s gross estate for U.S. federal estate tax purposes,
unless an applicable estate tax treaty provides otherwise. The test for whether an individual is a resident of the U.S. for U.S. federal
estate tax purposes differs from the test used for U.S. federal income tax purposes. Some individuals, therefore, may be non-U.S. holders
for U.S. federal income tax purposes, but not for U.S. federal estate tax purposes, and vice versa.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Backup
Withholding and Information Reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
we must report annually to the IRS the amount of dividends paid to you, your name and address and the amount of tax withheld, if any.
A similar report will be sent to you. Pursuant to applicable income tax treaties or other agreements, the IRS may make these reports
available to tax authorities in your country of residence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
of dividends or of proceeds on the disposition of stock made to you may be subject to information reporting and backup withholding at
a current rate of 28% unless you establish an exemption, for example, by properly certifying your non-U.S. status on an IRS Form W-8BEN,
IRS Form W-8BEN-E or another appropriate version of IRS Form W-8.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax; rather, the U.S. federal income tax liability of persons subject to backup withholding will be
reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may generally be obtained
from the IRS, provided that the required information is furnished to the IRS in a timely manner.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Account Tax Compliance</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Foreign Account Tax Compliance Act, or FATCA, imposes withholding tax at a rate of 30% on dividends on and gross proceeds from the sale
or other disposition of our common stock paid to &#8220;foreign financial institutions&#8221; (as specially defined under these rules),
unless such institution enters into an agreement with the U.S. government to withhold on certain payments and to collect and provide
to the U.S. tax authorities substantial information regarding the U.S. account holders of such institution (which includes certain equity
and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners) or otherwise establishes
an exemption. FATCA also generally imposes a U.S. federal withholding tax of 30% on dividends on and gross proceeds from the sale or
other disposition of our common stock paid to a &#8220;non-financial foreign entity&#8221; (as specially defined for purposes of these
rules) unless such entity provides the withholding agent with a certification identifying certain substantial direct and indirect U.S.
owners of the entity, certifies that there are none or otherwise establishes an exemption. The withholding provisions under FATCA generally
apply to dividends on our common stock, and under current transition rules, are expected to apply with respect to the gross proceeds
from the sale or other disposition of our common stock on or after January 1, 2019. An intergovernmental agreement between the U.S. and
an applicable foreign country may modify the requirements described in this paragraph. Non-U.S. holders should consult their tax advisors
regarding the possible implications of this legislation on their investment in our common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Each
prospective investor should consult its tax advisor regarding the particular U.S. federal, state and local and non-U.S. tax consequences
of purchasing, holding and disposing of our common stock, including the consequences of any proposed change in applicable laws.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="BB_008"></span>UNDERWRITING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WallachBeth
Capital, LLC is acting as the representative of the underwriters of this offering. Under the terms of an underwriting agreement, which
is filed as an exhibit to the registration statement, each of the underwriters named below has severally agreed to purchase from us the
respective number of shares of common stock shown opposite its name below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriters</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Units</b></span></p>

</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 20%">&#160;&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WallachBeth
    Capital, LLC</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriting agreement provides that the underwriters&#8217; obligation to purchase Units depends on the satisfaction of the conditions
contained in the underwriting agreement including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    representations and warranties made by us to the underwriters are true;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
    is no material change in our business or the financial markets; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    deliver customary closing documents to the underwriters.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commissions
and Expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the public offering price, underwriting discount and proceeds, before expenses, to us. The information assumes
either no exercise or full exercise by the underwriters of their over-allotment option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per
                                            Share</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
                                            with no </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Over-Allotment</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
                                            with</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Over-Allotment</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
    offering price</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
    discount (8.0%)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accountable
    expense allowance (1.0%)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds,
    before expenses, to us</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters propose to offer the Units directly to the public at the public offering price on the cover of this prospectus and to selected
dealers, which may include the underwriters, at such offering price less a selling concession not in excess of $___ per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The expenses of this offering
that are payable by us are estimated to be approximately $____ (which excludes estimated underwriting discounts and commissions and the
non-accountable expense allowance payable to the underwriters). We will be responsible for all of the underwriters expenses related to
this offering, including filing fees and communication expenses for the registration of the shares, all filing fees associated with the
review of this offering by FINRA, fees and expenses relating to the listing of the shares of common stock on The Nasdaq Capital Market,
fees relating to the registration, qualification or exemptions of the shares under securities laws of foreign jurisdictions, cost of making
and printing the underwriting documents, cost and expenses of a public relations firm, cost of preparing, printing and delivering stock
certificates, fees and expenses of the transfer agent, and fees and expenses of our legal counsel, road show expenses for this offering,
and fees and expenses of the underwriters legal counsel. The maximum amount of fees, costs and expenses incurred by the underwriters that
we shall be responsible for may not exceed $120,000.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Option
to Purchase Additional Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have granted the underwriters an option exercisable for 45 days after the date of this prospectus, to purchase up to an additional
___shares of common stock at the public offering price and/or Series A Warrants to purchase an aggregate of ____ shares of common
stock at a price of $0.01 and/or Series B Warrants to purchase an aggregate of ___ shares of common stock at a price of $0.01 and/or Series C Warrants to purchase an aggregate of ___ shares of common stock at a price of $0.01, in
any combination thereof, from us at the public offering price per security, less underwriting discounts and commissions, solely to
cover over-allotments, if any.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lock-Up
Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our directors, executive officers and certain of our shareholders have agreed that, for a period of 180 days after the date of this
prospectus and subject to certain limited exceptions, we and they will not, directly or indirectly, without the prior written consent
of WallachBeth Capital (i) offer for sale, sell, pledge, or otherwise dispose of (or enter into any transaction or device that is designed
to, or could be expected to, result in the disposition by any person at any time in the future of) any shares of common stock (including,
without limitation, shares of common stock that may be deemed to be beneficially owned by us or them in accordance with the rules and
regulations of the SEC and shares of common stock that may be issued upon exercise of any options or warrants) or securities convertible
into or exercisable or exchangeable for common stock, (ii) enter into any swap or other derivatives transaction that transfers to another,
in whole or in part, any of the economic benefits or risks of ownership of shares of common stock, whether any such transaction described
in clause (i) or (ii) above is to be settled by delivery of common stock or other securities, in cash or otherwise, (iii) make any demand
for or exercise any right or file or cause to be filed a registration statement, including any amendments thereto, with respect to the
registration of any shares of common stock or securities convertible into or exercisable or exchangeable for common stock or any of our
other securities, or (iv) publicly disclose the intention to do any of the foregoing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WallachBeth
Capital, in its sole discretion, may release the common stock and other securities subject to the lock-up agreements described above
in whole or in part at any time. When determining whether or not to release common stock and other securities from lock-up agreements,
WallachBeth Capital will consider, among other factors, the holder&#8217;s reasons for requesting the release, the number of shares of
common stock and other securities for which the release is being requested and market conditions at the time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underwriters&#8217;
Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have also agreed to issue to the underwriters or their designees at the closing of this offering, Warrants (the &#8220;Underwriters&#8217;
Warrants&#8221;) to purchase an aggregate of ___ shares of common stock included in the Units (5% of the number of shares sold in the
offering, excluding the over-allotment option). The Underwriters&#8217; Warrants will be exercisable at any time and from time to time,
in whole or in part, during a period commencing six months from the effective date of this offering and expiring five years from the
effective date of the offering. The Underwriters&#8217; Warrants will be exercisable at a price equal to 120% of the public offering
price per share of common stock and such warrants shall be exercisable on a cash basis, provided that if a registration statement registering
the common stock underlying the Underwriters&#8217; Warrants is not effective, the Underwriters&#8217; Warrants may be exercised on a
cashless basis. The Underwriters&#8217; Warrants have been deemed compensation by FINRA and are, therefore, subject to a 180-day lock-up
pursuant to Rule 5110(g)(1) of FINRA. The underwriters or their permitted assignees under this Rule 5110(g)(1) shall not sell, transfer,
assign, pledge or hypothecate the Underwriters&#8217; Warrants, nor engage in any hedging, short sale, derivative, put or call transaction
that would result in the effective economic disposition of the Underwriters&#8217; Warrants, for a period of 180 days from the effective
date of the offering, except that they may be assigned, in whole or in part, as specifically set forth in the underwriting agreement.
The Underwriters&#8217; Warrants will provide for customary anti-dilution provisions (for stock dividends, splits and recapitalizations
and the like) consistent with FINRA Rule 5110, and the number of shares underlying the Underwriters&#8217; Warrants shall be reduced,
or the exercise price increased, if necessary, to comply with FINRA rules or regulations. Further, the Underwriters&#8217; Warrants will
provide for a one-time demand registration right and unlimited piggyback rights. The Underwriters&#8217; Warrants and underlying shares
are included in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offering
Price Determination</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
actual offering price of the Units we are offering will be negotiated between us and the underwriters based upon, among other things,
the trading of our shares prior to the offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indemnification</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, and to contribute
to payments that the underwriters may be required to make for these liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stabilization,
Short Positions and Penalty Bids</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters may engage in stabilizing transactions, short sales and purchases to cover positions created by short sales, and penalty
bids or purchases for the purpose of pegging, fixing or maintaining the price of the common stock, in accordance with Regulation M under
the Exchange Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stabilizing
    transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    short position involves a sale by the underwriters of shares in excess of the number of shares the underwriters are obligated to
    purchase in the offering, which creates the syndicate short position. This short position may be either a covered short position
    or a naked short position. In a covered short position, the number of shares involved in the sales made by the underwriters in excess
    of the number of shares they are obligated to purchase is not greater than the number of shares that they may purchase by exercising
    their option to purchase additional shares. In a naked short position, the number of shares involved is greater than the number of
    shares in their option to purchase additional shares. The underwriters may close out any short position by either exercising their
    option to purchase additional shares and/or purchasing shares in the open market. In determining the source of shares to close out
    the short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market
    as compared to the price at which they may purchase shares through their option to purchase additional shares. A naked short position
    is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the shares in
    the open market after pricing that could adversely affect investors who purchase in the offering.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Syndicate
    covering transactions involve purchases of the common stock in the open market after the distribution has been completed in order
    to cover syndicate short positions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Penalty
    bids permit the underwriters to reclaim a selling concession from a syndicate member when the common stock originally sold by the
    syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price
of our common stock or preventing or retarding a decline in the market price of the common stock. As a result, the price of the common
stock may be higher than the price that might otherwise exist in the open market. These transactions may be effected on The Nasdaq Capital
Market or otherwise and, if commenced, may be discontinued at any time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions
described above may have on the price of the common stock. In addition, neither we nor any of the underwriters make any representation
that the underwriters will engage in these stabilizing transactions or that any transaction, once commenced, will not be discontinued
without notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Electronic
Distribution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
prospectus in electronic format may be made available on the Internet sites or through other online services maintained by one or more
of the underwriters and/or selling group members participating in this offering, or by their affiliates. In those cases, prospective
investors may view offering terms online and, depending upon the particular underwriter or selling group member, prospective investors
may be allowed to place orders online. The underwriters may agree with us to allocate a specific number of shares for sale to online
brokerage account holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the prospectus in electronic format, the information on any underwriter&#8217;s or selling group member&#8217;s web site and any
information contained in any other web site maintained by an underwriter or selling group member is not part of the prospectus or the
registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or any underwriter or selling
group member in its capacity as underwriter or selling group member and should not be relied upon by investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Listing
on The Nasdaq Capital Market</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is listed on The Nasdaq Capital Market under the symbol &#8220;BBLG.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Discretionary
Sales</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters have informed us that they do not expect to sell more than 5% of the common stock in the aggregate to accounts over which
they exercise discretionary authority.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Relationships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of the underwriters and their affiliates may in the future provide various investment banking, commercial banking and other financial
services for us and our affiliates for which they may in the future receive customary fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling
Restrictions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered
by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be
offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with
the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result
in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are
advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus.
This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in
any jurisdiction in which such an offer or a solicitation is unlawful.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Notice
to prospective investors in the European Economic Area and the United Kingdom</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
relation to each Member State of the European Economic Area and the United Kingdom (each a &#8220;Relevant State&#8221;), no shares have
been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus
in relation to the shares which has been approved by the competent authority in that Relevant State or, where appropriate, approved in
another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation,
except that offers of shares may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus
Regulation:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    any legal entity which is a qualified investor as defined under the Prospectus Regulation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus Regulation), subject to obtaining
    the prior consent of the underwriters; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    any other circumstances falling within Article 1(4) of the Prospectus Regulation,</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>provided
</i>that no such offer of shares shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus
Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires any
shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with each of the underwriters
and us that it is a &#8220;qualified investor&#8221; within the meaning of Article 2(e) of the Prospectus Regulation. In the case of
any shares being offered to a financial intermediary as that term is used in the Prospectus Regulation, each such financial intermediary
will be deemed to have represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary
basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise
to an offer of any shares to the public other than their offer or resale in a Relevant State to qualified investors as so defined or
in circumstances in which the prior consent of the underwriters have been obtained to each such proposed offer or resale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purposes of this provision, the expression an &#8220;offer to the public&#8221; in relation to shares in any Relevant State means
the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as
to enable an investor to decide to purchase or subscribe for any shares, and the expression &#8220;Prospectus Regulation&#8221; means
Regulation (EU) 2017/1129.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Notice
to prospective investors in the United Kingdom</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently made
may only be directed at persons who are &#8220;qualified investors&#8221; (as defined in the Prospectus Regulation) (i) who have professional
experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the &#8220;Order&#8221;) and/or (ii) who are high net worth companies (or persons to whom it may otherwise
be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as &#8220;relevant
persons&#8221;) or otherwise in circumstances which have not resulted and will not result in an offer to the public of the shares in
the United Kingdom within the meaning of the Financial Services and Markets Act 2000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
person in the United Kingdom that is not a relevant person should not act or rely on the information included in this document or use
it as basis for taking any action. In the United Kingdom, any investment or investment activity that this document relates to may be
made or taken exclusively by relevant persons.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Notice
to prospective investors in Switzerland</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (the &#8220;SIX&#8221;) or on any
other stock exchange or regulated trading facility in Switzerland. This document does not constitute a prospectus within the meaning
of, and has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss
Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules
of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material
relating to the shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
this document nor any other offering or marketing material relating to the offering, the Company, the shares have been or will be filed
with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of shares will
not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (the &#8220;FINMA&#8221;), and the offer of shares has not
been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (the &#8220;CISA&#8221;). The investor protection
afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Notice
to prospective investors in France</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus (including any amendment, supplement or replacement thereto) is not being distributed in the context of a public offering
in France within the meaning of Article L. 411-1 of the French Monetary and Financial Code (Code mon&#233;taire et financier). This
prospectus has not been and will not be submitted to the French Autorit&#233; des march&#233;s financiers (the &#8220;AMF&#8221;)
for approval in France and accordingly may not and will not be distributed to the public in France.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Article 211-3 of the AMF General Regulation, French residents are hereby informed that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    transaction does not require a prospectus to be submitted for approval to the AMF;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    or entities referred to in Point 2&#176;, Section II of Article L. 411-2 of the Monetary and Financial Code may take part in the transaction
    solely for their own account, as provided in Articles D. 411-1, D. 734-1, D. 744-1, D. 754-1 and D. 764-1 of the Monetary and Financial
    Code; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    financial instruments thus acquired cannot be distributed directly or indirectly to the public otherwise than in accordance with
    Articles L. 411-1, L. 411-2, L. 412-1 and L. 621-8 to L. 621-8-3 of the Monetary and Financial Code.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus is not to be further distributed or reproduced (in whole or in part) in France by the recipients of this prospectus. This
prospectus has been distributed on the understanding that such recipients will only participate in the issue or sale of our common stock
for their own account and undertake not to transfer, directly or indirectly, our common stock to the public in France, other than in
compliance with all applicable laws and regulations and in particular with Articles L. 411-1 and L. 411-2 of the French Monetary and
Financial Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Notice
to Prospective Investors in Germany</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock may be offered and sold in the Federal Republic of Germany only in compliance with the Prospectus Regulation, the Commission
Delegated Regulations (EU) 2019/979 and (EU) 2019/980, each as of March 14, 2019 and the German Securities Prospectus Act (Wertpapierprospektgesetz),
as amended, or any other laws applicable in Germany governing the issue, offering and sale of securities. This prospectus has not been
approved under the Prospectus Regulation and, accordingly, our common stock may not be offered publicly in the Federal Republic of Germany.
Our common stock will only be offered in the Federal Republic of Germany in reliance on an exemption from the requirement to publish
an approved securities prospectus under the Prospectus Regulation. Any resale of our common stock in Germany may only be made in accordance
with the Prospectus Regulation and other applicable laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Notice
to Prospective Investors in Hong Kong</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shares have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to &#8220;professional
investors&#8221; as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the &#8220;SFO&#8221;) of Hong
Kong and any rules made thereunder; or (b) in other circumstances which do not result in the document being a &#8220;prospectus&#8221;
as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong) (the &#8220;CO&#8221;) or which
do not constitute an offer to the public within the meaning of the CO. No advertisement, invitation or document relating to the shares
has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere,
which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to
do so under the securities laws of Hong Kong) other than with respect to shares which are or are intended to be disposed of only to persons
outside Hong Kong or only to &#8220;professional investors&#8221; as defined in the SFO and any rules made thereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Notice
to Prospective Investors in China</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus will not be circulated or distributed in the PRC and the shares will not be offered or sold, and will not be offered or sold
to any person for re-offering or resale directly or indirectly to any residents of the PRC except pursuant to any applicable laws and
regulations of the PRC. Neither this prospectus nor any advertisement or other offering material may be distributed or published in the
PRC, except under circumstances that will result in compliance with applicable laws and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="BB_009"></span>LEGAL
MATTERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of the issuance of the common stock offered by us in this offering will be passed upon for us TroyGould PC, Los Angeles, California.
Certain legal matters in connection with this offering will be passed upon for the underwriters by Sheppard, Mullin, Richter &amp; Hampton
LLP, New York, New York.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="BB_010"></span>EXPERTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of Bone Biologics Corporation as of December 31, 2021 and 2020 and for each of the years then ended
included in this Registration Statement, of which this prospectus forms a part, have been so included in reliance on the report of Weinberg
&amp; Company, P.A., an independent registered public accounting firm (the report on the consolidated financial statements contains an
explanatory paragraph regarding our ability to continue as a going concern) appearing elsewhere herein, given on the authority of said
firm as experts in auditing and accounting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="BB_011"></span>WHERE
YOU CAN FIND MORE INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed with the Securities and Exchange Commission a registration statement on Form S-1 under the Securities Act with respect to
the common stock offered by this prospectus. This prospectus, which is part of the registration statement, omits certain information,
exhibits, schedules and undertakings set forth in the registration statement. For further information pertaining to us and our common
stock, reference is made to the registration statement and the exhibits and schedules to the registration statement. Statements contained
in this prospectus as to the contents or provisions of any documents referred to in this prospectus are not necessarily complete, and
in each instance where a copy of the document has been filed as an exhibit to the registration statement, reference is made to the exhibit
for a more complete description of the matters involved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registration statement is available at the Securities and Exchange Commission&#8217;s website at <i>www.sec.gov</i>. The registration
statement, including all exhibits and amendments to the registration statement, has been filed electronically with the Securities and
Exchange Commission. We will become subject to the information and periodic reporting requirements of the Securities Exchange Act of
1934, as amended, and, accordingly, will be required to file annual reports containing financial statements audited by an independent
public accounting firm, quarterly reports containing unaudited financial data, current reports, proxy statements and other information
with the Securities and Exchange Commission. You will be able to inspect and copy such periodic reports, proxy statements and other information
at the website of the Securities and Exchange Commission referred to above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><span id="abv_001"></span>Bone
Biologics Corporation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>(INCLUDING REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM)&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>Years
Ended December 31, 2021 and 2020</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><span id="f_001"></span>Contents</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Statements</b></span></td>
    <td style="width: 0.5in; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_002">Report of Independent Registered Public
    Accounting Firm </a>PCAOB ID: 572</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#f_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Balance Sheets</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#f_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Operations</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#f_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Stockholders&#8217; Deficit</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#f_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#f_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; background-color: white">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><span id="f_002"></span>Report
of Independent Registered Public Accounting Firm</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">To the Board
of Directors and Shareholders of</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">Bone Biologics
Corporation</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><b>Opinion on
the Financial Statements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">We have audited
the accompanying consolidated balance sheets of Bone Biologics Corporation (the &#8220;Company&#8221;) as of December 31, 2021 and 2020,
the related consolidated statements of operations, stockholders&#8217; equity (deficit), and cash flows for the years then ended, and
the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present
fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2021 and 2020, and the consolidated
results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the
United States of America.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><b>Going Concern</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">The accompanying
financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial
statements, during the year ended December 31, 2021 the Company incurred a net loss and utilized cash flows in operations, and has had
recurring losses since inception. These conditions raise substantial doubt about the Company&#8217;s ability to continue as a going concern.
Management&#8217;s plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><b>Basis for
Opinion</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">These financial
statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on these financial statements
based on our audits. We are a public accounting firm registered with the Public Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not
required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we
are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">Our audits included
performing procedures to assess the risks of material misstatement, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable
basis for our opinion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><b>Critical
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">The critical
audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or
required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements
and (2) involved especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">As described
further in Note 3 to the consolidated financial statements, during the year ended December 31, 2021, a related party converted outstanding
convertible notes and advances under secured credit facilities totaling, $12,767,894 in principal amount and $2,054,041 of accrued
interest into shares of the Company&#8217;s common stock. In addition, 9,361,702 previously issued collateral shares were returned to
the Company and cancelled.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">We determined
the conversion of the debt to equity is a critical audit matter due to the significance of the transaction to the Company&#8217;s balance
sheet and due to the related party nature of the transaction. In turn, the auditing of the conversion transaction required a high degree
of auditor judgement, subjectivity and effort in performing audit procedures and evaluating the results of those procedures.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">Our audit procedures
related to the Company&#8217;s accounting and disclosure of this matter included the following, among others:</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -0.25in; margin-top: 0; margin-bottom: 0; margin-left: 0.5in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">We have served
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">WEINBERG &amp;
COMPANY, P.A.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">Los Angeles,
California</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">March 15, 2022</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><i>See
accompanying notes to consolidated financial statements.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>Bone
Biologics Corporation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><span id="f_004"></span>Consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><i>See
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>Bone
Biologics Corporation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><span id="f_005"></span>Consolidated
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0256">-</span></td>
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    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0258">-</span></td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0263">-</span></td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,858,843</ix:nonFraction></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0272">-</span></td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0278">-</span></td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0279">-</span></td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0285">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0286">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0287">-</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><i>See
accompanying notes to consolidated financial statements.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>Bone
Biologics Corporation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><span id="f_006"></span>Consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><i>See
accompanying notes to consolidated financial statements.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><b>&#160;</b></p>

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<p id="xdx_047_c20210101__20211231_zmqA1kKtj7B7" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>Bone
Biologics Corporation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><span id="f_007"></span>Notes
to Consolidated Financial Statements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_803_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zq4wz9X3K161" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>1.
<span id="xdx_829_z3ANHzwmRJv1">The Company</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">Bone
Biologics Corporation (the &#8220;Company&#8221;) was incorporated under the laws of the State of Delaware on October 18, 2007 as AFH
Acquisition X, Inc. Pursuant to a Merger Agreement, dated September 19, 2014, by and among the Company, its wholly-owned subsidiary, Bone
Biologics Acquisition Corp., a Delaware corporation (&#8220;Merger Sub&#8221;), and Bone Biologics, Inc. Merger Sub merged with and into
Bone Biologics Inc., with Bone Biologics Inc. remaining as the surviving corporation in the merger. Upon the consummation of the merger,
the separate existence of Merger Sub ceased. On September 22, 2014, the Company officially changed its name to &#8220;Bone Biologics Corporation&#8221;
to more accurately reflect the nature of its business and Bone Biologics, Inc. became a wholly owned subsidiary of the Company. Bone Biologics,
Inc. was incorporated in California on September 9, 2004.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">We
are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein, known
as NELL-1/DBM. The NELL-1/DBM combination product is an osteostimulative recombinant protein that provides target specific control
over bone regeneration. The protein, as part of the UCB-1 technology platform, has been licensed exclusively for worldwide applications
to us through a technology transfer from UCLA Technology Development Group on behalf of UC Regents (&#8220;UCLA TDG&#8221;). UCLA TDG
and the Company received guidance from the FDA that NELL-1/DBM will be classified as a combination product with a device lead.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
production and marketing of the Company&#8217;s products and its ongoing research and development activities will be subject to extensive
regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any combination product
developed by the Company must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory approval
process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that the Company will not encounter problems
in clinical trials that will cause the Company or the FDA to delay or suspend clinical trials.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company&#8217;s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate
without infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that
patents issued to or licensed by the Company will not be challenged, invalidated, or circumvented, or that the rights granted thereunder
will provide proprietary protection or competitive advantages to the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><span id="xdx_90B_eus-gaap--StockholdersEquityReverseStockSplit_c20211011__20211012_ztvehPGZ3S29"><ix:nonNumeric contextRef="From2021-10-112021-10-12" name="us-gaap:StockholdersEquityReverseStockSplit">On
October 12, 2021, an amendment to our certificate of incorporation for a reverse split of the Company&#8217;s outstanding common stock
at a ratio of 1 for 2.5 became effective.</ix:nonNumeric></span> On June 24, 2021, our board of directors authorized the amendment which became effective upon
distribution to the stockholders of the Company and in conjunction with the Company&#8217;s Common Stock being listed on the Nasdaq Capital
Market. Our common stock became listed on the Nasdaq Capital Market on October 13, 2021. All share and per share amounts have been retro-actively
restated as of the reverse split occurred at the beginning of the earliest period presented.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><i>Going
Concern and Liquidity</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">The
Company has no significant operating history and since inception to December 31, 2021 has incurred accumulated losses of approximately
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Operating expenditures for the next twelve months are estimated at $<span id="xdx_903_ecustom--EstimatedOperatingExpenditure_pn5n6_c20210101__20211231_zNsbTqdjIJz7" title="Estimated operating expenditure"><ix:nonFraction name="BBLG:EstimatedOperatingExpenditure" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.5</ix:nonFraction></span> million. The accompanying consolidated financial statements for
the year ended December 31, 2021 have been prepared assuming the Company will continue as a going concern. As reflected in the financial
statements, the Company incurred a net loss of $<span id="xdx_908_eus-gaap--NetIncomeLoss_iN_pp0p0_di_c20210101__20211231_zEg4sMjS6Zvh" title="Net Income (Loss)"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">1,610,685</ix:nonFraction></span>, and used net cash in operating activities of $<span id="xdx_902_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pp0p0_di_c20210101__20211231_zgDyOlclhzN4" title="Net Cash Provided by (Used in) Operating Activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">1,228,586</ix:nonFraction></span> during the year ended
December 31, 2021. These factors raise substantial doubt about the Company&#8217;s ability to continue as a going concern within one year
after the date that the financial statements are issued. The consolidated financial statements do not include any adjustments related
to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary
should the Company be unable to continue as a going concern.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">On
October 15, 2021, the Company completed a public offering (the &#8220;October 2021 Primary Offering&#8221;) of <span id="xdx_90B_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20211014__20211015__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_ziqTszqKpALi" title="Sale of Stock, Number of Shares Issued in Transaction"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-10-142021-10-15_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,510,455</ix:nonFraction></span> units (the &#8220;Units&#8221;).
Each Unit consists of one share of common stock of the Company, par value $<span id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20211015__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zv0Ntvd6qKuf" title="Common Stock, Par or Stated Value Per Share"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-10-15_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> per share (the &#8220;Common Stock&#8221;), and one warrant
(a &#8220;Warrant&#8221;) to purchase one share of Common Stock for $<span id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_c20211015__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zuzWLpKgKYki" title="Shares Issued, Price Per Share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-10-15_us-gaap_IPOMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.30</ix:nonFraction></span> per share. The Units were sold at a price of $<span id="xdx_905_eus-gaap--SaleOfStockPricePerShare_iI_c20211015__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zc4pdnTHjDkl" title="Sale of Stock, Price Per Share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-10-15_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.25</ix:nonFraction></span> per Unit,
generating net proceeds to the Company of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20211014__20211015__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zNOpd9SStRu4" title="Proceeds from Issuance of Common Stock"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2021-10-142021-10-15_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,858,843</ix:nonFraction></span>. The Company granted to WallachBeth Capital LLC, the underwriter in the Offering,
a 45-day option to purchase up to <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211014__20211015__dei--LegalEntityAxis__custom--WallachBethCapitalLLCMember_zLb80gGjbaPa" title="Stock Issued During Period, Shares, New Issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-10-142021-10-15_custom_WallachBethCapitalLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">226,568</ix:nonFraction></span> additional shares of Common Stock and/or <span id="xdx_901_eus-gaap--WarrantsAndRightsOutstanding_iI_c20211015__dei--LegalEntityAxis__custom--WallachBethCapitalLLCMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zrG5VkmnWTU9" title="Warrants and Rights Outstanding"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstanding" contextRef="AsOf2021-10-15_custom_WallachBethCapitalLLCMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">226,568</ix:nonFraction></span> Warrants to cover over-allotments, if any.
The underwriter has exercised its option with respect to the Warrants. WallachBeth also received <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20211015__dei--LegalEntityAxis__custom--WallachBethCapitalLLCMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zJAsO1k31Ijb" title="Class of Warrant or Right, Number of Securities Called by Warrants or Rights"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-10-15_custom_WallachBethCapitalLLCMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,627</ix:nonFraction></span> warrants as part of the October
2021 Primary Offering at an exercise price of $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20211015__dei--LegalEntityAxis__custom--WallachBethCapitalLLCMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zXcZttVqM5mg" title="Class of Warrant or Right, Exercise Price of Warrants or Rights"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-10-15_custom_WallachBethCapitalLLCMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.30</ix:nonFraction></span> per common share representing <span id="xdx_906_ecustom--OfferingPortionPercentage_iI_pid_dp_c20211015__dei--LegalEntityAxis__custom--WallachBethCapitalLLCMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zq3Gcvyha2lf" title="Percentage of toal offering"><ix:nonFraction name="BBLG:OfferingPortionPercentage" contextRef="AsOf2021-10-15_custom_WallachBethCapitalLLCMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">5</ix:nonFraction></span>% of the raise.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company will continue to attempt to raise additional debt and/or equity financing to fund future operations and to provide additional
working capital. However, there is no assurance that such financing will be consummated or obtained in sufficient amounts necessary to
meet the Company&#8217;s needs. If cash resources are insufficient to satisfy the Company&#8217;s on-going cash requirements, the Company
will be required to scale back or discontinue its product development programs, or obtain funds if available (although there can be no
certainties) through strategic alliances that may require the Company to relinquish rights to its technology, substantially reduce or
discontinue its operations entirely. No assurance can be given that any future financing will be available or, if available, that it will
be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions
on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of equity financing.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">For
the past several years, we have depended on our relationship with Hankey Capital for working capital to fund our operations, which has
been raised in the form of both debt and equity capital. Hankey Capital, directly and indirectly, controls approximately <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPercentage_c20211231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HankeyCapitalLLCMember_zpY6JEkvIFIi" style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-12-31_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">70</ix:nonFraction></span>%
of our issued and outstanding shares of common stock. In connection with the October 2021 Primary Offering, Hankey Capital converted
all the outstanding convertible notes ($<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20211231__dei--LegalEntityAxis__custom--HankeyCapitalLLCMember_zuhyLDER2G02"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_HankeyCapitalLLCMember74442421" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">12,767,894</ix:nonFraction>
</span>in principal amount and $<span id="xdx_907_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0_c20211231__dei--LegalEntityAxis__custom--HankeyCapitalLLCMember_zcavZ8IDHz6h"><ix:nonFraction name="us-gaap:InterestPayableCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_HankeyCapitalLLCMember74442421" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,054,041</ix:nonFraction>
</span>of accrued interest) into shares of our common stock. However, no assurance can be given that any future financing from Hankey
Capital will be available or, if available, that it will be on terms that are satisfactory to the Company. In the absence of financing
from other sources, the inability to obtain additional financing from Hankey Capital will result in the scaling back or discontinuance
of our product development programs or operations entirely.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80D_eus-gaap--SignificantAccountingPoliciesTextBlock_zRBz6tSOMKJ5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>2.
<span id="xdx_823_zaXOGNkX5o8e">Summary of Significant Accounting Policies</span></b></p>

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

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_847_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_znw0vPrtbCo1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><i><span id="xdx_865_zt89Hxfe4ZCg">Basis
of Presentation</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
accompanying consolidated financial statements and related notes include activities of the Company and have been prepared in conformity
with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;).</p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_846_eus-gaap--UseOfEstimates_zWb9DxHwDHQ5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><i><span id="xdx_86B_zUBaYxR16Fo4">Use
of Estimates</span></i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant estimates include
the assumptions used in the accrual for potential liabilities, the valuation of debt and equity instruments, stock options and warrants
issued for services, and deferred tax valuation allowances. Actual results could differ from those estimates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="BBLG:UnusualOrInfrequentItemsDisclosurePolicyTextBlock"><p id="xdx_843_ecustom--UnusualOrInfrequentItemsDisclosurePolicyTextBlock_zgkjB4yRLni6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><b><i><span id="xdx_864_zZqblVqOEOIa">Impact
of the Novel Coronavirus (COVID-19) on the Company&#8217;s Business Operations</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="background-color: white">The
global outbreak of the novel coronavirus (COVID-19) has led to severe disruptions in general economic activities worldwide, as businesses
and governments have taken broad actions to mitigate this public health crisis. </span>In light of the uncertain and continually evolving
situation relating to the spread of COVID-19, this pandemic could pose a risk to the Company. The extent to which the coronavirus may
impact the Company&#8217;s business operations will depend on future developments, which are highly uncertain and cannot be predicted
at this time. The Company intends to continue to monitor the situation and may adjust its current business plans as more information and
guidance become available.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">The
coronavirus pandemic presents a challenge to medical facilities worldwide. As the Company&#8217;s clinical trials are conducted on an
outpatient basis, it is not currently possible to predict the full impact of this developing health crisis on such clinical trials, which
could include delays in and increased costs of such clinical trials. Current indications from the clinical research organizations conducting
the clinical trials for the Company are that such clinical trials are being delayed or extended for several months as a result of the
coronavirus pandemic.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">There
is also significant uncertainty as to the effect that the coronavirus may have on the amount and type of financing available to the Company
in the future.</p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_84F_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zkW1sNPT6ONk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><i><span id="xdx_86F_zNaiAaU3p0Xg">Fair
Value of Financial Instruments</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company&#8217;s consolidated financial instruments are cash, accounts payable and notes payable. The recorded values of cash and accounts
payable approximate their values based on their short-term nature. The fair value of convertible notes payable approximate their fair
value since the current interest rates and terms on these obligations are the same as prevailing market rates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in
the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement
date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable
inputs. The fair value hierarchy is based on three levels of inputs that may be used to measure fair value, of which the first two are
considered observable and the last is considered unobservable:</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; background-color: white">Level
1: Quoted prices in active markets for identical assets or liabilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; background-color: white">Level
2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities;
quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for
substantially the full term of the assets or liabilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; background-color: white">Level
3 assumptions: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the
assets or liabilities including liabilities resulting from embedded derivatives associated with certain warrants to purchase common stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">The
Company determines the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the
lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company
performs an analysis of the assets and liabilities at each reporting period end.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ResearchAndDevelopmentExpensePolicy"><p id="xdx_84B_eus-gaap--ResearchAndDevelopmentExpensePolicy_z7XqcV8lrQr" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><i><span id="xdx_864_zxnuLKOazUUk">Research
and Development Costs</span></i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">Research
and development costs include, but are not limited to, payroll and other personnel expenses, consultants, expenses incurred under agreements
with contract research and manufacturing organizations and animal clinical investigative sites and the cost to manufacture clinical trial
materials. Costs related to research, design and development of products are charged to research and development expense as incurred.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">Effective
April 9, 2019, the Company entered into an Amended and Restated Exclusive License Agreement dated as of March 21, 2019 (the &#8220;Amended
License Agreement&#8221;) with the UCLA Technology Development Group on behalf of UC Regents (&#8220;UCLA TDG&#8221;). The Amended License
Agreement amends and restates the Amended and Restated Exclusive License Agreement, dated as of June 19, 2017 (the &#8220;2017 Agreement&#8221;).
The 2017 Agreement amended and restated the Exclusive License Agreement, effective March 15, 2006, between the Company and UCLA TDG,
as amended by ten amendments. See Note 9 for commitments related to the Exclusive License Agreement. Patent expenses include costs
to acquire the license of NELL-1, which was de minimis, and costs to file patent applications related to NELL-1.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company expenses the costs incurred to file patent applications, all costs related to abandoned patent applications and maintenance costs,
and these costs are included in general and administrative expenses. Costs associated with licenses acquired to be able to use products
from third parties prior to receipt of regulatory approval to market the related products are also expensed. The Company&#8217;s licensed
technologies may have alternative future uses in that they are enabling (or platform) technologies that can be the basis for multiple
products that would each target a specific indication. Costs of acquisition of licenses are expensed.</p>

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balances are maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced
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718, <i>Compensation &#8211; Stock Compensation</i>, prescribes accounting and reporting standards for all share-based payment transactions
in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options,
and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees,
including grants of employee stock options, are recognized as compensation expense in the consolidated financial statements based on their
fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award,
known as the requisite service period (usually the vesting period).</p>

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taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently
due and deferred taxes resulting from timing differences in recording of transactions for tax purposes and financial reporting purposes.</p>

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deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or
deductible when the assets and liabilities are received or settled. Valuation allowances are established when necessary to reduce deferred
tax assets to amounts expected to be realized.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
accounting provisions related to uncertain income tax positions require the Company to determine whether any tax position in all open
years meets a more likely than not threshold of being sustained upon examination by the applicable taxing authority. The Company did not
have any changes to its liability for uncertain tax positions as at December 31, 2021 and 2020.</p>

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Company&#8217;s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. No such amounts
are accrued as of December 31, 2021 and 2020.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company recognizes the financial statement effects of a tax position when it becomes more likely than not, based upon the technical merits,
that the position will be sustained upon examination.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company recognizes interest and/or penalties related to uncertain tax positions. To the extent accrued interest and penalties do not ultimately
become payable, amounts accrued will be reduced and reflected in the period that such determination is made. The interest and penalties
are recognized as other expense and not tax expense. The Company currently has no interest and penalties related to uncertain tax positions.</p>

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Shares</span></i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company accounts for the common shares issued as collateral for convertible promissory notes, whether upon original issuance or upon the
required annual adjustment, as debt issuance costs in the form of a loan processing fee, which is determined by reference to the par value
of the Company&#8217;s common stock, with a corresponding charge to operations when such collateral shares are issued. The collateral
shares are subject to significant contractual restrictions limiting their sale or transfer. As these common shares have been issued to
and are held by the lender, and are contingently returnable to the Company under certain conditions, such shares are considered as issued
and outstanding on the Company&#8217;s balance sheet, but are not included in earnings per share calculations for all periods presented.</p>

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the event of an uncured event of default, the Company will record a charge to operations to recognize that the collateral shares are no
longer owned or controlled by the Company, and such prospective charge to operations would be based on the fair market value of the collateral
shares at that time, and which would be classified as a cost of debt capital and recognized as a charge to operations. As of December
31, 2021, all previously issued collateral shares have been returned to the common.</p>

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Company utilizes FASB ASC Topic No. 260, <i>Earnings per Share</i>. Basic loss per share is computed by dividing loss available to common
shareholders by the weighted-average number of common shares outstanding. Shares issued for collateral for outstanding loans of -<span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210101__20211231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CollateralSharesMember_pdd" title="Anti-dilutive securities outstanding excluded from computation of diluted net loss per share"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-12-31_custom_CollateralSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">0</ix:nonFraction></span>- and
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returned and cancelled on October 13, 2021 when the outstanding debt was converted. Diluted loss per share is computed similar to basic
loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding
if the potential common shares had been issued and if the additional common shares were dilutive. Diluted loss per common share reflects
the potential dilution that could occur if convertible debentures, options and warrants were to be exercised or converted or otherwise
resulted in the issuance of common stock that then shared in the earnings of the entity.</p>

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the effects of outstanding options, warrants, and the conversion of convertible debt are anti-dilutive for the years ended 2021 and 2020,
shares of common stock underlying these instruments have been excluded from the computation of loss per common share.</p>

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following sets forth the number of shares of common stock underlying outstanding options, warrants, and convertible debt as of December
31, 2021 and 2020:</p>

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</ix:nonNumeric><p id="xdx_8AD_z6ek3Is2O1zf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_845_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zDkdwbwhdtH2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><b><i><span id="xdx_86F_zEElIhKNfCFa">New Accounting
Standards</span></i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">In
August 2020, the FASB issued ASU 2020-06, Debt &#8212; Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging&#8212;Contracts
in Entity&#8217;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity&#8217;s Own Equity (&#8220;ASU
2020-06). ASU 2020-06 simplifies the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting
models. Upon adoption of ASU 2020-06, convertible debt proceeds, unless issued with a substantial premium or an embedded conversion feature
that is not clearly and closely related to the host contract, will no longer be allocated between debt and equity components. This modification
will reduce the issue discount and result in less non-cash interest expense in financial statements. ASU 2020-06 also updates the earnings
per share calculation and requires entities to assume share settlement when the convertible debt can be settled in cash or shares. ASU
2020-06 will be effective January 1, 2024, and a cumulative-effect adjustment to the opening balance of retained earnings is required
upon adoption. Early adoption is permitted. We early adopted ASU 2020-06 on January 1, 2021, using the modified retrospective approach.
Adoption of the new standard did not affect any previously reported amounts.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">Recent
accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants,
and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company&#8217;s
present or future consolidated financial statements.</p>

</ix:nonNumeric><p id="xdx_852_zZ17hr85Nbil" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LongTermDebtTextBlock"><p id="xdx_801_eus-gaap--LongTermDebtTextBlock_zkYWww6BrYz" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>3.
<span id="xdx_821_zjDey9t77Ec5">Notes Payable - Related Party</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><b><i>Hankey
Capital LLC (Hankey Capital)</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">Hankey
Capital held certain convertible notes of the Company as discussed below. Don Hankey, the CEO and Chairman of Hankey Group, is our non-independent
Chairman of the Board and a significant shareholder. Bret Hankey, the president of Hankey Capital, was a non-independent board member
through October 13, 2021. The Hankey Group is an affiliate of Hankey Capital.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">Prior
to January 1, 2019, the Company issued three convertible promissory notes in the aggregate amount of $<span id="xdx_90C_eus-gaap--ConvertibleNotesPayableCurrent_iI_pp0p0_c20190101__us-gaap--ShortTermDebtTypeAxis__custom--FirstandSecondSecuredConvertibleNotesandWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember_z0MoU13N2X3d" title="Convertible notes payable, current"><ix:nonFraction name="us-gaap:ConvertibleNotesPayableCurrent" contextRef="AsOf2019-01-01_custom_FirstandSecondSecuredConvertibleNotesandWarrantsMember_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,000,000</ix:nonFraction></span> to Hankey Capital. The
Convertible Notes were to mature on <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20181230__20190102__us-gaap--ShortTermDebtTypeAxis__custom--FirstandSecondSecuredConvertibleNotesandWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember_zwDjv4nvGSQ5" title="Debt maturity date"><ix:nonNumeric contextRef="From2018-12-302019-01-02_custom_FirstandSecondSecuredConvertibleNotesandWarrantsMember_custom_HankeyCapitalLLCMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">December 31, 2021</ix:nonNumeric></span> and bear interest at an annual rate of interest of the &#8220;prime rate&#8221;
plus <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPercentage_c20190101__us-gaap--ShortTermDebtTypeAxis__custom--FirstandSecondSecuredConvertibleNotesandWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember_zqedoW5U5Obc" title="Debt instrument, interest rate, stated percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-01-01_custom_FirstandSecondSecuredConvertibleNotesandWarrantsMember_custom_HankeyCapitalLLCMember_us-gaap_PrimeRateMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">4.0</ix:nonFraction></span>%, with a minimum rate of <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPercentage_c20190101__us-gaap--ShortTermDebtTypeAxis__custom--FirstandSecondSecuredConvertibleNotesandWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember__srt--RangeAxis__srt--MinimumMember_zuDW7rXIWIk6" title="Debt instrument, interest rate, stated percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-01-01_custom_FirstandSecondSecuredConvertibleNotesandWarrantsMember_custom_HankeyCapitalLLCMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">8.5</ix:nonFraction></span>% per annum until maturity, with interest payable monthly in arrears. Prior to the Maturity Date,
Hankey Capital has a right, in its sole discretion, to convert the Convertible Notes into shares of the Company&#8217;s Common Stock,
at a conversion rate equal to $<span id="xdx_90E_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20190101__us-gaap--ShortTermDebtTypeAxis__custom--FirstandSecondSecuredConvertibleNotesandWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember_zZYNZUPLVQV1" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2019-01-01_custom_FirstandSecondSecuredConvertibleNotesandWarrantsMember_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per share. As of December 31, 2020, $<span id="xdx_901_eus-gaap--ConvertibleNotesPayableCurrent_iI_pp0p0_c20201231__us-gaap--ShortTermDebtTypeAxis__custom--FirstandSecondSecuredConvertibleNotesandWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember_z9XamjZoNB9l" title="Convertible notes payable, current"><ix:nonFraction name="us-gaap:ConvertibleNotesPayableCurrent" contextRef="AsOf2020-12-31_custom_FirstandSecondSecuredConvertibleNotesandWarrantsMember_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,000,000</ix:nonFraction></span> was outstanding under these convertible notes. The
notes were secured by <span id="xdx_906_ecustom--NumberOfSharesOfCommonStockIssuedAsCollateral_pip0_c20200101__20201231__us-gaap--ShortTermDebtTypeAxis__custom--FirstandSecondSecuredConvertibleNotesandWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember_zZUgmmt2J9b1" title="Number of shares of common stock issued as collateral"><ix:nonFraction name="BBLG:NumberOfSharesOfCommonStockIssuedAsCollateral" contextRef="From2020-01-012020-12-31_custom_FirstandSecondSecuredConvertibleNotesandWarrantsMember_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">7,659,574</ix:nonFraction></span> collateral shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">The
Company and Hankey Capital entered into agreements under which Hankey Capital provided credit facilities in an aggregate amount of $<span id="xdx_90F_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--SecondCreditFacilityConvertibleSecuredTermNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember_zNdJzQHTHtmi" title="Line of credit facility, maximum borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2021-12-31_custom_SecondCreditFacilityConvertibleSecuredTermNoteMember_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,800,000</ix:nonFraction></span>
to the Company to be drawn down by the Company upon notice to Hankey Capital. The credit facility is evidenced by a convertible secured
note convertible prior to the maturity date at $<span id="xdx_905_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20211231__us-gaap--DebtInstrumentAxis__custom--SecondCreditFacilityConvertibleSecuredTermNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember_zQZnLINIg1D4" title="Debt instrument, convertible, conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2021-12-31_custom_SecondCreditFacilityConvertibleSecuredTermNoteMember_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per share. All personal property and assets of the Company secure the note. The draws
bear interest at an annual rate of interest at the &#8220;prime rate&#8221; (as quoted in the &#8220;Money Rates&#8221; section of The
Wall Street Journal) plus <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPercentage_c20211231__us-gaap--DebtInstrumentAxis__custom--SecondCreditFacilityConvertibleSecuredTermNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember_zuWxWgdCPXe6" title="Debt instrument, interest rate, stated percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-12-31_custom_SecondCreditFacilityConvertibleSecuredTermNoteMember_custom_HankeyCapitalLLCMember_us-gaap_PrimeRateMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">4.0</ix:nonFraction></span>%, with a minimum rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPercentage_c20211231__us-gaap--DebtInstrumentAxis__custom--SecondCreditFacilityConvertibleSecuredTermNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember__srt--RangeAxis__srt--MinimumMember_zBPdBdcKvkHb" title="Debt instrument, interest rate, stated percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-12-31_custom_SecondCreditFacilityConvertibleSecuredTermNoteMember_custom_HankeyCapitalLLCMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">8.5</ix:nonFraction></span>% per annum until maturity, with interest payable monthly in arrears. At December
31, 2020, the Company had been advanced $<span id="xdx_90C_eus-gaap--ProceedsFromRelatedPartyDebt_pp0p0_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--SecondCreditFacilityConvertibleSecuredTermNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember_zQPiSH0n1OBa" title="Proceeds from related party debt"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2020-01-012020-12-31_custom_SecondCreditFacilityConvertibleSecuredTermNoteMember_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,712,179</ix:nonFraction></span> under the facilities. During the year ended December 31, 2021, the Company had made
additional borrowings of $<span id="xdx_907_ecustom--LineOfCreditFacilityAdditionalBorrowingCapacity_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--SecondCreditFacilityConvertibleSecuredTermNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember_zCqs41hhLOE1" title="Line of credit facility additional borrowing capacity"><ix:nonFraction name="BBLG:LineOfCreditFacilityAdditionalBorrowingCapacity" contextRef="AsOf2021-12-31_custom_SecondCreditFacilityConvertibleSecuredTermNoteMember_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,055,715</ix:nonFraction></span>. The notes were secured by <span id="xdx_907_ecustom--NumberOfSharesOfCommonStockIssuedAsCollateral_pip0_c20210101__20211231__us-gaap--ShortTermDebtTypeAxis__custom--FirstandSecondSecuredConvertibleNotesandWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember_zfk7wROEgk1f" title="Number of shares of common stock issued as collateral"><ix:nonFraction name="BBLG:NumberOfSharesOfCommonStockIssuedAsCollateral" contextRef="From2021-01-012021-12-31_custom_FirstandSecondSecuredConvertibleNotesandWarrantsMember_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,702,128</ix:nonFraction></span> collateral shares</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">In
connection with the October 2021 Primary Offering, Hankey Capital converted all the outstanding convertible notes and advances under
the secured credit facilities ($<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20211231__dei--LegalEntityAxis__custom--HankeyCapitalLLCMember_zHOrGgEZIyR1" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_HankeyCapitalLLCMember74442421" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,767,894</ix:nonFraction></span> in principal amount and $<span id="xdx_90A_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_c20211231__dei--LegalEntityAxis__custom--HankeyCapitalLLCMember_zulNScVw6oD9" title="Interest payable"><ix:nonFraction name="us-gaap:InterestPayableCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_HankeyCapitalLLCMember74442421" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,054,041</ix:nonFraction></span> of accrued interest) into shares of our common stock.
In addition, <span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation_c20210101__20211231__dei--LegalEntityAxis__custom--HankeyCapitalLLCMember_zGC1Y5F20Gkb" title="Collateral shares, cancelled"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation" contextRef="From2021-01-012021-12-31_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,361,702</ix:nonFraction></span> collateral shares were returned to the Company and cancelled and the par value of the share has been offset
to Capital.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ConvertibleDebtTableTextBlock"><p id="xdx_896_eus-gaap--ConvertibleDebtTableTextBlock_zjiBIDgZu7Nf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zclMsc49OUsc" style="display: none">Schedule
of Notes Payable</span></span></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; text-align: center">Note Type</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">
    <p style="margin-top: 0; margin-bottom: 0">Issue</p>
    <p style="margin-top: 0; margin-bottom: 0">Date</p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">
    <p style="text-align: center; margin-top: 0; margin-bottom: 0">Maturity</p>
    <p style="text-align: center; margin-top: 0; margin-bottom: 0">Date</p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">
    <p style="margin-top: 0; margin-bottom: 0">Interest</p>
    <p style="margin-top: 0; margin-bottom: 0">Rate</p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">
    <p style="margin-top: 0; margin-bottom: 0">December 31,</p>
    <p style="margin-top: 0; margin-bottom: 0">2021</p></td>
    <td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">
    <p style="margin-top: 0; margin-bottom: 0">December 31,</p>
    <p style="margin-top: 0; margin-bottom: 0">2020</p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold">&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 32%; font-style: italic; text-align: left">First Secured Convertible Note</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: right"><span id="xdx_90D_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--FirstSecuredConvertibleNoteMember_zORhmviDSxLc" title="Issue Date"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_FirstSecuredConvertibleNoteMember" format="ixt:datemonthdayyear" name="us-gaap:DebtInstrumentIssuanceDate1">10/24/14</ix:nonNumeric></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center"><span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--FirstSecuredConvertibleNoteMember_zM8OIcuSstP5" title="Maturity Date"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_FirstSecuredConvertibleNoteMember" format="ixt:datemonthdayyear" name="us-gaap:DebtInstrumentMaturityDate">12/31/21</ix:nonNumeric></span></td>
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    <td style="width: 1%; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td id="xdx_98C_eus-gaap--SecuredDebtCurrent_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--ThirdSecuredConvertibleNoteMember_z1qR4VbIhesd" title="Secured Debt, Current" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0523">-</span></td>
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    <td style="text-align: left">&#160;</td>
    <td id="xdx_985_eus-gaap--SecuredDebtCurrent_iI_pp0p0_c20201231__us-gaap--DebtInstrumentAxis__custom--ThirdSecuredConvertibleNoteMember_zggfrZYTdt8e" title="Secured Debt, Current" style="text-align: right"><ix:nonFraction name="us-gaap:SecuredDebtCurrent" contextRef="AsOf2020-12-31_custom_ThirdSecuredConvertibleNoteMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000,000</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left">First Credit Facility</td>
    <td>&#160;</td>
    <td style="text-align: right"><span id="xdx_90A_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--FirstCreditFacilityMember_zjpPJKlxhPO4" title="Issue Date"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_FirstCreditFacilityMember" format="ixt:datemonthdayyear" name="us-gaap:DebtInstrumentIssuanceDate1">7/24/18</ix:nonNumeric></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td id="xdx_98C_eus-gaap--SecuredDebtCurrent_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--FirstCreditFacilityMember_zWpDyQhrUEt2" title="Secured Debt, Current" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0533">-</span></td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left; padding-bottom: 1.5pt">Second Credit Facility</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: right; padding-bottom: 1.5pt"><span id="xdx_901_eus-gaap--DebtInstrumentIssuanceDate1_dd_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--SecondCreditFacilityMember_zzObdMDRXY6" title="Issue Date"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_SecondCreditFacilityMember" format="ixt:datemonthdayyear" name="us-gaap:DebtInstrumentIssuanceDate1">9/19/19</ix:nonNumeric></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td>
    <td id="xdx_982_eus-gaap--SecuredDebtCurrent_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--SecondCreditFacilityMember_zGH9LuUqLrWj" title="Secured Debt, Current" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0543">-</span></td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td id="xdx_98E_eus-gaap--SecuredDebtCurrent_iI_pp0p0_c20201231__us-gaap--DebtInstrumentAxis__custom--SecondCreditFacilityMember_zhHGlKFbVnye" title="Secured Debt, Current" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:SecuredDebtCurrent" contextRef="AsOf2020-12-31_custom_SecondCreditFacilityMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">712,179</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Notes payable</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: right; padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td>
    <td id="xdx_985_eus-gaap--SecuredDebtCurrent_iI_pp0p0_c20211231_z7JOH4IlOOC9" title="Secured Debt, Current" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0547">-</span></td>
    <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td id="xdx_986_eus-gaap--SecuredDebtCurrent_iI_pp0p0_c20201231_z3E1tJ2TNtk8" title="Secured Debt, Current" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:SecuredDebtCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,712,179</ix:nonFraction></td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">Interest
payable &#8211; related party on the above notes was $-<span id="xdx_90D_ecustom--InterestPayableRelatedParties_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--AllOutstandingNotesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember_zJuyEageuw25" title="Interest payable related parties"><ix:nonFraction name="BBLG:InterestPayableRelatedParties" contextRef="AsOf2021-12-31_custom_AllOutstandingNotesMember_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">0</ix:nonFraction></span>- and $<span id="xdx_906_ecustom--InterestPayableRelatedParties_iI_pp0p0_c20201231__us-gaap--DebtInstrumentAxis__custom--AllOutstandingNotesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HankeyCapitalLLCMember_zv45PPDr6kdc" title="Interest payable related parties"><ix:nonFraction name="BBLG:InterestPayableRelatedParties" contextRef="AsOf2020-12-31_custom_AllOutstandingNotesMember_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,251,626</ix:nonFraction></span> as December 31, 2021 and 2020, respectively. Interest expense
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

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<span><span id="xdx_82D_zrW1YNgvObd2">Stockholders&#8217; Deficit</span></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><i>Preferred
Stock</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company&#8217;s amended and restated certificate of incorporation authorizes the Company to issue a total of <span title="Preferred Stock, Shares Authorized"><span title="Preferred Stock, Shares Authorized"><span id="xdx_908_eus-gaap--PreferredStockSharesAuthorized_iI_c20211231_zVYPrcETk3r1" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000,000</ix:nonFraction></span></span></span> shares of preferred
stock. <span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_iI_do_c20211231_z9FGcBNvwISb" title="Preferred stock, shares issued"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">No</ix:nonFraction></span> shares have been issued.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><i>Common
Stock</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company&#8217;s amended and restated certificate of incorporation authorizes the Company to issue a total of <span title="Common Stock, Shares Authorized"><span title="Common Stock, Shares Authorized"><span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_c20211231_zR9nLrUJtjFi" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction></span></span></span> shares of common
stock. As of December 31, 2021 and 2020, the Company had an aggregate of <span title="Common Stock, Shares, Outstanding"><span id="xdx_906_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_zdtDop1uBDt7" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,350,574</ix:nonFraction></span></span> and <span title="Common Stock, Shares, Outstanding"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_c20201231_zThuFsLZqcig" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,273,036</ix:nonFraction></span></span> shares of common stock outstanding,
respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><i>2021</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">On
October 15, 2021, the Company completed a public offering (the &#8220;October 2021 Primary Offering&#8221;) of <span id="xdx_905_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20211014__20211015__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zRiIYkbO7C21" title="Sale of Stock, Number of Shares Issued in Transaction"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-10-142021-10-15_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,510,455</ix:nonFraction></span> units (the &#8220;Units&#8221;).
Each Unit consists of one share of common stock of the Company, par value $<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20211015__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zgSpVaatkMo7" title="Common Stock, Par or Stated Value Per Share"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-10-15_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> per share (the &#8220;Common Stock&#8221;), and one warrant
(a &#8220;Warrant&#8221;) to purchase one share of Common Stock for $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_c20211015__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zYUaHzr5agN2" title="Shares Issued, Price Per Share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-10-15_us-gaap_IPOMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.30</ix:nonFraction></span> per share. The Units were sold at a price of $<span id="xdx_902_eus-gaap--SaleOfStockPricePerShare_iI_c20211015__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zrqlI4DuF2Ac"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-10-15_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.25</ix:nonFraction> </span>per Unit,
generating net proceeds to the Company of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20211014__20211015__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zNwA0Y6Avj4e" title="Proceeds from Issuance of Common Stock"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2021-10-142021-10-15_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,858,843</ix:nonFraction></span>. The Company granted to WallachBeth Capital LLC, the underwriter in the Offering,
a 45-day option to purchase up to <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211014__20211015__dei--LegalEntityAxis__custom--WallachBethCapitalLLCMember_zexztE34ByZh" title="Stock Issued During Period, Shares, New Issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-10-142021-10-15_custom_WallachBethCapitalLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">226,568</ix:nonFraction></span> additional shares of Common Stock and/or <span id="xdx_905_eus-gaap--WarrantsAndRightsOutstanding_iI_c20211015__dei--LegalEntityAxis__custom--WallachBethCapitalLLCMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zudzbjMqnjNi" title="Warrants and Rights Outstanding"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstanding" contextRef="AsOf2021-10-15_custom_WallachBethCapitalLLCMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">226,568</ix:nonFraction></span> Warrants to cover over-allotments, if any.
The underwriter has exercised its option with respect to the Warrants. WallachBeth also received <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20211015__dei--LegalEntityAxis__custom--WallachBethCapitalLLCMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zdQJCsuKu66h" title="Class of Warrant or Right, Number of Securities Called by Warrants or Rights"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-10-15_custom_WallachBethCapitalLLCMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,627</ix:nonFraction></span> warrants as part of the October
2021 Primary Offering at an exercise price of $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20211015__dei--LegalEntityAxis__custom--WallachBethCapitalLLCMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_znXCJPI1ulRh" title="Class of Warrant or Right, Exercise Price of Warrants or Rights"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-10-15_custom_WallachBethCapitalLLCMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.30</ix:nonFraction></span> per common share representing <span id="xdx_908_ecustom--OfferingPortionPercentage_iI_pid_dp_c20211015__dei--LegalEntityAxis__custom--WallachBethCapitalLLCMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_znL1vj6DXXO4" title="Percentage of toal offering"><ix:nonFraction name="BBLG:OfferingPortionPercentage" contextRef="AsOf2021-10-15_custom_WallachBethCapitalLLCMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">5</ix:nonFraction></span>% of the raise.</p>

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

<ix:exclude><!-- Field: Page; Sequence: 98; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">During
October 2021, Hankey Capital converted all the outstanding convertible notes in accordance with the original term of the note agreements
($<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20211231__dei--LegalEntityAxis__custom--HankeyCapitalLLCMember_zabJk7wGFmSi"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_HankeyCapitalLLCMember74442421" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">12,767,894</ix:nonFraction>
</span>in principal amount and $<span id="xdx_90C_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0_c20211231__dei--LegalEntityAxis__custom--HankeyCapitalLLCMember_zD7NmowV1Ng"><ix:nonFraction name="us-gaap:InterestPayableCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_HankeyCapitalLLCMember74442421" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,054,041</ix:nonFraction>
</span>of accrued interest) into <span id="xdx_901_ecustom--DebtConversionConvertedInstrumentAmount_c20210101__20211231_zb7clneBsdK"><ix:nonFraction name="BBLG:DebtConversionConvertedInstrumentAmount" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,928,774</ix:nonFraction>
</span>shares of our common stock and <span id="xdx_903_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_c20210101__20211231_zjkG3sh1Enp3"><ix:nonFraction name="us-gaap:StockRepurchasedAndRetiredDuringPeriodShares" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,361,702</ix:nonFraction>
</span>collateral shares cancelled.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><i>2020</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">During
the year ended December 31, 2020 there were no shares issued.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><i>Common
Stock Warrants</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="BBLG:ScheduleOfWarrantActivityTableTextBlock"><p id="xdx_893_ecustom--ScheduleOfWarrantActivityTableTextBlock_zYQgy5IGuuGh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">A
summary of warrant activity for the years ended December 31, 2021 and 2020 are presented below:</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><span id="xdx_8B6_znyYULbsilW2" style="display: none">Schedule of Warrant Activity</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span></span></span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subject
to Exercise</b></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">
    <p style="margin-top: 0; margin-bottom: 0">Number of</p>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">
    <p style="margin-top: 0; margin-bottom: 0">Weighted</p>
    <p style="margin-top: 0; margin-bottom: 0">Average</p>
    <p style="margin-top: 0; margin-bottom: 0">Exercise Price</p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">
    <p style="margin-top: 0; margin-bottom: 0">Weighted</p>
    <p style="margin-top: 0; margin-bottom: 0">Average Life</p>
    <p style="margin-top: 0; margin-bottom: 0">(Years)</p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td>
    <td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20200101__20201231_zbZ9FHbLrJ2g" title="Number of warrents, outstanding" style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">204,855</ix:nonFraction></td>
    <td style="width: 1%; text-align: left">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td>
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    <td style="width: 1%; text-align: left">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Granted &#8211; 2020</b></span></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20200101__20201231_zHh1ex9YU7ij" title="Number of warrents,granted" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0602">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Forfeited/Expired &#8211; 2020</b></span></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_iN_di_c20200101__20201231_ze9KQSNJ21Od" title="Number of warrents,forfeited" style="text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">113,014</ix:nonFraction></td>
    <td style="text-align: left">)</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20200101__20201231_z3y5JOon8jV4" title="Weighted average exercise price,forfeited" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0608">-</span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercised &#8211; 2020</b></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20200101__20201231_zyXKn2oRxplc" title="Number of warrents,exercised" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0610">-</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisesInPeriodWeightedAverageExercisePrice_c20200101__20201231_zwJ2uB32hDLa" title="Weighted average exercise price,exercised" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0612">-</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding as of December 31, 2020</b></span></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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    <td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AF_zSan3BqZ2Pjj" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zx4Ax6LhQj01" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">As
of December 31, 2021, the Company had outstanding vested and unexercised Common Stock Warrants as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><span id="xdx_8BB_zMAC6Nt1Wfel" style="display: none">Schedule of Outstanding Vested and Unexercised Common Stock Warrants</span></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">Date Issued</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: center">Expiration date</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td>
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    <td style="width: 1%; text-align: left">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">October 2021</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">$</td>
    <td id="xdx_98F_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsOutstandingPeriodWeightedAverageExercisePrice_iI_c20211231__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyOneOneMember__us-gaap--StatementEquityComponentsAxis__custom--VestedAndUnexercisedCommonStockWarrantsMember_zOXoLPFDKfH1" title="Exercise Price" style="padding-bottom: 1.5pt; text-align: right"><ix:nonFraction name="BBLG:ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsOutstandingPeriodWeightedAverageExercisePrice" contextRef="AsOf2021-12-31_custom_OctoberTwoThousandTwentyOneOneMember_custom_VestedAndUnexercisedCommonStockWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6.30</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total outstanding warrants at December 31, 2021</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td>
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    <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AA_zu08ZGVYLXve" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">Based
on a fair market value of $<span id="xdx_90F_eus-gaap--SharePrice_iI_c20211231_zNdKfdbloYBa" title="Fair market value"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.52</ix:nonFraction> </span>per share on December 31, 2021, there were no exercisable but unexercised in-the-money common stock warrants
on that date. Accordingly, there was no intrinsic value attributed to exercisable but unexercised common stock warrants at December 31,
2021.</p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_806_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_z5brv1EM1kX3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>5.
<span id="xdx_826_zVyjiMrqRZP4">Stock-based Compensation</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><i>2015
Equity Incentive Plan</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company has <span id="xdx_900_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20211231__us-gaap--AwardTypeAxis__custom--TwoThousandFifteenEquityIncentivePlanMember_z0MDQyc0nlU2" title="Common stock, capital shares reserved for future issuance"><ix:nonFraction name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="AsOf2021-12-31_custom_TwoThousandFifteenEquityIncentivePlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">560,000</ix:nonFraction></span> shares of Common Stock authorized and reserved for issuance under our 2015 Equity Incentive Plan for option awards.
This reserve may be increased by the Board each year by up to the number of shares of stock equal to <span id="xdx_902_ecustom--PercentageOfStockIssuedAndOutstanding_dp_uPercentage_c20210101__20211231__us-gaap--AwardTypeAxis__custom--TwoThousandFifteenEquityIncentivePlanMember_zRsinc2pPFo7" title="Percentage of stock issued and outstanding"><ix:nonFraction name="BBLG:PercentageOfStockIssuedAndOutstanding" contextRef="From2021-01-012021-12-31_custom_TwoThousandFifteenEquityIncentivePlanMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">5</ix:nonFraction></span>% of the number of shares of stock
issued and outstanding on the immediately preceding December 31. Appropriate adjustments will be made in the number of authorized shares
and other numerical limits in our 2015 Equity Incentive Plan and in outstanding awards to prevent dilution or enlargement of participants&#8217;
rights in the event of a stock split or other change in our capital structure. Shares subject to awards granted under our 2015 Equity
Incentive Plan which expire, are repurchased or are cancelled or forfeited will again become available for issuance under our 2015 Equity
Incentive Plan. The shares available will not be reduced by awards settled in cash. Shares withheld to satisfy tax withholding obligations
will not again become available for grant. The gross number of shares issued upon the exercise of stock appreciation rights or options
exercised by means of a net exercise or by tender of previously owned shares will be deducted from the shares available under our 2015
Equity Incentive Plan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">Awards
may be granted under our 2015 Equity Incentive Plan to our employees, including officers, director or consultants, and our present or
future affiliated entities. While we may grant incentive stock options only to employees, we may grant non-statutory stock options, stock
appreciation rights, restricted stock purchase rights or bonuses, restricted stock units, performance shares, performance units and cash-based
awards or other stock based awards to any eligible participant.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
2015 Equity Incentive Plan is administered by our compensation committee. Subject to the provisions of our 2015 Equity Incentive Plan,
the compensation committee determines, in its discretion, the persons to whom, and the times at which, awards are granted, as well as
the size, terms and conditions of each award. All awards are evidenced by a written agreement between us and the holder of the award.
The compensation committee has the authority to construe and interpret the terms of our 2015 Equity Incentive Plan and awards granted
under our 2015 Equity Incentive Plan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zpND1mBHOJ85" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">A
summary of stock option activity for the years ended December 31, 2021 and 2020 are presented below:</p>

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

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of Stock Option Activity</span></span></p>

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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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    <td style="text-align: right"><span id="xdx_901_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20200101__20201231_z2T0t6K0MAAi" title="Weighted Average Life (Years), Outstanding, Ending balance"><ix:nonNumeric contextRef="From2020-01-012020-12-31" format="ixt-sec:duryear" name="BBLG:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm1">4.65</ix:nonNumeric></span></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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<tr style="vertical-align: bottom; background-color: White">
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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>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AB_zkEGs5OJuGa4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

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of December 31, 2021, the Company had outstanding stock options as follows:</p>

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

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="width: 1%; text-align: left">&#160;</td>
    <td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>November 2015</td>
    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td id="xdx_981_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--NovemberTwoThousandFifteenMember_zHuVc7WnA4vg" title="Number of Options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2021-12-31_custom_NovemberTwoThousandFifteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">48,986</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>December 2015</td>
    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td id="xdx_98D_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--DecemberTwoThousandFifteenMember_zJd5RAnQrU9i" title="Number of Options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2021-12-31_custom_DecemberTwoThousandFifteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,228</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_dd_c20210101__20211231__us-gaap--AwardDateAxis__custom--DecemberTwoThousandFifteenMember_zFLX17NKcjua" title="Expiration date" style="text-align: right"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_DecemberTwoThousandFifteenMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">December 27, 2025</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>January 2016</td>
    <td>&#160;</td>
    <td style="text-align: left">$</td>
    <td id="xdx_987_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandSixteenMember_zMYDm6bDXkM5" title="Exercise Price" style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-12-31_custom_JanuaryTwoThousandSixteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">39.75</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td id="xdx_98C_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandSixteenMember_zE7t0as5BNWg" title="Number of Options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2021-12-31_custom_JanuaryTwoThousandSixteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">51,032</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_dd_c20210101__20211231__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandSixteenMember_zDjNzRKzw9Wb" title="Expiration date" style="text-align: right"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_JanuaryTwoThousandSixteenMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">January 9, 2026</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>May 2016</td>
    <td>&#160;</td>
    <td style="text-align: left">$</td>
    <td id="xdx_981_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--MayTwoThousandSixteenMember_zlewRkq36GFc" title="Exercise Price" style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-12-31_custom_MayTwoThousandSixteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">51.25</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td id="xdx_983_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--MayTwoThousandSixteenMember_zlxjW3PhfK0i" title="Number of Options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2021-12-31_custom_MayTwoThousandSixteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,766</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_dd_c20210101__20211231__us-gaap--AwardDateAxis__custom--MayTwoThousandSixteenMember_zA0ZBebyWJyk" title="Expiration date" style="text-align: right"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_MayTwoThousandSixteenMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">May 26, 2026</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>September 2016</td>
    <td>&#160;</td>
    <td style="text-align: left">$</td>
    <td id="xdx_989_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--SeptemberTwoThousandSixteenMember_zCcffi1Ue5Rf" title="Exercise price" style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-12-31_custom_SeptemberTwoThousandSixteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">51.25</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td id="xdx_980_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--SeptemberTwoThousandSixteenMember_zUK3pkUYtCdl" title="Number of Options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2021-12-31_custom_SeptemberTwoThousandSixteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,973</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_dd_c20210101__20211231__us-gaap--AwardDateAxis__custom--SeptemberTwoThousandSixteenMember_zOnfNUo8sYWf" title="Expiration date" style="text-align: right"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_SeptemberTwoThousandSixteenMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">May 31, 2026</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>January 2017</td>
    <td>&#160;</td>
    <td style="text-align: left">$</td>
    <td id="xdx_98E_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandSeventeenMember_zVxuHrqHXkm3" title="Exercise price" style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2021-12-31_custom_JanuaryTwoThousandSeventeenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">51.25</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td id="xdx_982_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_pid_c20211231__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandSeventeenMember_zwo4beDDlis4" title="Number of Options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2021-12-31_custom_JanuaryTwoThousandSeventeenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,142</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>January 2018</td>
    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total outstanding options at December 31, 2021</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td>
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    <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A6_zHgvrIjLLbyk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (<i>i.e.</i> , the difference between our closing
stock price on the respective date and the exercise price, times the number of shares) that would have been received by the option holders
had all option holders exercised their options. There were no options exercised during the years ended December 31, 2021 and 2020, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">There
were <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20210101__20211231_zUKP07neZB5c" title="Number of options, granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">48,847</ix:nonFraction></span> options granted to employees and Directors with a fair value of $<span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pp0p0_c20210101__20211231_zWMjtvYHxND9" title="Fair value of stock option"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">207,035</ix:nonFraction></span> the year ended December 31, 2021. There were <span title="Number of options, granted">no</span> options
granted during the year ended December 31, 2020. Vesting of options differs based on the terms of each option. The Company has valued
the options at their date of grant utilizing the Black-Scholes option pricing model. As of the issuance of these consolidated financial
statements, there was no active public market for the Company&#8217;s shares. Accordingly, the fair value of the options was determined
based on the historical volatility data of similar companies, considering the industry, products and market capitalization of such other
entities. The risk-free interest rate used in the calculations is based on the implied yield available on U.S. Treasury issues with an
equivalent term approximating the expected life of the options as calculated using the simplified method. The expected life of the options
used was based on the contractual life of the option granted. Stock-based compensation is a non-cash expense because we settle these obligations
by issuing shares of our common stock from our authorized shares instead of settling such obligations with cash payments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">During
the years ended December 31, 2021 and 2020, the Company had stock-based compensation expense of $<span id="xdx_90B_eus-gaap--ShareBasedCompensation_pp0p0_c20210101__20211231_zFYbinwnLWya" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">207,035</ix:nonFraction></span> and $-<span id="xdx_902_eus-gaap--ShareBasedCompensation_pp0p0_dxL_c20200101__20201231_zsIuk2i5fMce" title="Stock-based compensation expense::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0801">0</span></span>-, respectively, related
to the vesting of stock options granted to the Company&#8217;s employees, directors, and consultants included in our reported net loss.
Our policy is to account for forfeitures of the unvested portion of option grants when they occur; therefore, forfeitures are recorded
as a reversal to expense, which can result in a credit balance in the statement of operations.</p>

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

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zH451VbuPnXl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company utilized the Black-Scholes option-pricing model. The assumptions used for the years ended December 31, 2021 and 2020 are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zT7GMjWItyvh" style="display: none">Schedule
of Assumptions Using Black-Scholes Option Pricing Model</span></span></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>&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0"><b>December 31,</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; margin-left: 0"><b>2021</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <p style="margin-top: 0; margin-bottom: 0">December 31,</p>
    <p style="margin-top: 0; margin-bottom: 0">2020</p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 62%; text-align: left">Risk free interest rate</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td>
    <td style="width: 16%; text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPercentage_c20210101__20211231_zS4vNyx1YRr3" title="Risk free interest rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">1.21</ix:nonFraction></span></td>
    <td style="width: 1%; text-align: left">%</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td>
    <td style="width: 16%; text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPercentage_c20200101__20201231_zQdkdd4Op2Uh" title="Risk free interest rate"><span style="-sec-ix-hidden: xdx2ixbrl0807">-</span></span></td>
    <td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Expected life (in years)</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_zpNPudR958ud" title="Expected life (in years)"><ix:nonNumeric contextRef="From2021-01-012021-12-31_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">2</ix:nonNumeric></span> - <span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zEE1ap1ZdGk7" title="Expected life (in years)"><ix:nonNumeric contextRef="From2021-01-012021-12-31_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">10</ix:nonNumeric></span></span></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_c20200101__20201231_zdXeZlVWX9Ek" title="Expected life (in years)"><span style="-sec-ix-hidden: xdx2ixbrl0813">-</span></span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Expected Volatility</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_uPercentage_c20210101__20211231_z1vcqZ1mJgE2" title="Expected Volatility"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">113.93</ix:nonFraction></span></td>
    <td style="text-align: left">%</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_uPercentage_c20200101__20201231_zicQPAy25Sf" title="Expected Volatility"><span style="-sec-ix-hidden: xdx2ixbrl0817">-</span></span></td>
    <td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Expected dividend yield</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_uPercentage_c20210101__20211231_za809HEL13w3" title="Expected dividend yield"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">0</ix:nonFraction></span></td>
    <td style="text-align: left">%</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_uPercentage_c20200101__20201231_zWGERrz9IUs" title="Expected dividend yield"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">0</ix:nonFraction></span></td>
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  </table>
</ix:nonNumeric><p id="xdx_8A8_zqudYNe36UPd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_809_eus-gaap--IncomeTaxDisclosureTextBlock_zlbHPseq3vG8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>6.
<span id="xdx_826_ziagnGv8ng1h">Income Taxes</span></b></p>

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

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zfG3xGf8rxV5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
provision for income taxes consists of the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><span id="xdx_8B3_zJ06CNLT8vu6" style="display: none">Schedule of Provision for Income Taxes</span></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">Year Ended</td>
    <td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49F_20210101__20211231_zOoz95fHawS" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">
    <p style="margin-top: 0; margin-bottom: 0">December 31,</p>
    <p style="margin-top: 0; margin-bottom: 0">2021</p></td>
    <td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_498_20200101__20201231_zL3YmZ9rDuUh" style="border-bottom: Black 1.5pt solid; text-align: center">
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    <p style="margin-top: 0; margin-bottom: 0">2020</p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <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="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
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    <td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td>
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    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td>
    <td style="width: 1%">&#160;</td>
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    <td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0868">-</span></td>
    <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0869">-</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company reviews its deferred tax assets for realization based upon historical taxable income, prudent and feasible tax planning strategies,
the expected timing of the reversals of existing temporary differences and expected future taxable income. The Company has concluded
that it is more likely than not that the deferred tax assets will not be realized. Accordingly, the Company has recorded a valuation
allowance against the net deferred tax assets in the amount of $<span id="xdx_90D_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pp0p0_c20211231_zvHTyKzenaZ9" title="Deferred tax assets, valuation allowance"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">18,793,000</ix:nonFraction>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
effective tax rate differs from the statutory tax rate principally due to the change in valuation allowance, nondeductible permanent differences,
credits, and state income taxes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zhDP97gcEtU8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">A
reconciliation of the federal income tax rate to the Company&#8217;s effective tax rate for the years ended December 31, 2021 and 2020
is as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><span id="xdx_8B5_zOZ6wagOwyP3" style="display: none">Schedule of Income Tax Effective Tax Rate</span></p>

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    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td id="xdx_98A_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_dp_uPercentage_c20210101__20211231_zSxGGvYqMgP5" title="Deferred tax rate change" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0891">-</span></td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td id="xdx_98E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_dp_uPercentage_c20200101__20201231_z9JCKaVeMZ9e" title="Deferred tax rate change" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0893">-</span></td>
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    <td style="text-align: left">Research and development credit</td>
    <td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td>
    <td id="xdx_988_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_dp_uPercentage_c20210101__20211231_zIAqBfktnHz4" title="Research and development credit" style="font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationTaxCreditsResearch" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">0.3</ix:nonFraction></td>
    <td style="font-weight: bold; text-align: left">%</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance</td>
    <td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td>
    <td id="xdx_988_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_uPercentage_c20210101__20211231_zpCG5MrXTky4" title="Change in valuation allowance" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Percentage">27.4</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)%</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td id="xdx_983_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_uPercentage_c20200101__20201231_zEpLwt8fOiJ" title="Change in valuation allowance" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Percentage">28.9</ix:nonFraction></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Income tax provision</td>
    <td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td>
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    <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td>
    <td id="xdx_98C_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_uPercentage_c20200101__20201231_zW4HVdikMeAh" title="Income tax provision" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">0.0</ix:nonFraction></td>
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</ix:nonNumeric><p id="xdx_8A6_zVp6yXdNImYe" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company&#8217;s effective tax rate is <span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_c20210101__20211231_zJKU8zF9zimg" title="Effective tax rate"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_c20200101__20201231_zUpett6MH3Md" title="Effective tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Percentage"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Percentage">0</ix:nonFraction></ix:nonFraction></span></span>% for income tax for the years ended December 31, 2021 and 2020. Based on the weight of available
evidence, including cumulative losses since inception and expected future losses, the Company has determined that it is more likely than
not that the deferred tax asset amount will not be realized and therefore a valuation allowance has been provided on net deferred tax
assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">The
Company files tax returns for U.S. Federal, State of Massachusetts, and State of California. The Company is not currently subject
to any income tax examinations. Since the Company&#8217;s inception, the Company had incurred losses from operations, which generally
allows all tax years to remain open.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80D_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zzwzeI6b8F98" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>7.
<span id="xdx_820_z7Mw4AILakN7">Related Party Transactions</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><i>Hankey
Capital LLC (Hankey Capital)</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">Hankey
Capital held certain convertible notes of the Company as discussed in Note 3. Don Hankey, the CEO and Chairman of Hankey Group,
is our non-independent Chairman of the Board and a significant shareholder. Bret Hankey, the president of Hankey Capital, was a non-independent
board member through October 13, 2021. The Hankey Group is an affiliate of Hankey Capital.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="BBLG:DeferredCompensationTextBlock"><p id="xdx_803_ecustom--DeferredCompensationTextBlock_zBRA8SdhKdw6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><b>8. <span id="xdx_82D_zfcQrvhp34Ia">Deferred
Compensation</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">Pursuant
to an October 2016 Note Purchase Agreement, the Company&#8217;s management had agreed to defer <span id="xdx_90D_ecustom--PercentageOfEarnedDeferredCompensation_dp_uPercentage_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--OctoberTwoThousandSixteenNotePurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--NoncurrentStockholdersMember_ziHfbO2A9otb"><ix:nonFraction name="BBLG:PercentageOfEarnedDeferredCompensation" contextRef="From2021-01-012021-12-31_custom_OctoberTwoThousandSixteenNotePurchaseAgreementMember_custom_NoncurrentStockholdersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">20</ix:nonFraction></span>%
of earned compensation until at least $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfCommonStock_pp0p0_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--OctoberTwoThousandSixteenNotePurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--NoncurrentStockholdersMember_zRLKIjqZg8p8"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2021-01-012021-12-31_custom_OctoberTwoThousandSixteenNotePurchaseAgreementMember_custom_NoncurrentStockholdersMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,000,000</ix:nonFraction>
</span>has been received in cumulative funding from non-current stockholders. As of December 31, 2020, deferred compensation was $<span id="xdx_906_eus-gaap--DeferredCompensationLiabilityCurrent_iI_pp0p0_c20201231_zUHNkvc17pDh"><ix:nonFraction name="us-gaap:DeferredCompensationLiabilityCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">252,500</ix:nonFraction></span>.
During the year ended December 31, 2021, and additional $<span id="xdx_906_ecustom--DeferredCompensationsLiabilityCurrent_iI_pp0p0_c20211231_zLuvYXSqU8M" title="Deferred compensations liability"><ix:nonFraction name="BBLG:DeferredCompensationsLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">45,000</ix:nonFraction>
</span>of compensation was deferred under this agreement. In October 2021, the outstanding amount of deferred compensation of $<span id="xdx_90D_eus-gaap--DeferredCompensationLiabilityCurrent_iI_pp0p0_c20211231__srt--TitleOfIndividualAxis__custom--EmployeeMember_zyuzMXygjKHh"><ix:nonFraction name="us-gaap:DeferredCompensationLiabilityCurrent" contextRef="AsOf2021-12-31_custom_EmployeeMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">297,500</ix:nonFraction>
</span>was forgiven by the employee due to funding limitations for product development, and a gain on forgiveness of deferred compensation
of $<span id="xdx_903_ecustom--GainOnForgivenessOfDeferredCompensation_c20210101__20211231_z9Brcbuff0rh" title="Gain on forgiveness of deferred compensation"><ix:nonFraction name="BBLG:GainOnForgivenessOfDeferredCompensation" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">297,500</ix:nonFraction></span> was recognized
for the year ended December 31, 2021.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">As
of December 31, 2021 and 2020, deferred compensation was $-<span id="xdx_90B_eus-gaap--DeferredCompensationLiabilityCurrent_iI_pp0p0_dxL_c20211231_zBYSHxuSosra" title="Deferred compensation::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0923">0</span></span>- and $<span id="xdx_900_eus-gaap--DeferredCompensationLiabilityCurrent_iI_pp0p0_c20201231_zuootPiNDdS1" title="Deferred compensation"><ix:nonFraction name="us-gaap:DeferredCompensationLiabilityCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">252,500</ix:nonFraction></span>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_802_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zqpTkUV20gT7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b>9.
<span id="xdx_82F_ze1T5YakxOF">Commitments and Contingencies</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><i>UCLA
TDG Exclusive License Agreement</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">Effective
April 9, 2019, the Company entered into an Amended and Restated Exclusive License Agreement dated as of March 21, 2019 (as so amended the &#8220;Amended License Agreement&#8221;) with the UCLA Technology Development
Group on behalf of UC Regents (&#8220;UCLA TDG&#8221;). The Amended License Agreement amends and restates the Amended and Restated
Exclusive License Agreement, dated as of June 19, 2017 (the &#8220;2017 Agreement&#8221;). The 2017 Agreement amended and restated
the Exclusive License Agreement, effective March 15, 2006, between the Company and UCLA TDG, as amended by ten amendments. Under the
terms of the Amended License Agreement, the Regents have continued to grant the Company exclusive rights to develop and
commercialize NELL-1 (the &#8220;Licensed Product&#8221;) for spinal fusion, osteoporosis and trauma applications. The Licensed
Product is a recombinant human protein growth factor that is essential for normal bone development.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">We
have agreed to pay an annual maintenance fee to UCLA TDG of $<span id="xdx_90F_ecustom--MaintenanceFees_pp0p0_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zXy2vZ5WtLFg" title="Payment of UCLA TDG annual maintenance fee"><ix:nonFraction name="BBLG:MaintenanceFees" contextRef="From2021-01-012021-12-31_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">10,000</ix:nonFraction></span> as well as to pay certain royalties to UCLA TDG under the Amended
License Agreement at the rate of <span id="xdx_90B_ecustom--PercentageOfCommercialSaleOfLicensedProductEqualToNetSales_dp_uPercentage_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_z9fVgSYDxlc7" title="Percentage of commercial sale of the licensed product equal to net sales"><ix:nonFraction name="BBLG:PercentageOfCommercialSaleOfLicensedProductEqualToNetSales" contextRef="From2021-01-012021-12-31_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">3.0</ix:nonFraction></span>% of net sales of licensed products. We must pay the royalties to UCLA TDG on a quarterly basis. Upon
a first commercial sale, we also must pay between $<span id="xdx_90E_eus-gaap--RoyaltyExpense_pp0p0_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementScenarioAxis__custom--FirstCommercialSaleMember_zufYwc84WmC8" title="Annual minimum royalty for life of the patent rights"><ix:nonFraction name="us-gaap:RoyaltyExpense" contextRef="From2021-01-012021-12-31_custom_LicenseAgreementMember_custom_FirstCommercialSaleMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">50,000</ix:nonFraction></span> and $<span id="xdx_90F_eus-gaap--RoyaltyExpense_pp0p0_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementScenarioAxis__custom--AfterFirstCommercialSaleMember_z4SBwYsdN0tf" title="Annual minimum royalty for life of the patent rights"><ix:nonFraction name="us-gaap:RoyaltyExpense" contextRef="From2021-01-012021-12-31_custom_LicenseAgreementMember_custom_AfterFirstCommercialSaleMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction></span>, depending on the calendar year that is after the first commercial
sale. If we are required to pay any third party any royalties as a result of us making use of UCLA TDG patents, then we may reduce the
royalty owed to UCLA TDG by <span id="xdx_902_ecustom--RoyaltyPercentageReduced_dp_uPercentage_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--TitleOfIndividualAxis__custom--ThirdPartyMember_zexaXnpeSxfk" title="Reduced royalty percentage"><ix:nonFraction name="BBLG:RoyaltyPercentageReduced" contextRef="From2021-01-012021-12-31_custom_LicenseAgreementMember_custom_ThirdPartyMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">0.333</ix:nonFraction></span>% for every percentage point paid to a third party. If we grant sublicense rights to a third party to
use the UCLA TDG patent, then we will pay to UCLA TDG<span id="xdx_907_ecustom--PercentageOfCommercialSaleOfLicensedProductEqualToNetSales_pid_dp_uPercentage_c20210101__20211231__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--RangeAxis__srt--MinimumMember_zHE8E3i54eyf" title="Percentage of commercial sale of the licensed product equal to net sales"> <ix:nonFraction name="BBLG:PercentageOfCommercialSaleOfLicensedProductEqualToNetSales" contextRef="From2021-01-012021-12-31_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_custom_LicenseAgreementMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">10</ix:nonFraction></span>% to <span id="xdx_905_ecustom--PercentageOfCommercialSaleOfLicensedProductEqualToNetSales_pid_dp_uPercentage_c20210101__20211231__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--RangeAxis__srt--MaximumMember_zNBd7KUy1vPl" title="Percentage of commercial sale of the licensed product equal to net sales"><ix:nonFraction name="BBLG:PercentageOfCommercialSaleOfLicensedProductEqualToNetSales" contextRef="From2021-01-012021-12-31_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_custom_LicenseAgreementMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">20</ix:nonFraction></span>% of the sublicensing income we receive from such sublicense.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">We are obligated to make the following
milestone payments to UCLA TDG for each Licensed Product or Licensed Method:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    upon enrollment of the first subject in a Pivotal Study:</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90B_ecustom--LicenseCommitmentFee_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember__us-gaap--OtherCommitmentsAxis__custom--PreMarketApprovalOfLicensedProductOrLicensedMethodMember_zvw4NsxIcfBe"><ix:nonFraction name="BBLG:LicenseCommitmentFee" contextRef="From2021-01-012021-12-31_custom_LicenseAgreementMember_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_custom_PreMarketApprovalOfLicensedProductOrLicensedMethodMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></span>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90B_ecustom--LicenseCommitmentFee_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember__us-gaap--OtherCommitmentsAxis__custom--FirstCommercialSaleOfLicensedProductOrLicensedMethodMember_zJxzJtT77tO6"><ix:nonFraction name="BBLG:LicenseCommitmentFee" contextRef="From2021-01-012021-12-31_custom_LicenseAgreementMember_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_custom_FirstCommercialSaleOfLicensedProductOrLicensedMethodMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000,000</ix:nonFraction></span>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">We are also obligated to pay UCLA TDG a cash milestone payment within thirty (30) days of a Liquidity Event (including a Change of Control
Transaction and a payment election by UCLA TDG exercisable after December 22, 2016, such payment to equal the greater of:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90A_ecustom--LicenseCommitmentFee_pp0p0_c20210101__20211231__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_z5j2u8gRtu33" title="License commitment fee"><ix:nonFraction name="BBLG:LicenseCommitmentFee" contextRef="From2021-01-012021-12-31_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">500,000</ix:nonFraction></span>; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--PercentageOfAmountRaisedInPrivatePlacement_dp_uPercentage_c20210101__20211231__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_zF1JZeDVTHWb" title="Percentage of amount raised in private placement"><ix:nonFraction name="BBLG:PercentageOfAmountRaisedInPrivatePlacement" contextRef="From2021-01-012021-12-31_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">2</ix:nonFraction></span>% of all proceeds in connection with a Change of Control Transaction.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021, none of the above milestones has been met.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">We
are obligated to diligently proceed with developing and commercializing licensed products under UCLA patents set forth in the
Amended License Agreement. UCLA TDG has the right to either terminate the license or reduce the license to a non-exclusive license
if we do not meet certain diligence milestone deadlines set forth in the Amended License Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">We
must reimburse or pre-pay UCLA TDG for patent prosecution and maintenance costs incurred during the term of the Amended License Agreement.
We have the right to bring infringement actions against third party infringers of the Amended License Agreement, UCLA TDG may join voluntarily,
at its own expense, or, at our expense, be joined involuntarily to the action. We are required to indemnify UCLA TDG against any third
party claims arising out of our exercise of the rights under the Amended License Agreement or any sublicense.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<ix:exclude><!-- Field: Page; Sequence: 103; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On August 13, 2020 the Company
and UCLA TDG entered into a First Amendment to the Amended and Restated License Agreement pursuant to which the due dates for certain
Development Milestones were updated to better reflect delays caused by the COVID-19 Pandemic and to address the Company&#8217;s failure
to pay certain amounts with regard to patent prosecution, cost reimbursement, maintenance fees, and late fees, and in connection therewith,
a revised payment schedule was set forth.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">On
June 30, 2021 the Company and UCLA TDG entered into a Second Amendment to the Amended and Restated License Agreement pursuant to which
the due dates for certain Development Milestones was updated to better reflect delays caused by the COVID-19 Pandemic.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">Payments
to UCLA TDG under the Amended License Agreement for the years ended December 31, 2021 and 2020 were $<span id="xdx_901_ecustom--LicenseCommitmentFee_pp0p0_c20210101__20211231__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zkctTRJ59oTi" title="License commitment fee"><ix:nonFraction name="BBLG:LicenseCommitmentFee" contextRef="From2021-01-012021-12-31_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">45,500</ix:nonFraction></span> and $<span id="xdx_903_ecustom--LicenseCommitmentFee_pp0p0_c20200101__20201231__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_z0ySXIUMmxxg" title="License commitment fee"><ix:nonFraction name="BBLG:LicenseCommitmentFee" contextRef="From2020-01-012020-12-31_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">102,293</ix:nonFraction></span>, respectively.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white"><b><i>Contingencies</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">The
Company is subject to claims and assessments from time to time in the ordinary course of business. The Company&#8217;s management does
not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company&#8217;s business,
financial condition, results of operations or cash flows.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">In
July 2019, Dr. Bessie (Chia) Soo and Dr. Kang (Eric) Ting (&#8220;Plaintiffs&#8221;) filed a complaint (the &#8220;Complaint&#8221;) in
federal court in Massachusetts against the Company, Bruce Stroever (&#8220;Stroever&#8221;), John Booth (&#8220;Booth&#8221;), Stephen
LaNeve (&#8220;LaNeve&#8221;, and together with Stroever and Booth, the &#8220;Individual Defendants&#8221;), and MTF Biologics (f/k/a
The Musculoskeletal Transplant Foundation, Inc.) (&#8220;MTF&#8221;). The Complaint alleges claims for breach of contract against the
Company and tortious interference with contract against the Individual Defendants and MTF arising from the termination of the Professional
Service Agreements, dated as of January 8, 2016, between the Company and each of the Plaintiffs. The Individual Defendants have been sued
for actions taken by them in connection with their service to the Company as directors and/or officers of the Company. As such, the Company
has certain indemnification obligations to the Individual Defendants. The Company and the Individual Defendants intend to vigorously defend
against the allegations in the Complaint. Based on the very early stage of the litigation, it is not possible to estimate the amount or
range of any possible loss arising from the expenditure of defense fees, a judgment or settlement of the matter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0">On
December 17, 2021, Bone Biologics Corporation (the &#8220;Company&#8221;) entered into a revised Employment Agreement (the &#8220;Employment
Agreement&#8221;) with Deina H. Walsh, the Company&#8217;s Chief Financial Officer (&#8220;CFO) and principal accounting officer. The
Employment Agreement is effective January 3, 2022. Ms. Walsh has served as the Company&#8217;s CFO since November 4, 2014.</p>

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year, subject to the achievement of personal and corporate objectives or milestones to be established by the board of directors, or any
compensation committee thereof, (after considering any input or recommendations from Ms. Walsh) within sixty (60) days following the beginning
of each calendar year during Ms. Walsh&#8217;s employment. In order to earn the annual bonus under this provision, the applicable objectives
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grant on the condition that i) the exercise price will be the current market price on the date of the grant; and ii) the options will
be issued with a two-year maturity. Any portion of this stock option grant that is not exercised on the date of termination shall be forfeited
on such date of termination except: (i) in the case of Termination by the Company Without Cause; and (ii) upon a Change in Control (as
defined in the Equity Incentive Plan) of the Company. To allow Ms. Walsh to prevent or mitigate dilution of her equity interests in the
Company, in connection with each financing, Ms. Walsh shall be provided an opportunity to invest in the Company such that her interest,
at her option, remains undiluted or partially diluted.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white">On
January 1, 2022, Mr. Frelick received a stock option grant whereby he is entitled to <span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_c20220101__srt--TitleOfIndividualAxis__custom--Mr.FrelickMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zgwimKXhAWT8"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-01-01_custom_Mr.FrelickMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction>
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market price on the date of the grant; and ii) the options will be issued with a two-year maturity. Any portion of this stock option
grant that is not exercised on the date of termination shall be forfeited on such date of termination except: (i) in the case of Termination
by the Company Without Cause; and (ii) upon a Change in Control (as defined in the Equity Incentive Plan) of the Company. To allow Mr.
Frelick to prevent or mitigate dilution of her equity interests in the Company, in connection with each financing, Mr. Frelick shall
be provided an opportunity to invest in the Company such that his interest, at his option, remains undiluted or partially
diluted.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 3, 2022, Bone Biologics
Corporation (the &#8220;Company&#8221;) entered into a Supply and Development Support Agreement (the &#8220;Agreement&#8221;) with Musculoskeletal
Transplant Foundation, Inc. (&#8220;MTF&#8221;). Under the Agreement, MTF agrees to be the exclusive supplier of demineralized bone matrix
(&#8220;DBM&#8221;) to the Company for use with Nell-1 and MTF will provide reasonable development support to the Company for the development
of Nell-1 with DBM as a carrier.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Agreement also includes
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property rights, indemnification, and confidentiality.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bone
Biologics Corporation</b></span></p>

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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>See
accompanying notes to unaudited condensed consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bone
Biologics Corporation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Consolidated Statements of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>See
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bone
Biologics Corporation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>See
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bone
Biologics Corporation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Condensed Consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(unaudited)
</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>See
accompanying notes to unaudited condensed consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bone
Biologics Corporation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_006"></span>Condensed
Consolidated Statements of Cash Flows</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(unaudited)
</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>See
accompanying notes to unaudited condensed consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bone
Biologics Corporation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_007"></span>Notes
to Unaudited Condensed Consolidated Financial Statements</b></span></p>

<p id="xdx_040_c20220101__20220630_zRf9NJphs1Ti" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the three and  six months ended June 30, 2022  and 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(unaudited)
</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_80F_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zRKgtFUMc183" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
<span><span id="xdx_826_zvMPrS3oZCth">The Company</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bone
Biologics Corporation (the &#8220;Company&#8221;) was incorporated under the laws of the State of Delaware on October 18, 2007 as AFH
Acquisition X, Inc. Pursuant to a Merger Agreement, dated September 19, 2014, by and among the Company, its wholly-owned subsidiary,
Bone Biologics Acquisition Corp., a Delaware corporation (&#8220;Merger Sub&#8221;), and Bone Biologics, Inc. Merger Sub merged with
and into Bone Biologics Inc., with Bone Biologics Inc. remaining as the surviving corporation in the merger. Upon the consummation of
the merger, the separate existence of Merger Sub ceased. On September 22, 2014, the Company officially changed its name to &#8220;Bone
Biologics Corporation&#8221; to more accurately reflect the nature of its business and Bone Biologics, Inc. became a wholly owned subsidiary
of the Company. Bone Biologics, Inc. was incorporated in California on September 9, 2004.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein, known
as NELL-1/DBM. The NELL-1/DBM combination product is an osteostimulative recombinant protein that provides target specific
control over bone regeneration. The protein, as part of the UCB-1 technology platform, has been licensed exclusively for worldwide applications
to us through a technology transfer from UCLA Technology Development Group on behalf of UC Regents (&#8220;UCLA TDG&#8221;). UCLA TDG
and the Company received guidance from the FDA that NELL-1/DBM will be classified as a combination product with a device lead.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
production and marketing of the Company&#8217;s products and its ongoing research and development activities will be subject to extensive
regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any combination product
developed by the Company must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory approval
process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that the Company will not encounter problems
in clinical trials that will cause the Company or the FDA to delay or suspend clinical trials.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and
operate without infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance
that patents issued to or licensed by the Company will not be challenged, invalidated, or circumvented, or that the rights granted thereunder
will provide proprietary protection or competitive advantages to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--StockholdersEquityReverseStockSplit_c20211011__20211012_zNCBDX3wOMA8" title="Stockholders&apos; equity, reverse stock split"><ix:nonNumeric contextRef="From2021-10-112021-10-12" name="us-gaap:StockholdersEquityReverseStockSplit">On
October 12, 2021, an amendment to our certificate of incorporation for a reverse split of the Company&#8217;s outstanding common stock
at a ratio of 1 for 2.5 became effective.</ix:nonNumeric></span> All share and per share amounts have been retro-actively restated as of the reverse split occurred
at the beginning of the earliest period presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going
Concern and Liquidity</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has no significant operating history and since inception to June 30, 2022 has incurred accumulated losses of approximately
$<span id="xdx_903_ecustom--RetainedEarningAccumulatedDeficit_iNI_pn5n6_di_c20220630_zalTmbpkWZx6" title="Retained earning accumulated deficit"><ix:nonFraction name="BBLG:RetainedEarningAccumulatedDeficit" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="USD">71.6</ix:nonFraction></span>
million. The Company will continue to incur significant expenses for development activities for its product NELL-1/DBM.
Operating expenditures for the next twelve months are estimated at $<span id="xdx_901_ecustom--EstimatedOperatingExpenditure_pn5n6_c20220101__20220630_z3hgHneH5Ljl" title="Operating expenses"><ix:nonFraction name="BBLG:EstimatedOperatingExpenditure" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">9.5</ix:nonFraction></span>
million. The accompanying consolidated financial statements for the six months ended June 30, 2022 have been prepared assuming the
Company will continue as a going concern. As reflected in the financial statements, the Company incurred a net loss of $<span id="xdx_90E_eus-gaap--NetIncomeLoss_iN_di_c20220101__20220630_zerXVM3ZDNO7" title="Net Income (Loss)"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,158,803</ix:nonFraction></span>,
and used net cash in operating activities of $<span id="xdx_902_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20220101__20220630_ztqeKHldhpmd" title="Net cash used in operating activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,220,843</ix:nonFraction></span>
during the six months ended June 30, 2022. These factors raise substantial doubt about the Company&#8217;s ability to continue as a
going concern within a reasonable period of time, which is considered to be one year from the issuance date of the financial
statements. In addition, our independent registered public accounting firm, in its audit report to the financial statements included
in our Annual Report for the year ended December 31, 2021, expressed substantial doubt about our ability to continue as a going
concern. The consolidated financial statements do not include any adjustments related to the recoverability and classification of
recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to
continue as a going concern.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 15, 2021, the Company completed a public offering generating net proceeds to the Company of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211014__20211015__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zK0Zzt9zwRg5" title="Proceeds from public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-10-142021-10-15_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,858,843</ix:nonFraction></span>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 110; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will continue to attempt to raise additional debt and/or equity financing to fund future operations and to provide additional
working capital. However, there is no assurance that such financing will be consummated or obtained in sufficient amounts necessary to
meet the Company&#8217;s needs. If cash resources are insufficient to satisfy the Company&#8217;s on-going cash requirements, the Company
will be required to scale back or discontinue its product development programs, or obtain funds if available (although there can be no
certainties) through strategic alliances that may require the Company to relinquish rights to its technology, substantially reduce or
discontinue its operations entirely. No assurance can be given that any future financing will be available or, if available, that it
will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue
restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of equity
financing.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the past several years, we have depended on our relationship with Hankey Capital for working capital to fund our operations, which has
been raised in the form of both debt and equity capital. Hankey Capital, directly and indirectly, controls approximately <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPercentage_c20220630__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HankeyCapitalLLCMember_zoaZIW7yvlt3" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-06-30_custom_HankeyCapitalLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">70</ix:nonFraction></span>% of our issued
and outstanding shares of common stock. However, no assurance can be given that any future financing from Hankey Capital will be available
or, if available, that it will be on terms that are satisfactory to the Company. In the absence of financing from other sources, the
inability to obtain additional financing from Hankey Capital will result in the scaling back or discontinuance of our product development
programs or operations entirely.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_805_eus-gaap--SignificantAccountingPoliciesTextBlock_zExbEogkB6q" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
<span id="xdx_820_z4gt5Yz0gNM">Summary of Significant Accounting Policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_84D_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zIWFbc1ipyBa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zkYfK0AxCccj">Basis
of Presentation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
interim condensed consolidated financial statements included herein reflect all material adjustments (consisting of normal recurring
adjustments and reclassifications and non-recurring adjustments) which, in the opinion of management, are ordinary and necessary for
a fair presentation of results for the interim periods. Certain information and footnote disclosures required under the accounting principles
generally accepted in the United States of America (&#8220;GAAP&#8221;) have been condensed or omitted pursuant to the rules and regulations
of the Securities and Exchange Commission (the &#8220;SEC&#8221;). The Company believes that the disclosures are adequate to make the
information presented not misleading. The condensed consolidated balance sheet information as of December 31, 2021 was derived from the
audited consolidated financial statements included in the Company&#8217;s Annual Report on Form 10-K filed with the SEC on March 15,
2022 (the &#8220;2021 Annual Report&#8221;). These condensed consolidated financial statements should be read in conjunction with the
Company&#8217;s audited financial statements for the year ended December 31, 2021 and notes thereto included in the 2021 Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results of operations for the six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the entire
fiscal year ended December 31, 2022 or for any other period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_847_eus-gaap--UseOfEstimates_zrJ031xGWOse" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zISphSaCppe3">Use
of Estimates</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant estimates include
the assumptions used in the accrual for potential liabilities, the valuation of stock options and warrants issued for services, and deferred
tax valuation allowances. Actual results could differ from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="BBLG:UnusualOrInfrequentItemsPolicyTextBlock"><p id="xdx_840_ecustom--UnusualOrInfrequentItemsPolicyTextBlock_z7K9CdSfe3ed" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zzVU8JSKXBP7">Impact
of the Novel Coronavirus (COVID-19) on the Company&#8217;s Business Operations</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
global outbreak of the novel coronavirus (COVID-19) has led to severe disruptions in general economic activities worldwide, as businesses
and governments have taken broad actions to mitigate this public health crisis. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
light of the uncertain and continually evolving situation relating to the spread of COVID-19, this pandemic could pose a risk to the
Company. The extent to which the coronavirus may impact the Company&#8217;s business operations will depend on future developments, which
are highly uncertain and cannot be predicted at this time. The Company intends to continue to monitor the situation and may adjust its
current business plans as more information and guidance become available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
coronavirus pandemic presents a challenge to medical facilities worldwide. As the Company&#8217;s clinical trials will be conducted on
an outpatient basis, it is not currently possible to predict the full impact of this developing health crisis on such clinical trials,
which could include delays in and increased costs of such clinical trials. Current indications from the clinical research organizations
which will be conducting the clinical trials for the Company are that such clinical trials are being delayed or extended for several
months as a result of the coronavirus pandemic.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is also significant uncertainty as to the effect that the coronavirus may have on the amount and type of financing available to the Company
in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Company&#8217;s consolidated financial instruments are cash and accounts payable. The recorded values of cash and accounts payable approximate
their values based on their short-term nature.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price)
in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the
measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of
unobservable inputs. The fair value hierarchy is based on nine levels of inputs that may be used to measure fair value, of which the
first two are considered observable and the last is considered unobservable:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1: Quoted prices in active markets for identical assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities;
quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for
substantially the full term of the assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 assumptions: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the
assets or liabilities including liabilities resulting from embedded derivatives associated with certain warrants to purchase common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
718, <i>Compensation &#8211; Stock Compensation</i>, prescribes accounting and reporting standards for all share-based payment transactions
in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options,
and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees,
including grants of employee stock options, are recognized as compensation expense in the consolidated financial statements based on
their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for
the award, known as the requisite service period (usually the vesting period).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Company utilizes FASB ASC Topic No. 260, <i>Earnings per Share</i>. Basic loss per share is computed by dividing loss available to common
shareholders by the weighted-average number of common shares outstanding. Shares issued for collateral for outstanding loans of -<span id="xdx_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20220101__20220630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CollateralSharesMember_zxQfmTdd9rY3" title="Anti-dilutive securities outstanding excluded from computation of diluted net loss per share"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2022-01-012022-06-30_custom_CollateralSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">0</ix:nonFraction></span>- and
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similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would
have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted loss
per common share reflects the potential dilution that could occur if convertible debentures, options and warrants were to be exercised
or converted or otherwise resulted in the issuance of common stock that then shared in the earnings of the entity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the effects of outstanding options, warrants, and the conversion of convertible debt are anti-dilutive for the period ended June 30,
2022 and 2021, shares of common stock underlying these instruments have been excluded from the computation of loss per common share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following sets forth the number of shares of common stock underlying outstanding options, warrants, and convertible debt as of June 30,
2022 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zLhUc4GB4B8l" style="display: none">Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share</span>&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8A9_zN5hMpmQdfMh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 112; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84D_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zhP8o7iCTNP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_z2Ni7Rbk3hM5">New
Accounting Standards</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants,
and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company&#8217;s
present or future consolidated financial statements.</span></p>

</ix:nonNumeric><p id="xdx_851_zVirEHP1HG3b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_807_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zOeXQFA9Qu78" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
<span id="xdx_821_zoRSDeMBjm8f">Stockholders&#8217; Deficit</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred
Stock</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s amended and restated certificate of incorporation authorizes the Company to issue a total of <span id="xdx_901_eus-gaap--PreferredStockSharesAuthorized_iI_c20220630_zkA54kvfL2z1" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000,000</ix:nonFraction></span> shares of preferred
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
Stock</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s amended and restated certificate of incorporation authorizes the Company to issue a total of <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_c20220630_zN4V96lWhYbf" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction></span> shares of common
stock. As of June 30, 2022 and December 31, 2021, the Company had an aggregate of <span id="xdx_908_eus-gaap--CommonStockSharesOutstanding_iI_c20220630_zluLph1bqyS9" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,350,579</ix:nonFraction></span> and <span id="xdx_902_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_zSY7lfMpGPd2" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,350,574</ix:nonFraction></span> shares of common stock outstanding,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
Stock Warrants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="BBLG:ScheduleOfWarrantActivityTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfWarrantActivityTableTextBlock_zM1lJ3Gcwdr9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of warrant activity for the period ended June 30, 2022 is presented below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_8B8_zSaAJ6K50q57" style="display: none">Schedule of Warrant Activity</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">Number of</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">Weighted<br /> Average<br /> Exercise<br />
</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">Weighted<br /> Average<br />
</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Subject to Exercise</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Life (Years)</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; font-weight: bold; text-align: justify">Outstanding as of December 31, 2021</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">Granted &#8211; 2022</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_iN_di_c20220101__20220630_z2KsR5C63AIa" title="Number of warrents, forfeited" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1352">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Exercised &#8211; 2022</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20220101__20220630_zrE0HDgHbuTa" title="Number of warrents, exercised" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1356">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Outstanding as of June 30, 2022</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20220101__20220630_zOpKyNGjblYi" title="Number of warrents, outstanding, ending balance" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,827,650</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A2_zD9LrlrQkPai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zHzTJtoRlKAh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, the Company had outstanding vested and unexercised Common Stock Warrants as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span id="xdx_8B9_zA1bNVPC3js3" style="display: none">Schedule of Outstanding Vested and Unexercised Common Stock Warrants</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">Date Issued</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Exercise Price</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Number of <br /> Warrants</td><td>&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Expiration date</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 44%">October 2021</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220630__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyOneMember__us-gaap--StatementEquityComponentsAxis__custom--VestedAndUnexercisedCommonStockWarrantsMember_zyWuxrh7iSp4" title="Exercise price" style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-06-30_custom_OctoberTwoThousandTwentyOneMember_custom_VestedAndUnexercisedCommonStockWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.30</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_c20220630__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyOneMember__us-gaap--StatementEquityComponentsAxis__custom--VestedAndUnexercisedCommonStockWarrantsMember_zjkAxz5zokh8" title="Number of warrants" style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2022-06-30_custom_OctoberTwoThousandTwentyOneMember_custom_VestedAndUnexercisedCommonStockWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,737,023</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>October 2021</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220630__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyOneOneMember__us-gaap--StatementEquityComponentsAxis__custom--VestedAndUnexercisedCommonStockWarrantsMember_zLoJKrCL9Ad7" title="Exercise price" style="text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-06-30_custom_OctoberTwoThousandTwentyOneOneMember_custom_VestedAndUnexercisedCommonStockWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.30</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: right"><span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20220630__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyOneOneMember__us-gaap--StatementEquityComponentsAxis__custom--VestedAndUnexercisedCommonStockWarrantsMember_zaIF1FwWLYf2" title="Expiration date"><ix:nonNumeric contextRef="AsOf2022-06-30_custom_OctoberTwoThousandTwentyOneOneMember_custom_VestedAndUnexercisedCommonStockWarrantsMember" format="ixt:datemonthdayyearen" name="us-gaap:WarrantsAndRightsOutstandingMaturityDate">October 13, 2026</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total outstanding warrants at June 30, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_c20220630_z8vdthzSrdz4" title="Total outstanding warrants" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,827,650</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td>&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AF_zEki3AhSJWSk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on a fair market value of $<span id="xdx_901_eus-gaap--SharePrice_iI_pid_c20220630_zqnM6YzHYdDc" title="Fair market value"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.40</ix:nonFraction></span> per share on June 30, 2022, there were no exercisable but unexercised in-the-money common stock warrants
on that date. Accordingly, there was no intrinsic value attributed to exercisable but unexercised common stock warrants at June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_807_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zbKeJTYMIzxe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.
<span id="xdx_82E_zWbhIPd8Usw">Stock-based Compensation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2015
Equity Incentive Plan</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has <span id="xdx_90A_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20220630__us-gaap--AwardTypeAxis__custom--TwoThousandFifteenEquityIncentivePlanMember_zPUMrS6qiEPf" title="Common stock, capital shares reserved for future issuance"><ix:nonFraction name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="AsOf2022-06-30_custom_TwoThousandFifteenEquityIncentivePlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">560,000</ix:nonFraction></span> shares of Common Stock authorized and reserved for issuance under our 2015 Equity Incentive Plan for option awards.
This reserve may be increased by the Board each year by up to the number of shares of stock equal to <span id="xdx_904_ecustom--PercentageOfStockIssuedAndOutstanding_pid_dp_uPercentage_c20220101__20220630__us-gaap--AwardTypeAxis__custom--TwoThousandFifteenEquityIncentivePlanMember_zlGesBdR2mN4" title="Percentage of stock issued and outstanding"><ix:nonFraction name="BBLG:PercentageOfStockIssuedAndOutstanding" contextRef="From2022-01-012022-06-30_custom_TwoThousandFifteenEquityIncentivePlanMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">5</ix:nonFraction>%</span> of the number of shares of stock
issued and outstanding on the immediately preceding December 31. Appropriate adjustments will be made in the number of authorized shares
and other numerical limits in our 2015 Equity Incentive Plan and in outstanding awards to prevent dilution or enlargement of participants&#8217;
rights in the event of a stock split or other change in our capital structure. Shares subject to awards granted under our 2015 Equity
Incentive Plan which expire, are repurchased or are cancelled or forfeited will again become available for issuance under our 2015 Equity
Incentive Plan. The shares available will not be reduced by awards settled in cash. Shares withheld to satisfy tax withholding obligations
will not again become available for grant. The gross number of shares issued upon the exercise of stock appreciation rights or options
exercised by means of a net exercise or by tender of previously owned shares will be deducted from the shares available under our 2015
Equity Incentive Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Awards
may be granted under our 2015 Equity Incentive Plan to our employees, including officers, director or consultants, and our present or
future affiliated entities. While we may grant incentive stock options only to employees, we may grant non-statutory stock options, stock
appreciation rights, restricted stock purchase rights or bonuses, restricted stock units, performance shares, performance units and cash-based
awards or other stock based awards to any eligible participant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 113; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2015 Equity Incentive Plan is administered by our compensation committee. Subject to the provisions of our 2015 Equity Incentive Plan,
the compensation committee determines, in its discretion, the persons to whom, and the times at which, awards are granted, as well as
the size, terms and conditions of each award. All awards are evidenced by a written agreement between us and the holder of the award.
The compensation committee has the authority to construe and interpret the terms of our 2015 Equity Incentive Plan and awards granted
under our 2015 Equity Incentive Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zXJmZ3Ysbii6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of stock option activity for the period ended June 30, 2022, is presented below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zvTM9SCEkVC4" style="display: none">Schedule
of Stock Option Activity</span>&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">Number of<br />
</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">Weighted<br /> Average<br /> Exercise</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">Granted &#8211; 2022</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Forfeited/Expired &#8211; 2022</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">Exercised &#8211; 2022</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20220101__20220630_zALabc52SGxh" title="Weighted Average Exercise Price, Exercised" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1412">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Outstanding as of June 30, 2022</td><td style="font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20220101__20220630_zqYLDe8LKqW9" title="Number of Options Outstanding, Ending Balance" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">342,294</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A7_zBrcIf6SPhN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock_zQXZNsVtq6lb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, the Company had outstanding stock options as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_8B4_zQYOvaWkJVqd" style="display: none">Schedule of Outstanding Stock Options</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">Date Issued</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Exercise Price</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Number of <br /> Options</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Expiration date</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 42%">August 2015</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>September 2015</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>November 2015</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>December 2015</td><td>&#160;</td>
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    <td style="text-align: right"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20220101__20220630__us-gaap--AwardDateAxis__custom--DecemberTwoThousandFifteenMember_zi7clOJLrdH" title="Expiration date"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_DecemberTwoThousandFifteenMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">December 27, 2025</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>January 2016</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_c20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandSixteenMember_zEFJEO0Ws2G" title="Number of options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2022-06-30_custom_JanuaryTwoThousandSixteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">51,032</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20220101__20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandSixteenMember_zhBp0sPoLZm3" title="Expiration date"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_JanuaryTwoThousandSixteenMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">January 9, 2026</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>May 2016</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_908_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_c20220630__us-gaap--AwardDateAxis__custom--MayTwoThousandSixteenMember_zvAmqO15ozg" title="Exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-06-30_custom_MayTwoThousandSixteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">51.25</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_c20220630__us-gaap--AwardDateAxis__custom--MayTwoThousandSixteenMember_zSlSuKbffuri" title="Number of options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2022-06-30_custom_MayTwoThousandSixteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,766</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20220101__20220630__us-gaap--AwardDateAxis__custom--MayTwoThousandSixteenMember_zovuryJPBPO5" title="Expiration date"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_MayTwoThousandSixteenMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">May 26, 2026</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>September 2016</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_c20220630__us-gaap--AwardDateAxis__custom--SeptemberTwoThousandSixteenMember_zOD2c1vOTvEk" title="Exercise price" style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-06-30_custom_SeptemberTwoThousandSixteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">51.25</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_c20220630__us-gaap--AwardDateAxis__custom--SeptemberTwoThousandSixteenMember_zfw60vLKldf6" title="Number of options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2022-06-30_custom_SeptemberTwoThousandSixteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,973</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20220101__20220630__us-gaap--AwardDateAxis__custom--SeptemberTwoThousandSixteenMember_zqH3rFVS2meg" title="Expiration date"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_SeptemberTwoThousandSixteenMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">May 31, 2026</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>January 2017</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_c20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandSeventeenMember_zS8mQ7bDzAQj" title="Exercise price" style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-06-30_custom_JanuaryTwoThousandSeventeenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">51.25</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_c20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandSeventeenMember_zplQKvyGWnMh" title="Number of options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2022-06-30_custom_JanuaryTwoThousandSeventeenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,142</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20220101__20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandSeventeenMember_zePrDKp3ju7f" title="Expiration date"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_JanuaryTwoThousandSeventeenMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">January 1, 2027</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>January 2018</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_c20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandEighteenMember_zyn4gcpgbXol" title="Exercise price" style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-06-30_custom_JanuaryTwoThousandEighteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">49.25</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_c20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandEighteenMember_zrAUNEXcqjob" title="Number of options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2022-06-30_custom_JanuaryTwoThousandEighteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,566</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20220101__20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandEighteenMember_z2UVebhCQaGf" title="Expiration date"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_JanuaryTwoThousandEighteenMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">January 1, 2028</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>January 2019</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_c20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandNineteenMember_zctrUVLQdsHb" title="Exercise price"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-06-30_custom_JanuaryTwoThousandNineteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.35</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_c20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandNineteenMember_zs9QipC270Jh" title="Number of options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2022-06-30_custom_JanuaryTwoThousandNineteenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">21,964</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20220101__20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandNineteenMember_zzWnlKv7gkjg" title="Expiration date"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_JanuaryTwoThousandNineteenMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">January 1, 2029</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>October 2021</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_c20220630__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyOneMember_zWR8gpXpmaUk" title="Exercise price" style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-06-30_custom_OctoberTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.25</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_c20220630__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyOneMember_zWMNO3acvY9e" title="Number of options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2022-06-30_custom_OctoberTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">48,847</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20220101__20220630__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyOneMember_zoSewqCjxda2" title="Expiration date"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_OctoberTwoThousandTwentyOneMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">October 26, 2031</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>January 2022</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_c20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandTwentyTwoMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zAfsbH1qg4ea" title="Exercise price" style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-06-30_custom_JanuaryTwoThousandTwentyTwoMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.52</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_c20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandTwentyTwoMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zDTDu8oTGGl9" title="Number of options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2022-06-30_custom_JanuaryTwoThousandTwentyTwoMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">26,166</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20220101__20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandTwentyTwoMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zXvTsrsr4Ew1" title="Expiration date"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_JanuaryTwoThousandTwentyTwoMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">January 1, 2032</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>January 2022</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_c20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandTwentyTwoMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zg6q3OerjYJ3" title="Exercise price" style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-06-30_custom_JanuaryTwoThousandTwentyTwoMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.72</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_c20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandTwentyTwoMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zg0Cmm6jHZk" title="Number of options" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2022-06-30_custom_JanuaryTwoThousandTwentyTwoMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate_c20220101__20220630__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandTwentyTwoMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zorVobnx23Q" title="Expiration date"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_JanuaryTwoThousandTwentyTwoMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" format="ixt:datemonthdayyearen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate">January 1, 2024</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">January 2022</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total outstanding options at June 30, 2022</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A3_zdKw9wemjkGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (<i>i.e.</i> , the difference between our closing
stock price on the respective date and the exercise price, times the number of shares) that would have been received by the option holders
had all option holders exercised their options. No options were exercised and none cancelled during the period ended June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220101__20220630_zGhvq6AeNGNg" title="Number of options, granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">101,166</ix:nonFraction></span> options granted during the six month period ended June 30, 2022 with a fair value of $<span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20220101__20220630_zZojuHmT3fYg" title="Fair value of stock option"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">171,592</ix:nonFraction></span>. Vesting of options differs
based on the terms of each option. The Company has valued the options at their date of grant utilizing the Black-Scholes option pricing
model. As of the issuance of these consolidated financial statements, there was no active public market for the Company&#8217;s shares.
Accordingly, the fair value of the options was determined based on the historical volatility data of similar companies, considering the
industry, products and market capitalization of such other entities. The risk-free interest rate used in the calculations is based on
the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options as calculated
using the simplified method. The expected life of the options used was based on the contractual life of the option granted. Stock-based
compensation is a non-cash expense because we settle these obligations by issuing shares of our common stock from our authorized shares
instead of settling such obligations with cash payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six month period ended June 30, 2022 and 2021, the Company had stock-based compensation expense of $<span id="xdx_90D_eus-gaap--ShareBasedCompensation_c20220101__20220630_zGjExpK9lhfi" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">171,592</ix:nonFraction></span> and $-<span id="xdx_902_eus-gaap--ShareBasedCompensation_dxL_c20210101__20210630_zMruaCQY6BQ8" title="Stock-based compensation expense::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1516">0</span></span>-, respectively,
related to the vesting of stock options granted to the Company&#8217;s employees and directors included in our reported net loss. Our
policy is to account for forfeitures of the unvested portion of option grants when they occur; therefore, these forfeitures are recorded
as a reversal to expense, which can result in a credit balance in the statement of operations.</span></p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zOd53JJ66dP5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company utilized the Black-Scholes option-pricing model. The assumptions used for the periods ended June 30, 2022 and 2021 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zQ0hGexoBYjj" style="display: none">Schedule
of Assumptions Using Black-Scholes Option Pricing Model</span>&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Risk free interest rate</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPercentage_c20210101__20210630_zQ5b4JQloYx7" title="Risk free interest rate" style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1524">-</span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Expected Volatility</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Expected dividend yield</td><td>&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A6_zUiXpmaT74Ej" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="BBLG:ScheduleOfStockOptionsNonVestedTableTextBlock"><p id="xdx_890_ecustom--ScheduleOfStockOptionsNonVestedTableTextBlock_zV4T1wn9Bosk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the changes in the Company&#8217;s non-vested options during the six month period ended June 30, 2022, is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zerPUkHUjgPi" style="display: none">Schedule
of Stock Options Non-vested</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center">Number of Non-<br />
vested Options</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center">Weighted Average <br />
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20220101__20220630_zAtEgdd4ai4k" title="Weighted average fair value at grant date, grants" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.77</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Forfeited in 2022</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Vested in 2022</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Exercisable at June 30, 2022</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisableWeightedAverageGrantDateFairValue_iE_c20220101__20220630_zOlnXdAS1R4c" title="Weighted average fair value at grant date, exercisable" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="BBLG:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisableWeightedAverageGrantDateFairValue" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">21.81</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageGrantDateFairValue_iE_c20220101__20220630_zyfstMV1OK35" title="Weighted average fair value at grant date, outstanding" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="BBLG:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageGrantDateFairValue" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">21.81</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AF_z9FuDj9uefzh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, there was <span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iI_do_c20220630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zzgfLDpWgye6" title="Unrecognized compensation cost"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares" contextRef="AsOf2022-06-30_us-gaap_EmployeeStockOptionMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">no</ix:nonFraction></span> unrecognized compensation cost related to unvested stock options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_800_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zRt9IsuNIEsa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.
<span id="xdx_829_zUii13nQxFtk">Commitments and Contingencies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>UCLA
TDG Exclusive License Agreement</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
April 9, 2019, the Company entered into an Amended and Restated Exclusive License Agreement dated as of March 21, 2019 and amended
through three sets of amendments including a third amendment effective May 9, 2022 (as so amended the &#8220;Amended License
Agreement&#8221;) with the UCLA Technology Development Group on behalf of UC Regents (&#8220;UCLA TDG&#8221;). The Amended License
Agreement amends and restates the Amended and Restated Exclusive License Agreement, dated as of June 19, 2017 (the &#8220;2017
Agreement&#8221;). The 2017 Agreement amended and restated the Exclusive License Agreement, effective March 15, 2006, between the
Company and UCLA TDG, as amended by ten amendments. Under the terms of the Amended License Agreement, UCLA TDG has continued to
grant the Company exclusive rights to develop and commercialize NELL-1 (the &#8220;Licensed Product&#8221;) for spinal fusion,
osteoporosis and trauma applications. The Licensed Product is a recombinant human protein growth factor that is essential for normal
bone development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to pay an annual maintenance fee to UCLA TDG of $<span id="xdx_901_ecustom--MaintenanceFees_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zNFBFR47O3J4" title="Maintenance fees"><ix:nonFraction name="BBLG:MaintenanceFees" contextRef="From2022-01-012022-06-30_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction></span> as well as to pay certain royalties to UCLA TDG under the Amended
License Agreement at the rate of <span id="xdx_904_ecustom--PercentageOfCommercialSaleOfLicensedProductEqualToNetSales_pid_uPercentage_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zjNkZW9PQn88" title="Percentage of commercial sale of product"><ix:nonFraction name="BBLG:PercentageOfCommercialSaleOfLicensedProductEqualToNetSales" contextRef="From2022-01-012022-06-30_custom_LicenseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">3.0</ix:nonFraction>%</span> of net sales of licensed products through the life of the patents. We must pay the royalties to
UCLA TDG on a quarterly basis. Upon a first commercial sale, we also must pay between $<span id="xdx_902_eus-gaap--RoyaltyExpense_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementScenarioAxis__custom--FirstCommercialSaleMember_zR6x96JxGjxl" title="Royalty expenses"><ix:nonFraction name="us-gaap:RoyaltyExpense" contextRef="From2022-01-012022-06-30_custom_LicenseAgreementMember_custom_FirstCommercialSaleMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span> and $<span id="xdx_902_eus-gaap--RoyaltyExpense_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementScenarioAxis__custom--AfterFirstCommercialSaleMember_zHp0MJyH0j99" title="Royalty expenses"><ix:nonFraction name="us-gaap:RoyaltyExpense" contextRef="From2022-01-012022-06-30_custom_LicenseAgreementMember_custom_AfterFirstCommercialSaleMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span>, depending on the calendar
year which is after the first commercial sale. If we are required to pay any third party any royalties as a result of us making use of
UCLA TDG patents, then we may reduce the royalty owed to UCLA TDG by <span id="xdx_90C_ecustom--RoyaltyPercentageReduced_pid_dp_uPercentage_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--TitleOfIndividualAxis__custom--ThirdPartyMember_z4527feCsBvf" title="Royalty percentage reduced"><ix:nonFraction name="BBLG:RoyaltyPercentageReduced" contextRef="From2022-01-012022-06-30_custom_LicenseAgreementMember_custom_ThirdPartyMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">0.333</ix:nonFraction>%</span> for every percentage point paid to a third party. If we grant
sublicense rights to a third party to use the UCLA TDG patent, then we will pay to UCLA TDG <span id="xdx_902_ecustom--PercentageOfCommercialSaleOfLicensedProductEqualToNetSales_pid_uPercentage_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember__srt--RangeAxis__srt--MinimumMember_zZVVYHFxVAOh" title="Percentage of commercial sale of product"><ix:nonFraction name="BBLG:PercentageOfCommercialSaleOfLicensedProductEqualToNetSales" contextRef="From2022-01-012022-06-30_custom_LicenseAgreementMember_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">10</ix:nonFraction>%</span> to <span id="xdx_904_ecustom--PercentageOfCommercialSaleOfLicensedProductEqualToNetSales_pid_uPercentage_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember__srt--RangeAxis__srt--MaximumMember_zCFDm3L1y2Rj" title="Percentage of commercial sale of product"><ix:nonFraction name="BBLG:PercentageOfCommercialSaleOfLicensedProductEqualToNetSales" contextRef="From2022-01-012022-06-30_custom_LicenseAgreementMember_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Percentage">20</ix:nonFraction>%</span> of the sublicensing income we
receive from such sublicense.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 115; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are obligated to make the following milestone payments to UCLA TDG for each Licensed Product or Licensed Method:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90B_ecustom--LicenseCommitmentFee_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember__us-gaap--OtherCommitmentsAxis__custom--FirstSubjectInFeasibilityStudyMember_z0XIAhG6sVx6" title="License commitment fee"><ix:nonFraction name="BBLG:LicenseCommitmentFee" contextRef="From2022-01-012022-06-30_custom_LicenseAgreementMember_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_custom_FirstSubjectInFeasibilityStudyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span> upon enrollment
    of the first subject in a Feasibility Study;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_901_ecustom--LicenseCommitmentFee_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember__us-gaap--OtherCommitmentsAxis__custom--FirstSubjectInPivotalStudyMember_zSIFJY7aIa6d" title="License commitment fee"><ix:nonFraction name="BBLG:LicenseCommitmentFee" contextRef="From2022-01-012022-06-30_custom_LicenseAgreementMember_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_custom_FirstSubjectInPivotalStudyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span> upon enrollment
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90D_ecustom--LicenseCommitmentFee_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember__us-gaap--OtherCommitmentsAxis__custom--PreMarketApprovalOfLicensedProductOrLicensedMethodMember_z1qD3syX1l7l" title="License commitment fee"><ix:nonFraction name="BBLG:LicenseCommitmentFee" contextRef="From2022-01-012022-06-30_custom_LicenseAgreementMember_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_custom_PreMarketApprovalOfLicensedProductOrLicensedMethodMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></span> upon Pre-Market
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90C_ecustom--LicenseCommitmentFee_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember__us-gaap--OtherCommitmentsAxis__custom--FirstCommercialSaleOfLicensedProductOrLicensedMethodMember_zdmoNKZM4bna" title="License commitment fee"><ix:nonFraction name="BBLG:LicenseCommitmentFee" contextRef="From2022-01-012022-06-30_custom_LicenseAgreementMember_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_custom_FirstCommercialSaleOfLicensedProductOrLicensedMethodMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000,000</ix:nonFraction></span> upon the First
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also obligated pay to UCLA TDG a fee (the &#8220;Diligence Fee&#8221;) of $<span id="xdx_904_ecustom--DiligenceFee_iI_c20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_z2J6cXCxcD09" title="Diligence fee"><ix:nonFraction name="BBLG:DiligenceFee" contextRef="AsOf2022-06-30_custom_LicenseAgreementMember_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,000,000</ix:nonFraction></span> upon the sale of any Licensed Product (the &#8220;Triggering
Sale Date&#8221;) in accordance with the payment schedule below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--CumulativeNetSalesDescription_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember__srt--StatementScenarioAxis__custom--ScenarioOneMember_zwXZRABegkhg" title="Cumulative net sales description"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_LicenseAgreementMember_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_custom_ScenarioOneMember" name="BBLG:CumulativeNetSalesDescription">Due upon cumulative Net
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s obligation to pay the Diligence Fee will survive termination or expiration of the agreement and the Company is prohibited
from assigning, selling, or otherwise transferring any of its assets related to any Licensed Product unless the Company&#8217;s foregoing
Diligence Fee obligation is assigned, sold, or transferred along with such assets, or unless the Company pays UCLA TDG the Diligence
Fee within ten (10) days of such assignment, sale or other transfer of such rights to any Licensed Product.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also obligated to pay UCLA TDG a cash milestone payment within thirty (30) days of a Liquidity Event (including a Change of Control
Transaction and a payment election by UCLA TDG exercisable after December 22, 2016) such payment to equal the greater of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are obligated to diligently proceed with developing and commercializing licensed products under UCLA TDG patents set forth in the Amended
License Agreement. UCLA TDG has the right to either terminate the license or reduce the license to a non-exclusive license if we do not
meet certain diligence milestone deadlines set forth in the Amended License Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must reimburse or pre-pay UCLA TDG for patent prosecution and maintenance costs incurred during the term of the Amended License Agreement.
We have the right to bring infringement actions against third party infringers of the Amended License Agreement, UCLA TDG may join voluntarily,
at its own expense, or, at our expense, be joined involuntarily to the action. We are required to indemnify UCLA TDG against any third
party claims arising out of our exercise of the rights under the Amended License Agreement or any sublicense.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
to UCLA TDG under the Amended License Agreement for the six months ended June 30, 2022 and 2021 were $<span id="xdx_90A_ecustom--LicenseCommitmentFee_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_zcWmfllEoad2" title="License commitment fee"><ix:nonFraction name="BBLG:LicenseCommitmentFee" contextRef="From2022-01-012022-06-30_custom_LicenseAgreementMember_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction></span> and $<span id="xdx_90C_ecustom--LicenseCommitmentFee_c20210101__20210630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__srt--StatementGeographicalAxis__custom--UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember_zE4pxQPU0MN7" title="License commitment fee"><ix:nonFraction name="BBLG:LicenseCommitmentFee" contextRef="From2021-01-012021-06-30_custom_LicenseAgreementMember_custom_UniversityOfCaliforniaLosAngelesTechnologyDevelopmentGroupMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">45,500</ix:nonFraction></span>, respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Contingencies</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to claims and assessments from time to time in the ordinary course of business. The Company&#8217;s management does
not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company&#8217;s business,
financial condition, results of operations or cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2019, Dr. Bessie (Chia) Soo and Dr. Kang (Eric) Ting (&#8220;Plaintiffs&#8221;) filed a complaint (the &#8220;Complaint&#8221;)
in federal court in Massachusetts against the Company, Bruce Stroever (&#8220;Stroever&#8221;), John Booth (&#8220;Booth&#8221;), Stephen
LaNeve (&#8220;LaNeve&#8221;, and together with Stroever and Booth, the &#8220;Individual Defendants&#8221;), and MTF Biologics (f/k/a
The Musculoskeletal Transplant Foundation, Inc.) (&#8220;MTF&#8221;). The Complaint alleges claims for breach of contract against the
Company and tortious interference with contract against the Individual Defendants and MTF arising from the termination of the Professional
Service Agreements, dated as of January 8, 2016, between the Company and each of the Plaintiffs. The Individual Defendants have been
sued for actions taken by them in connection with their service to the Company as directors and/or officers of the Company. As such,
the Company has certain indemnification obligations to the Individual Defendants. The Company and the Individual Defendants intend to
vigorously defend against the allegations in the Complaint. Based on the early stage of the litigation, it is not possible to estimate
the amount or range of any possible loss arising from the expenditure of defense fees, a judgment or settlement of the matter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_801_eus-gaap--SubsequentEventsTextBlock_zpAlw73xsaAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.
<span id="xdx_82C_zMAynyyOKZm1">Subsequent Events</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">On August 23, 2022,
the Company issued to three (3) of our non-employee independent directors each <span id="xdx_907_ecustom--StockIssuedDuringPeriodSharesNonEmployeeDirectorCompensation_c20220801__20220823__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zQtcip5faxs9"><ix:nonFraction name="BBLG:StockIssuedDuringPeriodSharesNonEmployeeDirectorCompensation" contextRef="From2022-08-012022-08-23_us-gaap_SubsequentEventMember_us-gaap_StockOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">36,845</ix:nonFraction>
</span>stock options pursuant to the Non-Employee Director Compensation Policy. Mr. LaNeve has declined his independent director compensation.</p>

</ix:nonNumeric><p id="xdx_81C_zPT4lrVtjFP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>BONE
BIOLOGICS CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
Stock <br />
Series A Warrants</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series
B Warrants</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Series C Warrants</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>WallachBeth
Capital, LLC</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_022"></span>PART
II &#8212; INFORMATION NOT REQUIRED IN PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_023"></span>Item
13. Other Expenses of Issuance and Distribution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth all expenses, other than the underwriting discounts and commissions, payable by the registrant in connection
with the sale of the securities being registered. All the amounts shown are estimates except the SEC registration fee and the FINRA filing
fee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></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: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount
    to be paid</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
    registration fee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: right">*</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINRA
    filing fee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer
    agent and registrar fees</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
    fees and expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    fees and expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printing
    and engraving expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
To be provided by amendment</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_024"></span>Item
14. Indemnification of Directors and Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
102 of the DGCL permits a corporation to eliminate the personal liability of directors of a corporation to the corporation or its stockholders
for monetary damages for a breach of fiduciary duty as a director, except where the director breached his duty of loyalty, failed to
act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a
stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our Amended and Restated Certificate
of Incorporation provides that no director of the Company shall be personally liable to it or its stockholders for monetary damages for
any breach of fiduciary duty as a director, notwithstanding any provision of law imposing such liability, except to the extent that the
DGCL prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
145 of the DGCL provides that a corporation has the power to indemnify a director, officer, employee, or agent of the corporation, or
a person serving at the request of the corporation for another corporation, partnership, joint venture, trust or other enterprise in
related capacities against expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with an action, suit or proceeding to which he was or is a party or is threatened to be made a party
to any threatened, ending or completed action, suit or proceeding by reason of such position, if such person acted in good faith and
in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action or proceeding,
had no reasonable cause to believe his conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation,
no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable
to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the
adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity
for such expenses which the Court of Chancery or such other court shall deem proper.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provide indemnification for our directors and officers
to the fullest extent permitted by the DGCL. We will indemnify each person who was or is a party or threatened to be made a party to
any threatened, pending or completed action, suit or proceeding (other than an action by or in the right of us) by reason of the fact
that he or she is or was, or has agreed to become, a director or officer, or is or was serving, or has agreed to serve, at our request
as a director, officer, partner, employee or trustee of, or in a similar capacity with, another corporation, partnership, joint venture,
trust or other enterprise (all such persons being referred to as an &#8220;Indemnitee&#8221;), or by reason of any action alleged to
have been taken or omitted in such capacity, against all expenses (including attorneys&#8217; fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred in connection with such action, suit or proceeding and any appeal therefrom, if such Indemnitee
acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, our best interests, and, with respect
to any criminal action or proceeding, he or she had no reasonable cause to believe his or her conduct was unlawful. Our Certificate of
Incorporation and Amended and Restated Bylaws provide that we will indemnify any Indemnitee who was or is a party to an action or suit
by or in the right of us to procure a judgment in our favor by reason of the fact that the Indemnitee is or was, or has agreed to become,
a director or officer, or is or was serving, or has agreed to serve, at our request as a director, officer, partner, employee or trustee
of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action
alleged to have been taken or omitted in such capacity, against all expenses (including attorneys&#8217; fees) and, to the extent permitted
by law, amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding, and any appeal
therefrom, if the Indemnitee acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, our best
interests, except that no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have
been adjudged to be liable to us, unless a court determines that, despite such adjudication but in view of all of the circumstances,
he or she is entitled to indemnification of such expenses. Notwithstanding the foregoing, to the extent that any Indemnitee has been
successful, on the merits or otherwise, he or she will be indemnified by us against all expenses (including attorneys&#8217; fees) actually
and reasonably incurred in connection therewith. Expenses must be advanced to an Indemnitee under certain circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, we have entered into separate indemnification agreements with each of our directors and executive officers.
Each indemnification agreement provides, among other things, for indemnification to the fullest extent permitted by law and our Certificate
of Incorporation against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification
agreements provide for the advancement or payment of all expenses to the indemnitee and for the reimbursement to us if it is found that
such indemnitee is not entitled to such indemnification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, upon consummation of this offering, we intend to obtain a general liability insurance policy that covers certain liabilities
of directors and officers of our corporation arising out of claims based on acts or omissions in their capacities as directors or officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
any underwriting agreement we enter into in connection with the sale of common stock being registered hereby, the underwriters will agree
to indemnify, under certain conditions, us, our directors, our officers and persons who control us within the meaning of the Securities
Act against certain liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_025"></span>Item
15. Recent Sales of Unregistered Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_026"></span>Item
16. Exhibits and Financial Statement Schedules</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBIT
INDEX</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No.</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">1.1*</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex1-1.htm">Underwriting Agreement</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315214003110/ex2-1.htm" style="-sec-extract: exhibit">Agreement and Plan of Merger, dated as of September 19, 2014, by and among AFH Acquisition X, Inc., Bone Biologics Acquisition Corp., and Bone Biologics, Inc. (incorporated herein by reference to Exhibit 2.1 to current report on Form 8-K, File No. 000-53078, filed September 25, 2014)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315214003110/ex2-2.htm" style="-sec-extract: exhibit">Certificate of Merger as filed with the California Secretary of State effective September 19, 2014 (incorporated herein by reference to Exhibit 2.2 to current report on Form 8-K, File No. 000-53078, filed September 25, 2014)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315214003110/ex3-1i.htm" style="-sec-extract: exhibit">Amended and Restated Articles of Incorporation, of Bone Biologics Corporation, as filed with the Delaware Secretary of State on July 28, 2014 (incorporated herein by reference to Exhibit 3.1(i) to current report on Form 8-K, File No. 000-53078, filed September 25, 2014)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315221025492/ex3-1.htm" style="-sec-extract: exhibit">Certificate of Amendment as filed with the Delaware Secretary of State on October 18, 2021 (incorporated herein by reference to Exhibit 3.1 to current report on Form 8-K, File No. 000-53078, filed October 15, 2021)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315222006230/ex3-1.htm" style="-sec-extract: exhibit">Amended and Restated Bylaws of Bone Biologics Corporation (incorporated herein by reference to Exhibit 3.1 to current report on Form 8-K, File No. 000-53078, filed March 8, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315221024979/ex10-42.htm" style="-sec-extract: exhibit">Warrant Agent Agreement including Form of Warrant between the Company and Equiniti (incorporated &#160;by reference to Exhibit 10.42 to current report on Form S-1, File No. 000-53078, filed October 15, 2021)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">4.2*</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex4-2.htm">Warrant Agent Agreement including Form of Series A Warrant, Form of Series
B Warrant and Form of Series C Warrant between the Company and Equiniti</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of TroyGould PC</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315214003110/ex10-4.htm" style="-sec-extract: exhibit">Director Offer Letter, dated July 1, 2014, by and between Bruce Stroever and Bone Biologics Corporation (incorporated herein by reference to Exhibit 10.4 to current report on Form 8-K, File No. 000-53078, filed September 25, 2014)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315215003724/ex10-2.htm" style="-sec-extract: exhibit">Chief Operating Officer Employment agreement, dated June 8, 2015, by and between Bone Biologics Corporation and Jeffrey Frelick (incorporated herein by reference to Exhibit 10.2 to current report on Form 10-Q, File No. 000-53078, filed August 14, 2015)</a></span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315215004729/ex10-1.htm" style="-sec-extract: exhibit">Letter Agreement, dated October 2, 2015, by and between the Company and the Founders (incorporated herein by reference to Exhibit 10.1 to current report on Form 8-K, File No. 000-53078, filed October 08, 2015)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315216006565/ex10-1.htm" style="-sec-extract: exhibit">Bone Biologics Corporation Non-Employee Director Compensation Policy (incorporated herein by reference to Exhibit 10.1 to current report on Form 8-K, File No. 000-53078, filed January 4, 2016)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315216006565/ex10-3.htm" style="-sec-extract: exhibit">Bone Biologics Corporation 2015 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.3 to current report on Form 8-K, File No. 000-53078, filed January 4, 2016)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315216006565/ex10-4.htm" style="-sec-extract: exhibit">Form of Stock Award Grant Notice and Stock Award Agreement for the Bone Biologics Corporation 2015 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.4 to current report on Form 8-K, File No. 000-53078, filed January 4, 2016)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315216006565/ex10-5.htm" style="-sec-extract: exhibit">Form of Restricted Stock Unit Award (incorporated herein by reference to Exhibit 10.5 to current report on Form 8-K, File No. 000-53078, filed January 4, 2016)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315216007682/ex10-3.htm" style="-sec-extract: exhibit">Option Agreement for the Distribution and Supply of Sygnal&#8482; dated as of February 24, 2016 (incorporated herein by reference to Exhibit 10.3 to current report on Form 8-K, File No. 000-53078, filed February 26, 2016)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315214003110/ex10-17.htm" style="-sec-extract: exhibit">Form of Indemnification Agreement (incorporated herein by reference to Exhibit 10.17 to current report on Form 8-K, File No. 000-53078, filed September 25, 2014)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315219005443/ex10-1.htm" style="-sec-extract: exhibit">Amended and Restated Exclusive License Agreement, dated as of March 21, 2019, by and between the Company and The Regents of the University of California (incorporated herein by reference to Exhibit 10.1 to current report on Form 8-K, File No. 000-53078, filed April 16, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315219009880/ex10-1.htm" style="-sec-extract: exhibit">Independent Contractor Agreement dated as of June 28, 2019 between the Company and Stephen LaNeve. (incorporated herein by reference to Exhibit 10.1 to current report on Form 8-K, File No. 000-53078, filed June 28, 2019)</a></span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315221024979/ex10-40.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Amendment to the Amended License Agreement dated August 13, 2020 between the Company and the Regents of the University of California (incorporated herein by reference to Exhibit 10.40 to current report on Form S-1/A, File No. 000-53078, filed October 7, 2021)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315221032259/ex10-1.htm" style="-sec-extract: exhibit">Employment Agreement dated December 17, 2021 between the Company and Deina Walsh (incorporated herein by reference to Exhibit 10.1 to current report on Form 8-K, File No. 000-53078, filed December 22, 2021)</a>&#8239;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315222006850/ex10-30.htm" style="-sec-extract: exhibit">Supply and Development Support Agreement dated March 3, 2022 between the Company and Musculoskeletal Transplant Foundation, Inc. (incorporated herein by reference to Exhibit 10.30 to current report on Form 10-K, File No. 000-53078, filed March 15, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">10.15</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315222016325/ex10-1.htm" style="-sec-extract: exhibit">Third Amendment to the Amended License Agreement dated June 8, 2022 between the Company and the Regents of the University of California (incorporated herein by reference to Exhibit 10.1 to current report on Form 8-K, File No. 000-53078, filed June 9, 2022)</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1419554/000149315214003110/ex21-1.htm" style="-sec-extract: exhibit">List
    of Subsidiaries (incorporated herein by reference to Exhibit 21.1 to current report on Form 8-K, File No. 000-53078, filed September
    25, 2014)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex23-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Weinberg &amp; Company</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of TroyGould PC (included in Exhibit 5.1)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sur_029">Power
    of Attorney (included on the signature page for the initial filing)</a> </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">107*</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex-107.htm">Filing Fees Exhibit</a></td></tr>

  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Filed Herewith</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
To be filed by amendment</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
Statement Schedules</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedules
have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements
or notes thereto.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_027"></span>Item
17. Undertakings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates
    in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
    as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
    of Bone Biologics Corporation pursuant to the foregoing provisions, or otherwise, Bone Biologics Corporation has been advised that
    in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
    In the event that a claim for indemnification against such liabilities (other than the payment by Bone Biologics Corporation of expenses
    incurred or paid by a director, officer or controlling person of Bone Biologics Corporation 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,
    Bone Biologics Corporation 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 and will be governed by the final adjudication of such issue.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    undersigned hereby further undertakes that:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    purposes of determining any liability under the Securities Act the information omitted from the form of prospectus filed as part
    of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by Bone Biologics Corporation
    pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as
    of the time it was declared effective.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
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    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 <i>bona fide</i> offering thereof.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_028"></span>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement on Form S-1
to be signed on its behalf by the undersigned, thereunto duly authorized in the Town of Burlington, State of Massachusetts, on the 23rd
day of September, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">BONE
    BIOLOGICS CORPORATION</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Jeffrey Frelick</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
    Frelick</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_029"></span>POWER
OF ATTORNEY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KNOW
ALL PERSONS BY THESE PRESENTS</b>, that each person whose signature appears below constitutes and appoints Jeffrey Frelick and Deina
H. Walsh, and each of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,
for him and in his name, place, and stead, in any and all capacities, to sign any and all amendments to this Registration Statement on
Form S-1 and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents and each of them, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in connection therewith as fully to all intents and purposes as he might or could do
in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1934, this S-1 has been signed by the following persons in the capacities and on the dates
indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Jeffrey Frelick</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer (Principal Executive Officer)</span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">September 23, 2022</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Deina H. Walsh</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer (Principal Financial Officer and</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deina
    H. Walsh</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif">September 23, 2022</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Don R. Hankey </i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Don
    R. Hankey</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">September 23, 2022</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Bruce Stroever</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bruce
    Stroever</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">September 23, 2022</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">September 23, 2022</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Erick
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Siddhesh
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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As
filed with the Securities and Exchange Commission on September 23, 2022
Registration
Statement No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
S-1
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
BONE
BIOLOGICS CORPORATION
(Exact
name of registrant as specified in its charter)
Delaware
2834
42-1743430
(State
                                            or other jurisdiction of
incorporation
    or organization)
(Primary
                                            Standard Industrial
Classification
    Code Number)
(I.R.S.
                                            Employer
Identification
    Number)
2
Burlington Woods Drive
,
Suite 100
Burlington
,
MA
01803
(
781
)
552-4452
(Address
and telephone number of registrant's principal executive offices)
Jeffrey
Frelick
Chief
Executive Officer
Bone
Biologics Corporation
2
Burlington Woods Drive
,
Suite 100
Burlington
,
MA
01803
(
781
)
552-4452
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
David
                                            Ficksman, Esq.
TroyGould
    PC
1801
    Century Park East, 16
th
Floor
Los
    Angeles, CA 90067
Tel.:
    (310) 553-4441
Richard
                                            A. Friedman, Esq.
Stephen
    Cohen, Esq.
Sheppard,
    Mullin, Richter & Hampton LLP
30
    Rockefeller Plaza
New
    York, NY 10112-0015
Tel.:
    (212) 653-8700
Approximate
date of commencement of proposed sale to the public:
As
soon as practicable after the effective date of this registration statement becomes effective.
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: ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. ☐
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. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) 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. ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller
reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer
☐
Accelerated
    filer
☐
Non-accelerated
    filer
☒
Smaller
    reporting company
☒
Emerging
    growth company
☐
If
an emerging growth company, 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 provided to Section 7(a)(2)(B) of the Securities Act. ☐
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 Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
The
information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does
it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
Subject
to Completion, dated September 23, 2022
PRELIMINARY
PROSPECTUS
___________
Units, Each Consisting of One Share of Common Stock, a Series A Warrant
to Purchase One Share of Common Stock, a Series B Warrant to Purchase One Share of Common Stock and a Series C Warrant to Purchase One
Share of Common Stock
BONE
BIOLOGICS CORPORATION
________ Units
Each Unit Consisting of
One Share of
Common Stock
One Series A Warrant to Purchase One Share of Common Stock
One Series B Warrant to Purchase One Share of Common Stock, and
One Series C Warrant to Purchase One Share of
Common Stock
(and the shares of Common Stock underlying such
Warrants)
We
are offering __units (each a "Unit," and collectively the "Units"). The public offering price of the Units
is $_____per Unit (the "Offering Price")., Each unit consists of: (i) one share of common stock, par value $0.001 per
share; (ii) one Series A warrant (the "Series A Warrants") to purchase one share of common stock at an exercise price
equal to $_____ per share, exercisable until the fifth anniversary of the issuance date; (iii) one Series B warrant (the "Series
B Warrants") to purchase one share of common stock at an exercise price equal to $_____ per share, exercisable until the fifth
anniversary of the issuance date; and (iv) one Series C warrant (the "Series C Warrants," and together
with the Series A Warrants and the Series B Warrants, the "Purchase Warrants") to purchase one share of common stock
at an exercise price equal to $______ per share, exercisable until the fifth anniversary of the issuance date. The Purchase Warrants
are subject to certain adjustment and cashless exercise provisions as described herein. The Units have no stand-alone rights and
will not be certificated or issued as stand-alone securities. The shares of common stock and Purchase Warrants may be transferred
separately immediately upon issuance. Holders of the Series C Warrants may execute such warrants on a "cashless" basis
upon the earlier of (i) 15 Trading Days from the issuance date of such warrant or (ii) the time when $10.0 million of volume is traded
in the our common stock, if the volume weighted average price ("VWAP") of our common stock on any trading day on or after
the date of issuance fails to exceed the exercise price of the Series C Warrant (subject to adjustment for any stock splits, stock dividends,
stock combinations, recapitalizations and similar events). In such event, the aggregate number of Warrant Shares issuable in such cashless
exercise pursuant to any given Notice of Exercise electing to effect a cashless exercise shall equal the product of (x) the aggregate
number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise
were by means of a cash exercise rather than a cashless exercise and (y) 1.00. The shares of our common stock and the Purchase Warrants
are immediately separable and will be issued separately, but will be purchased together in this offering.
Our
common stock is listed on The Nasdaq Capital Market under the symbol "BBLG." On September 22, 2022, the last reported
sale price of our common stock on The Nasdaq Capital Market was $1.17 per share. We do not intend to apply for any listing
of either of the Purchase Warrants on the Nasdaq Capital Market or any other securities exchange or nationally recognized trading system,
and we do not expect a market to develop for the Series A Warrants, Series B Warrants or the Series C Warrants.
Investing
in our securities involves risks. See "Risk Factors" beginning on page 13.
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.
Per
                                            Unit
Total
Price to the
    public
(1)
$
$
Underwriting discounts
    and commissions
$
$
Proceeds to us (before
    expenses)
(2)
$
$
(1)
The public offering price and underwriting discount and
    commissions in respect of each Unit corresponds to the public offering price per share of common stock of $___, the public offering
    price per accompanying Series A Warrant of $0.01, the public offering price per accompanying Series B Warrant of $0.01 and the
    public offering price per accompanying Series C Warrant of $0.01.
(2)
Does
    not include a non-accountable expense allowance equal to 1% of the gross proceeds of this offering payable to the underwriters, or
    the reimbursement of certain expenses of the underwriters. We refer you to "Underwriting" beginning on page 80 of this
    prospectus for additional information regarding underwriting compensation.
We
have granted the underwriters the option for a period of 45 days to purchase up to an additional ___ shares of common stock at the
public offering price and/or Series A Warrants to purchase an aggregate of ______ shares of common stock at a price of $0.01 per
share and/or Series B Warrants to purchase an aggregate of ______ shares of common stock at a price of $0.01 per share and/or Series
C Warrants to purchase an aggregate of ______ shares of common stock at a price of $0.01 per share, in any combination thereof, from
us at the public offering price per security, less underwriting discounts and commissions, solely to cover over-allotments, if
any.
The
underwriter expects to deliver the shares on or about _____, 2022.
WallachBeth
Capital, LLC
Prospectus
dated _______, 2022
TABLE
OF CONTENTS
Page
PROSPECTUS SUMMARY
4
RISK FACTORS
13
INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
45
INDUSTRY AND MARKET DATA
47
USE OF PROCEEDS
47
DIVIDEND POLICY
47
CAPITALIZATION
48
DILUTION
49
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
50
BUSINESS
54
MANAGEMENT
62
EXECUTIVE AND DIRECTOR COMPENSATION
65
CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS
69
PRINCIPAL STOCKHOLDERS
70
DESCRIPTION OF CAPITAL STOCK
72
DESCRIPTION OF SECURITIES WE ARE OFFERING
75
MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF OUR COMMON STOCK AND WARRANTS
76
UNDERWRITING
80
LEGAL MATTERS
86
EXPERTS
86
WHERE YOU CAN FIND MORE INFORMATION
86
INDEX TO FINANCIAL STATEMENTS
F-1
We
have not, and the underwriters have not, authorized anyone to provide any information or to make any representations other than those
contained in this prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We take
no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give to you.
You
should rely only on the information contained in this prospectus. No dealer, salesperson or other person is authorized to give information
that is not contained in this prospectus. This prospectus is not an offer to sell nor is it seeking an offer to buy these securities
in any jurisdiction where the offer or sale is not permitted. The selling stockholders are offering to sell and seeking offers to buy
our common stock only in jurisdictions where offers and sales are permitted. The information in this prospectus is accurate only as of
the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of these securities.
All
trademarks, trade names and service marks appearing in this prospectus are the property of their respective owners. Solely for convenience,
the trademarks and trade names in this prospectus are referred to without the ® and
TM
symbols, but such references should
not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights
thereto.
3
PROSPECTUS
SUMMARY
The
following summary highlights selected information contained elsewhere in this prospectus and is qualified in its entirety by the more
detailed information and financial statements included elsewhere in this prospectus. It does not contain all the information that may
be important to you and your investment decision. You should carefully read this entire prospectus, including the matters set forth under
"Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations,"
and our financial statements and related notes included elsewhere in this prospectus. In this prospectus, unless context requires otherwise,
references to "we," "us," "our," "BBLG" "Bone Biologics," or the "Company"
refer to Bone Biologics Corporation.
Glossary
of Abbreviations and Defined Terms
Abbreviations
BMP
Bone
    Morphogenic Protein
CDMO
Contract
    Development and Manufacturing Organization
cGMP
current
    Good Manufacturing Practice
CRO
Contract
    Research Organization
DBM
Demineralized
    bone matrix is allograft bone that has had the inorganic mineral removed
DDD
Degenerative
    disc disease
HREC
Human
    Research Ethics Committee
IDE
Investigational
    Device Exemption
IRB
Institutional
    Review Board
MTF
Musculoskeletal
    Transplant Foundation
NB1
    Device
Product
    combination kit that includes vial of NELL-1 recombinant protein and demineralized bone matrix
NDA
New
    Drug Application
NELL-1
Neural
    epidermal growth factor-like 1 protein (NELL-1)
PMA
Pre-market
    approval
REMS
Risk
    Evaluation and Mitigation Strategies
rhBMP-2
Recombinant
    Bone Morphogenic Protein
rhNELL-1
Recombinant
    NELL-1
TLIF
Transforaminal
    lumbar interbody fusion
UCLA
    TDG
UCLA
    Technology Development Group on behalf of UC Regents
4
Defined
    Terms
Alkaline
    phosphatase assay
Alkaline
    phosphatase is an enzyme that is found throughout your body. ALP blood tests measure the level of ALP in your blood that comes from
    your bones.
Athymic
    mouse model
A
    mouse that provides an experiment model for conducting research because it mounts no rejection response.
Demineralized
    Bone
Bone
    that has had the calcium removed.
Osteostimulative
Stimulates
    bone growth.
Osteosynthetic
The
    reduction and fixation of a bone fracture with implantable devices.
Phylogenetically
advanced spine model
Evolutionary
    advancement of spine systems that exist in large animal models.
Recombinant
Relating
    to or denoting an organism, cell, or genetic material formed by recombination.
Retrolisthesis
A
    medical condition in which a vertebra in the spine becomes displaced and moves forward or backward.
Spondylolisthesis
A
    spinal disorder in which one vertebra (spinal bone) slips onto the vertebra below it.
Company
Overview
We
are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein known
as NELL-1/DBM. The NELL-1/DBM combination product is an osteostimulative recombinant protein that provides target specific control over
bone regeneration. The protein, as part of the UCB-1 technology platform, has been licensed exclusively for worldwide applications to
us through a technology transfer from the UCLA Technology Development Group on behalf of UC Regents ("UCLA TDG"). UCLA TDG
and the Company received guidance from the FDA that NELL-1/DBM will be classified as a combination product with a device lead.
The
Company was founded by University of California professors in collaboration with an Osaka University professor and a University of Southern
California surgeon in 2004 as a privately-held company with proprietary, patented technology that has been validated in sheep and non-human
primate models to facilitate bone growth. Our platform technology has application in delivering improved outcomes in the surgical specialties
of spinal, orthopedic, general orthopedic, plastic reconstruction, neurosurgery, interventional radiology, and sports medicine. Lead
product development and clinical studies are targeted on spinal fusion surgery, one of the larger segments in the orthopedic market.
We
are a development stage entity. The production and marketing of our products and ongoing research and development activities will be
subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any
combination product developed by us must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory
approval process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that we will not encounter problems
in clinical trials that will cause us or the FDA to delay or suspend the clinical trials.
Our
success will depend in part on our ability to obtain patents and product license rights, maintain trade secrets, and operate without
infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents
issued to or licensed by us will not be challenged, invalidated, rendered unenforceable, or circumvented, or that the rights granted
thereunder will provide proprietary protection or competitive advantages to us.
UCLA
TDG Exclusive License Agreement
Effective
April 9, 2019, the Company entered into an Amended and Restated Exclusive License Agreement dated as of March 21, 2019 and amended through
three sets of amendments (as so amended the "Amended License Agreement") with the UCLA TDG. The Amended License Agreement
amends and restates the Amended and Restated Exclusive License Agreement, dated as of June 19, 2017 (the "2017 Agreement").
The 2017 Agreement amended and restated the Exclusive License Agreement, effective March 15, 2006, between the Company and UCLA TDG,
as amended by ten amendments. Under the terms of the Amended License Agreement, the Regents have continued to grant the Company exclusive
rights to develop and commercialize NELL-1 (the "Licensed Product") for spinal fusion by local administration, osteoporosis
and trauma applications. The Licensed Product is a recombinant human protein growth factor that is essential for normal bone development.
5
We
have agreed to pay an annual maintenance fee to UCLA TDG of $10,000 as well as pay certain royalties to UCLA TDG under the Amended License
Agreement at the rate of 3.0% of net sales of licensed products or licensed methods. We must pay the royalties to UCLA TDG on a quarterly
basis. Upon a first commercial sale, we also must pay a minimum annual royalty between $50,000 and $250,000, depending on the calendar
year which is after the first commercial sale. If we are required to pay any third party any royalties as a result of us making use of
UCLA TDG patents, then we may reduce the royalty owed to UCLA TDG by 0.333% for every percentage point paid to a third party. If we grant
sublicense rights to a third party to use the UCLA TDG patent, then we will pay UCLA TDG 10% to 20% of the sublicensing income we receive
from such sublicense.
We
are obligated to make the following milestone payments to UCLA TDG for each Licensed Product or Licensed Method:
●
$100,000
    upon enrollment of the first subject in a Feasibility Study;
●
$250,000
    upon enrollment of the first subject in a Pivotal Study:
●
$500,000
    upon Pre-Market Approval of a Licensed Product or Licensed Method; and
●
$1,000,000
    upon the First Commercial Sale of a Licensed Product or Licensed Method.
We
are also obligated pay to UCLA TDG a fee (the "Diligence Fee") of $8,000,000 upon the sale of any Licensed Product (the "Triggering
Sale Date") in accordance with the payment schedule below:
●
Due
    upon cumulative Net Sales equaling $50,000,000 following the Triggering Sale Date - $2,000,000;
●
Due
    upon cumulative Net Sales equaling $100,000,000 following the Triggering Sale Date - $2,000,000; and
●
Due
    upon cumulative Net Sales equaling $200,000,000 following the Triggering Sale Date - $4,000,000.
The
Company's obligation to pay the Diligence Fee will survive termination or expiration of the agreement and the Company is prohibited
from assigning, selling, or otherwise transferring any of its assets related to any Licensed Product unless the Company's foregoing
Diligence Fee obligation is assigned, sold, or transferred along with such assets, or unless the Company pays UCLA TDG the Diligence
Fee within ten (10) days of such assignment, sale or other transfer of such rights to any Licensed Product.
We
are also obligated to pay UCLA TDG a cash milestone payment within thirty (30) days of a Liquidity Event (including a Change of Control
Transaction and a payment election by UCLA TDG exercisable after December 22, 2016) such payment to equal the greater of:
●
$500,000;
    or
●
2%
    of all proceeds in connection with a Change of Control Transaction.
As
of June 30, 2022, none of the above milestones has been met.
We
are obligated to diligently proceed with developing and commercializing licensed products under UCLA TDG patents set forth in the Amended
License Agreement. UCLA TDG has the right to either terminate the license or reduce the license to a non-exclusive license if we do not
meet certain diligence milestone deadlines set forth in the Amended License Agreement.
We
must reimburse or pre-pay UCLA TDG for patent prosecution and maintenance costs incurred during the term of the Amended License Agreement.
We have the right to bring infringement actions against third party infringers of the Amended License Agreement, UCLA TDG may join voluntarily,
at its own expense, or, at our expense, be joined involuntarily to the action. We are required to indemnify UCLA TDG against any third
party claims arising out of our exercise of the rights under the Amended License Agreement or any sublicense.
6
Products
We
have developed a stand-alone platform technology through significant laboratory and small and large animal research over more than ten
years to generate the current applications across broad fields of use. The platform technology is our recombinant human protein, known
as NELL-1, a proprietary skeletal specific growth factor which is a bone void filler. NELL-1 provides regulation over skeletal tissue
formation and stem cell differentiation during bone regeneration. The Company obtained the platform technology pursuant to an exclusive
license agreement with UCLA TDG.
We
are currently focused on bone regeneration in lumbar spinal fusion, in keeping with our exclusive license agreement, using NELL-1 in
combination with DBM, a demineralized bone matrix from Musculoskeletal Transplant Foundation ("MTF"). The NELL-1/DBM medical
device is a combination product which is an osteostimulative recombinant protein that provides target specific control over bone regeneration.
Leveraging the resources of investors and strategic partners, we have successfully surpassed four critical milestones:
●
Demonstrating
    a successful small laboratory scale pilot run for the manufacturing of the recombinant NELL-1 protein in Chinese hamster ovary cells;
●
Validation
    of protein dosing and efficacy in established large animal sheep models pilot study;
●
Completed
    pivotal animal study; and
●
Filed
    for a clinical trial outside the United States.
Our
lead product is expected to be purified NELL-1 mixed with 510(k) cleared DBM Demineralized Bone Putty recommended for use in conjunction
with applicable hardware consistent with the indication. The NELL-1/DBM Fusion Device will be comprised of a single dose vial of NELL-1
recombinant protein freeze dried onto DBM. A vial of NELL-1/DBM will be sold in a convenience kit with a diluent and a syringe of 510(k)
cleared demineralized bone ("DBM Putty") produced by MTF. A delivery device will allow the surgeon to mix the reconstituted
NELL-1 with the appropriate quantity of DBM Putty just prior to implantation.
The
NELL-1/DBM Fusion Device is intended for use in lumbar spinal fusion and may have a variety of other spine and orthopedic applications.
While
the product is initially targeted at the lumbar spine fusion market, in keeping with our exclusive license agreement, we believe NELL-1's
novel set of characteristics, target specific mechanism of action, efficacy, safety and affordability position the product well for application
in a variety of procedures including:
Spine Implants
.
This is the largest market for bone substitute product, representing greater than 70% of the total U.S. market according to Transparency
    Market Research. While use of the patient's own bone, also referred to as autograft, to enhance fusion of vertebral segments
    remains the optimal use for this type of treatment, complications associated with use of autograft bone including pain, increased
    surgical time and infection limit its use.
Non-Union Trauma
    Cases
.
While the majority of fractures heal without the need for osteosynthetic products, bone substitutes are used in complicated
    breaks where the bone does not mend naturally. Management believes that NELL-1 is expected to perform as well as high-priced growth
    factors in this market.
Osteoporosis
.
The medical need to find a solution to counter a decrease in bone mass and density seen in women most frequently after menopause
    or a similar effect on astronauts in microgravity environments for an extended period is a major medical challenge. The systemic
    use of NELL-1 to stimulate bone regeneration throughout the body thereby increasing bone density could have a very significant impact
    on the treatment of osteoporosis.
7
UCLA's
initial research was funded with approximately $18 million in resources from UCLA TDG and government grants. Since licensing the exclusive
worldwide intellectual property rights from UCLA TDG, our continued development has been funded through various strategic investments.
Our research and development expenses for the years ended December 31, 2021 and 2020 were $45,500 and $102,293, respectively. We anticipate
that it will require approximately $15 million to complete first in man studies and an estimated additional $27 million to achieve
FDA approval for a spine interbody fusion indication. These amounts are estimates based on data currently available to us, and are subject
to many factors including the various risk factors discussed below under "
Risk Factors.
"
NELL-1's
powerful specific bone and cartilage forming properties are derived from the ability of NELL-1 to only target cells that exhibit an activated
"master switch" to develop into bone or cartilage. NELL-1 is a function specific recombinant human protein that has been
proven in laboratory bench models to recapitulate normal human growth and development to provide control over bone and cartilage regeneration.
NELL-1
was isolated in 1996, and the first NELL-1 patent on bone regeneration was filed in 1999. Subsequent patents and continuations in part
describing NELL-1 manufacturing, delivery, and cartilage regeneration were filed to further strengthen the patent portfolio.
Research
& Publications
We
believe our scientific evidence validates the many benefits of NELL-1. Currently there is a comprehensive database of more than 80 research
publications and abstracts of preclinical studies with NELL-1 of which more than 45 are peer-reviewed publications.
We
completed a preclinical study, which shows our rhNELL-1 growth factor effectively promotes bone formation in a phylogenetically advanced
spine model. In addition, rhNELL-1 was shown to be well tolerated and there were no findings of inflammation.
Bone
Biologics has received Human Research Ethics Committee ("HREC") approval for the first center of a multicenter pilot clinical
trial to evaluate NB1 ("NELL-1/DBM") in 30 patients in Australia. The pilot study will evaluate the safety and effectiveness
of NB1 in adult subjects with spinal degenerative disc disease ("DDD") at one level from L2-S1, who may also have up to Grade
1 spondylolisthesis or Grade 1 retrolisthesis at the involved level who undergo transforaminal lumbar interbody fusion ("TLIF").
Proposed
Initial Clinical Application
The
NELL-1/DBM Fusion Device will be indicated for spinal fusion procedures in skeletally mature patients with DDD at one level from L4-S1.
These DDD patients may also have up to Grade I spondylolisthesis at the involved level. The NELL-1/DBM Fusion Device is to be implanted
via an anterior open or an anterior laparoscopic approach in conjunction with a cleared intervertebral body fusion device. Patients receiving
the device should have had at least six months of non-operative treatment prior to treatment with the device. A cervical indication is
currently under consideration. This indication for use would fill a current clinical gap, created by potentially dangerous inflammatory
responses caused by commercially available catalytic bone growth agents, the subject of a Public Health Notification from the FDA on
July 1, 2008 about life threatening complications associated with a recombinant human protein in cervical spine fusion. We do not expect
our product to see the same adverse events with NELL-1/DBM as have been observed with other commercially available protein. We have performed
a rat femoral onlay model to compare proinflammatory response of rhBMP-2 and NELL-1 within Helistate collagen sponges. While NELL-1 induced
normal healing, rhBMP-2 induced significant amounts of swelling and histological evidence of intense inflammatory response.
Description
of the DBM Putty to Be Used With Nell-1
The
DBM Demineralized Bone Putty provided as part of the convenience kit with NELL-1/DBM is a Class II device. The common name is "Bone
Void Filler Containing Human Demineralized Bone Matrix." The product is regulated under 21 C.F.R. §888.3045 Resorbable calcium
salt bone void filler device, Product Codes MQV, GXP, and MBP. MTF is the manufacturer of the DBM Putty that was cleared by the FDA for
spine indication in December 2006.
8
DBM
Putty is a matrix composed of processed human cortical bone. Demineralized bone granules are mixed with sodium hyaluronate to form the
DBM Putty. Every lot of final DBM Putty product is tested in an athymic mouse model or in an alkaline phosphatase assay, which has been
shown to have a positive correlation with the athymic mouse model, to ensure osteostimulation.
Based
upon extensive discussions with regulatory experts and a specific communication from the FDA in response to a submission of our plan
under the Amended License Agreement between UCLA TDG and the Company we believe the NELL-1/DBM Fusion Device will be regulated as a Class
III medical device and will therefore require submission and approval of a pre-market approval ("PMA").
Our
Business Strategy
Our
business plan is to develop our target specific growth factor for bone regeneration that has demonstrated increases in the quantity and
quality of bone, while displaying strong safety profile. Our spine fusion product focus continues to advance from the research to the
development stage and then to clinical stage to allow for the approval for use of our target specific protein exhibiting efficacy and
safety by matching or exceeding current market approved products. The utilization of investment partners is critical to facilitate the
development through pre Investigational Device Exemption ("IDE"), clinical, and ultimate commercialization as we fund the
pre-IDE work and continue achieving milestones.
Risks
Associated with Our Business
Our
business is subject to a number of risks of which you should be aware of before making an investment decision. Some of these risks include
the following:
●
We
    have incurred substantial losses since our inception and anticipate that we will continue to incur substantial and increasing losses
    for the foreseeable future.
●
We
    will require substantial additional financing to achieve our goals, and a failure to obtain this necessary capital when needed could
    force us to delay, limit, reduce or terminate our product development or commercialization efforts.
●
We
    currently have no source of revenues. We may never generate revenues or achieve profitability.
●
We
    expect to continue to incur significant operating and non-operating expenses, which may make it difficult for us to secure sufficient
    financing and may lead to uncertainty about our ability to continue as a going concern.
●
There
    is substantial doubt about our ability to continue as a going concern, which may affect our ability to obtain future financing and
    may require us to curtail our operations. We will need to raise additional capital to support our operations.
●
We
    are dependent in part on technologies we license, and if we lose the right to license such technologies or we fail to license new
    technologies in the future, our ability to develop new products would be harmed, and if we fail to meet our obligations under our
    current or future license agreements, we may lose the ability to develop our lead product candidate or other product candidates.
●
We
    expect to face substantial competition, which may result in others discovering, developing or commercializing products before or
    more successfully than we do.
●
We
    are currently a pre-clinical stage medical device company with our lead product candidate in pre-clinical development. If we are
    unable to successfully develop and commercialize our lead product candidate or experience significant delays in doing so, our business
    may be materially harmed.
●
Our
    success relies on third-party suppliers and manufacturers. Any failure by such third parties, including, but not limited to, failure
    to successfully perform and comply with regulatory requirements, could negatively impact our business and our ability to develop
    and market our product candidate, and our business could be substantially harmed.
9
●
Our
    future success is dependent on the regulatory approval of our lead product candidate or other product candidates.
●
Our
    business may be adversely affected by the ongoing coronavirus pandemic.
●
Business
    interruptions could adversely affect future operations, revenues, and financial conditions, and may increase our cost of expenses.
●
Our
    failure to find third party collaborators to assist or share in the costs of product development could materially harm our business,
    financial condition, and results of operations.
●
If
    we fail to comply with our obligations under our license agreement with licensors, we could lose rights that are important to our
    business.
●
We
    may infringe the intellectual property rights of others, which may prevent or delay our product development efforts.
●
Our
                                            intellectual property may not be sufficient to protect our products from competition.
Implications
of Being a Smaller Reporting Company
We
are a smaller reporting company as defined in the Securities Exchange Act of 1934, as amended. We may take advantage of certain of the
scaled disclosures available to smaller reporting companies and will be able to take advantage of these scaled disclosures for so long
as (i) the market value of our voting and non-voting common stock held by non-affiliates is less than $250 million measured on the last
business day of our second fiscal quarter or (ii) our annual revenue is less than $100 million during the most recently completed fiscal
year and the market value of our voting and non-voting common stock held by non-affiliates is less than $700 million measured on the
last business day of our second fiscal quarter. Specifically, as a smaller reporting company, we may choose to present only the two most
recent fiscal years of audited financial statements in our Annual Report on Form 10-K and have reduced disclosure obligations regarding
executive compensation, and, similar to emerging growth companies, if we are a smaller reporting company with less than $100 million
in annual revenue, we would not be required to obtain an attestation report on internal control over financial reporting issued by our
independent registered public accounting firm.
Corporate
Information
We
were incorporated under the laws of the State of Delaware on October 18, 2007 as AFH Acquisition X, Inc. Pursuant to a Merger Agreement,
dated September 19, 2014, by and among the Company, its wholly-owned subsidiary, Bone Biologics Acquisition Corp., a Delaware corporation
("Merger Sub"), and Bone Biologics, Inc. Merger Sub merged with and into Bone Biologics Inc., with Bone Biologics Inc. remaining
as the surviving corporation in the merger. Upon the consummation of the merger, the separate existence of Merger Sub ceased. On September
22, 2014, the Company officially changed its name to "Bone Biologics Corporation" to more accurately reflect the nature of
its business and Bone Biologics, Inc. became a wholly owned subsidiary of the Company. Bone Biologics, Inc. was incorporated in California
on September 9, 2004.
Our
principal executive offices are located at 2 Burlington Woods Drive, Suite 100, Burlington MA 01803 and our telephone number is
(781)
552-4452
. Our website address is www.bonebiologics.com. The information contained on our website
is not incorporated by reference into this prospectus, and you should not consider any information contained on, or that can be accessed
through, our website as part of this prospectus or in deciding whether to invest in our common stock.
10
THE
OFFERING
Units
    offered by us
[          ]
Units,
    each consisting of: (i) one share of common stock; (ii) one Series A warrant (the "Series A Warrants") to
    purchase one share of common stock at an exercise price equal to $_____ per share, exercisable until the fifth anniversary of the
    issuance date; (iii) one Series B warrant (the "Series B Warrants) to purchase one share of common stock at an
    exercise price equal to $_____ per share, exercisable until the fifth anniversary of the issuance date; and (iv) one Series C
    warrant to purchase one share of common stock at an exercise price equal to $_____ per share, exercisable until the fifth
    anniversary of the issuance date (the "Series C Warrants," and together with the Series A Warrants and the Series B
    Warrants, the "Purchase Warrants"). The Purchase Warrants are subject to certain adjustment and cashless
    exercise provisions as described herein. Holders of the Series C Warrants may execute such warrants on a "cashless"
    basis upon the earlier of (i) 15 Trading Days from the issuance date of such warrant or (ii) the time when $10.0 million of volume
    is traded in shares of our common stock, if the volume weighted average price ("VWAP") of our common stock on any
    trading day on or after the date of issuance fails to exceed the exercise price of the Series C  Warrant (subject to adjustment for
    any stock splits, stock dividends, stock combinations, recapitalizations and similar events). In such event, the aggregate number of
    Warrant Shares issuable in such cashless exercise pursuant to any given Notice of Exercise electing to effect a cashless exercise
    shall equal the product of (x) the aggregate number of Warrant Shares that would be issuable upon exercise of this Warrant in
    accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise and (y)
    1.00. The shares of our common stock and the Purchase Warrants will be immediately separable and will be issued separately, but will
    be purchased together in this offering.
Common stock outstanding prior
to this offering
10,350,579
    shares
Common
    stock to be outstanding immediately after this offering
_______shares
    (_______shares if the underwriters exercise their over-allotment option in full)
Option
    to purchase additional shares
The
underwriters have an option for a period of 45 days to purchase up to ____ additional shares of our common stock at the offering
price and/or Series A Warrants to purchase up to an aggregate of ___ shares of our common stock at a price of $0.01 per share,
and/or Series B Warrants to purchase up to an aggregate of _____ shares of our common stock at a price of $0.01 per share, and/or
Series C Warrants to purchase up to an aggregate of _____ shares of our common stock at a price of $0.01 per share in any
combinations thereof, from us at the public offering price per security, less the underwriting discounts and commissions, for 45
days after the date of this prospectus to cover over-allotments, if any. See "
Underwriting
" for
additional information.
Because
the warrants will not be listed on a national securities exchange or other nationally recognized trading market, the underwriters will
be unable to satisfy any overallotment of shares and warrants without exercising the underwriters' overallotment option with respect
to the warrants. As a result, the underwriters will exercise their overallotment option for all of the warrants which are over-allotted,
if any, at the time of the initial offering of the shares and the warrants. However, because our common stock is publicly traded, the
underwriters may satisfy some or all of the overallotment of shares of our common stock, if any, by purchasing shares in the open market
and will have no obligation to exercise the overallotment option with respect to our common stock.
Use
    of proceeds
We
    estimate that the net proceeds from this offering will be approximately $___, or approximately $____if the underwriters exercise
    their over-allotment option in full, at an assumed public offering price of $___ per Unit, after deducting the underwriting discounts
    and commissions, the non-accountable expense allowance payable to the underwriters, and estimated offering expenses payable by us.
    We intend to use the net proceeds from this offering to fund our planned clinical trials, maintain and extend our patent portfolio,
    retention of contract research organizations, and for working capital and other general corporate purposes. See "Use of Proceeds"
    for a more complete description of the intended use of proceeds from this offering.
Lock-up
    agreements
Our
    executive officers, directors and certain of our shareholders have agreed with the underwriters not to sell, transfer or dispose
    of any shares or similar securities for a period of 180 days after the date of this prospectus. For additional information regarding
    our arrangement with the underwriters, please see "Underwriting."
Risk
    factors
See
    "Risk Factors" on page 13 and other information included in this prospectus for a discussion of factors to consider carefully
    before deciding to invest in shares of our common stock.
Nasdaq
    Capital Market symbol
"BBLG"
                                            for shares of our common stock.
The
number of shares of our common stock to be outstanding after this offering is based on 10,350,579 shares of our common stock outstanding
as of September 3, 2022, assumes no exercise of the Purchase Warrants included in the Units or exercise by the underwriters of their
over-allotment option, and excludes the following:
●
452,824
shares of common stock issuable upon exercise
    of outstanding common stock options issued to members of management, consultants, and directors at a weighted average exercise price
    of $21.76 per common share.
●
1,827,650
    shares of common stock issuable upon exercise of outstanding common stock Public Warrants at an average exercise price of $6.30 per
    common share.
●
107,176
shares of common stock reserved for future grants
    pursuant to our 2015 Equity Incentive Plan.
11
●
___
    shares of common stock issuable upon exercise of Warrants to be issued to the underwriters as part of this offering at an exercise
    price of $___ per common share (___% of the assumed public offering price of $___ per share).
Except
    as otherwise indicated herein, all information in this prospectus assumes or gives effect to:
●
no
    exercise by the underwriters of their option to purchase an additional ___ shares of common stock.
Summary
Financial Data
The
following tables set forth our summary financial data as of the dates and for the periods indicated. We have derived the summary statement
of operations data for the years ended December 31, 2021 and 2020 from our audited financial statements included elsewhere in this prospectus.
The summary statements of operations data for the six months ended June 30, 2022 and 2021 and the summary balance sheet data
as of June 30, 2022 have been derived from our unaudited financial statements included elsewhere in this prospectus. The following summary
financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results
of Operations" and our financial statements and related notes and other information included elsewhere in this prospectus. Our
historical results are not necessarily indicative of the results to be expected in the future and the results for the six months ended
June 30, 2022 are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2022.
Statement of Operations Data:
Years Ended
December 31,
Six Months Ended
June 30,
(unaudited)
2021
2020
2022
2021
Revenues
$
—
$
—
$
—
$
—
Operating costs and expenses
Research and development
82,044
340,672
54,000
47,516
General and administrative
1,019,432
484,342
1,103,203
365,289
Total operating expenses
1,101,476
825,014
1,157,203
412,805
Interest expense - related party
(805,109
)
(998,076
)
-
(510,840
)
Gain on forgiveness of deferred compensation
297,500
-
-
-
Provision for income taxes
(1,600
)
(1,600
)
(1,600
)
-
Net loss
$
(1,610,685
)
$
(1,824,690
)
$
(1,158,803
)
$
(923,645
)
Net loss per common share – basic and diluted
$
(0.35
)
$
(0.63
)
$
(0.11
)
$
(0.32
)
Weighted average common shares outstanding – basic and diluted
4,541,861
2,911,333
10,350,579
2,911,333
Balance Sheet Data
As of June 30, 2022
Actual
As Adjusted
(1)
Cash
$
5,454,522
$
Total assets
$
5,658,881
$
Total liabilities
$
70,636
$
Accumulated deficit
$
(71,634,410
)
$
Total stockholders' equity
$
5,588,245
$
(1)
On
    an as adjusted basis to give further effect to the issuance and sale of shares of common stock included in the Units to be sold in
    this offering at an assumed public offering price of $___ per share, after deducting the estimated underwriting discounts and commissions,
    the non-accountable expense allowance payable to the underwriters, and estimated offering costs payable by us.
(2)
Each
    $1.00 increase (decrease) in the assumed public offering price of $___ per share would increase (decrease) the pro forma as adjusted
    amount of each of cash, working capital, total assets and total stockholders' equity (deficiency) by approximately $____, assuming
    that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting
    underwriting discounts and commissions and the non-accountable expense allowance payable to the underwriters. Each increase (decrease)
    of 500,000 shares in the number of shares offered by us at the assumed public offering price per share of $__ would increase (decrease)
    the pro forma amount of each of cash, working capital, total assets and total stockholders' equity (deficiency) by approximately
    $___.
12
RISK
FACTORS
An
investment in our common stock involves a high degree of risk. Before making an investment decision, you should give careful consideration
to the following risk factors, in addition to the other information included in this prospectus, including our financial statements and
related notes, before deciding whether to invest in shares of our common stock. The occurrence of any of the adverse developments described
in the following risk factors could materially and adversely harm our business, financial condition, results of operations or prospects.
In that case, the trading price of our common stock could decline, and you may lose all or part of your investment.
Risks
Relating to Our Financial Position and Capital Needs
Our
limited operating history makes it difficult to evaluate our current business and future prospects.
We
have a limited operating history, and there is a risk that we will be unable to continue as a going concern. We have minimal assets and
no significant financial resources. Our limited operating history makes it difficult to evaluate our current business model and future
prospects. Accordingly, you should consider our prospects in light of the costs, uncertainties, delays and difficulties frequently encountered
by companies in the early stages of development. Potential investors should carefully consider the risks and uncertainties that a new
company with no operating history will face. In particular, potential investors should consider that there is a significant risk that
we will not be able to:
●
implement
    or execute our current business plan, which may or may not be sound;
●
maintain
    our anticipated management and advisory team; and
●
raise
    sufficient funds in the capital markets to effectuate our business plan.
If
we cannot execute any one of the foregoing or similar matters relating to our business, the business may fail, in which case you would
lose the entire amount of your investment in the Company.
Our
long-term capital requirements are subject to numerous risks.
We
anticipate that it will require approximately $15 million to complete first in man studies and an estimated additional $27 million
to achieve FDA approval for a spine interbody fusion indication. These amounts are estimates based on data currently available to us,
and are subject to many factors, including the risk factors discussed herein. We anticipate we will need to raise substantial additional
funds for the pivotal clinical trial prior to marketing our first product. The above estimates and our long-term capital requirements
will depend on many factors, including, among others:
●
the
    number of potential formulations, products and technologies in development;
●
continued
    progress and cost of our research and development programs;
●
progress
    with pre-clinical studies and clinical trials;
●
time
    and costs involved in obtaining regulatory (including FDA) clearance;
●
costs
    involved in preparing, filing, prosecuting, maintaining and enforcing patent claims;
●
costs
    of developing sales, marketing and distribution channels and our ability to sell our formulations or products;
13
●
costs
    involved in establishing manufacturing capabilities for commercial quantities of our products;
●
competing
    technological and market developments;
●
market
    acceptance of our device formulations or products;
●
costs
    for recruiting and retaining employees and consultants;
●
costs
    for training physicians;
●
legal,
    accounting and other professional costs; and
●
the
    effect of the novel coronavirus will have on our product development, clinical trials, and availability, cost, and type of financing.
We
may consume available resources more rapidly than currently anticipated, resulting in the need for additional funding. We may seek to
raise any necessary additional funds through equity or debt financings, collaborative arrangements with corporate partners or other sources,
which may be dilutive to existing stockholders or otherwise have a material effect on our current or future business prospects. If adequate
funds are not available, we may be required to significantly reduce or refocus our development and commercialization efforts with regard
to our delivery technologies and our proposed formulations and products.
We
have relied on funding from Hankey Capital for working capital to fund operations in the past.
For
the past several years, we have depended on our relationship with Hankey Capital for working capital to fund our operations, which has
been raised in the form of both debt and equity capital. Hankey Capital, directly and indirectly, controls approximately 70% of our issued
and outstanding shares of common stock. However, no assurance can be given that any future financing from Hankey Capital will be available
or, if available, that it will be on terms that are satisfactory to the Company. In the absence of financing from other sources, the
inability to obtain additional financing from Hankey Capital will result in the scaling back or discontinuance of our product development
programs or operations entirely.
Our
recurring operating losses have raised substantial doubt regarding our ability to continue as a going concern.
Our
recurring operating losses raise substantial doubt about our ability to continue as a going concern. As a result, our independent registered
public accounting firm included an explanatory paragraph in its report on our financial statements as and for the years ended December
31, 2021 and 2020 with respect to this uncertainty. As reflected in the financial statements, we incurred a net loss of $1,158,803,
and used net cash in operating activities of $1,220,843 during the six months ended June 30, 2022. The perception of our ability to continue
as a going concern may make it more difficult for us to obtain financing for the continuation of our operations and could result in the
loss of confidence by investors, suppliers and employees.
We
have incurred losses for the years ended December 31, 2021 and 2020 and we expect our operating expenses to increase in the foreseeable
future, which may make it more difficult for us to achieve and maintain profitability.
We
have no significant operating history and since inception to December 31, 2021 have incurred accumulated losses of approximately $70.5
million. As of June 30, 2022, we had accumulated losses of $71.6 million. We will continue to incur significant expenses for development
activities for our lead product NELL-1/DBM.
On
October 15, 2021, we completed a public offering generating net proceeds to the Company of $6,858,843.
14
We
will continue to attempt to raise additional capital through debt and/or equity financing to provide additional working capital and fund
future operations. However, there is no assurance that such financing will be consummated or obtained in sufficient amounts necessary
to meet our needs. If cash resources are insufficient to satisfy our on-going cash requirements, we will be required to scale back or
discontinue its product development programs, or obtain funds if available (although there can be no certainties) through strategic alliances
that may require us to relinquish rights to our technology, or substantially reduce or discontinue our operations entirely. No assurance
can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to us. Even
if we are able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing, or
cause substantial dilution for our stockholders, in the case of equity financing. As a result, we can provide no assurance as to whether
or if we will ever be profitability. If we are not able to achieve and maintain profitability, the value of our company and our common
stock could decline significantly.
We
face a number of risks associated with the incurrence of substantial debt which could adversely affect our financial condition.
If
we incur a substantial amount of debt, we may be required to use a significant portion of any cash flow to pay principal and interest
on the debt, which will reduce the amount available to fund working capital, capital expenditures, and other general purposes. Any indebtedness
may negatively impact our ability to operate our business and limit our ability to borrow additional funds by increasing our borrowing
costs, and impact the terms, conditions, and restrictions contained in possible future debt agreements, including the addition of more
restrictive covenants; impact our flexibility in planning for and reacting to changes in our business as covenants and restrictions contained
in possible future debt arrangements may require that we meet certain financial tests and place restrictions on the incurrence of additional
indebtedness and place us at a disadvantage compared to similar companies in our industry that have less debt.
Risks
Related to the Development and Regulatory Approval of our Product Candidates
Our
product candidates are at an early stage of development and may not be successfully developed or commercialized.
Our
products are in the early stage of development and will require substantial further capital expenditures, development, testing, and regulatory
clearances prior to commercialization. The development and regulatory approval process takes several years, and it is not likely that
our products, technologies or processes, even if successfully developed and approved by the FDA, would be commercially available for
five or more years. Of the large number of devices in development, only a small percentage successfully completes the FDA regulatory
approval process and is commercialized. Accordingly, even if we are able to obtain the requisite financing to fund our development programs,
we cannot assure you that our product candidates will be successfully developed or commercialized. Our failure to develop, manufacture
or receive regulatory approval for or successfully commercialize any of our product candidates, could result in the failure of our business
and a loss of all of your investment in our company.
Any
product candidates advanced into clinical development are subject to extensive regulation, which can be costly and time consuming, cause
unanticipated delays or prevent the receipt of the required approvals to commercialize such product candidates.
The
clinical development, manufacturing, labeling, storage, record-keeping, advertising, promotion, import, export, marketing and distribution
of our product candidates are subject to extensive regulation by the FDA in the U.S. and by comparable health authorities in foreign
markets. In the U.S., we may not be permitted to market our product candidates until we receive approval of our PMA from the FDA. The
process of obtaining PMA approval is expensive, often takes many years and can vary substantially based upon the type, complexity and
novelty of the products involved. In addition to the significant clinical testing requirements, our ability to obtain marketing approval
for these products depends on obtaining the final results of required non-clinical testing, including characterization of the manufactured
components of our product candidates and validation of our manufacturing processes. The FDA may determine that our product manufacturing
processes, testing procedures or facilities are insufficient to justify approval. Approval policies or regulations may change and the
FDA has substantial discretion in the approval process, including the ability to delay, limit or deny approval of a product candidate
for many reasons. Despite the time and expense invested in clinical development of product candidates, regulatory approval is never guaranteed.
15
The
FDA or another regulatory agency can delay, limit or deny approval of a product candidate for many reasons, including, but not limited
to:
●
the
    FDA or comparable foreign regulatory authorities may disagree with the design or implementation of clinical trials;
●
We
    may be unable to demonstrate to the satisfaction of the FDA that a product candidate is safe and effective for any indication;
●
the
    FDA may not accept clinical data from trials which are conducted by individual investigators or in countries where the standard of
    care is potentially different from the U.S.;
●
the
    results of clinical trials may not meet the level of statistical significance required by the FDA for approval;
●
We
    may be unable to demonstrate that a product candidate's clinical and other benefits outweigh its safety risks;
●
the
    FDA may disagree with our interpretation of data from preclinical studies or clinical trials;
●
the
    FDA may fail to approve the manufacturing processes or facilities of third-party manufacturers with which we or our collaborators
    contract for clinical and commercial supplies; or
●
the
    approval policies or regulations of the FDA may significantly change in a manner rendering our clinical data insufficient for approval.
With
respect to foreign markets, approval procedures vary among countries and, in addition to the aforementioned risks, can involve additional
product testing, administrative review periods and agreements with pricing authorities. Any delay in obtaining, or inability to obtain,
applicable regulatory approvals could prevent us from commercializing our product candidates.
Any
product candidate we advance into clinical trials may cause unacceptable adverse events or have other properties that may delay or prevent
their regulatory approval or commercialization or limit their commercial potential.
Unacceptable
adverse events caused by any of our product candidates that we advance into clinical trials could cause us or regulatory authorities
to interrupt, delay or halt clinical trials and could result in the denial of regulatory approval by the FDA or other regulatory authorities
for any or all targeted indications and markets. This, in turn, could prevent us from commercializing the affected product candidate
and generating revenues from its sale.
We
have not yet completed testing of any of our product candidates for the treatment of the indications for which we intend to seek product
approval in humans, and we currently do not know the extent of adverse events, if any, that will be observed in patients who receive
any of our product candidates. If any of our product candidates cause unacceptable adverse events in clinical trials, we may not be able
to obtain regulatory approval or commercialize such product or, if such product candidate is approved for marketing, future adverse events
could cause us to withdraw such product from the market.
Delays
in the commencement of clinical trials could result in increased costs and delay our ability to pursue regulatory approval.
The
commencement of clinical trials can be delayed for a variety of reasons, including delays in:
●
obtaining
    regulatory clearance to commence a clinical trial;
16
●
identifying,
    recruiting and training suitable clinical investigators;
●
reaching
    agreement on acceptable terms with prospective clinical research organizations, and trial sites, the terms of which can be subject
    to extensive negotiation, may be subject to modification from time to time and may vary significantly among different clinical research
    organizations and trial sites;
●
obtaining
    sufficient quantities of a product candidate for use in clinical trials;
●
obtaining
    an IRB or ethics committee approval to conduct a clinical trial at a prospective site;
●
identifying,
    recruiting and enrolling patients to participate in a clinical trial; and
●
retaining
    patients who have initiated a clinical trial but may withdraw due to adverse events from the therapy, insufficient efficacy, fatigue
    with the clinical trial process or personal issues.
Any
delays in the commencement of clinical trials will delay our ability to pursue regulatory approval for our product candidates. In addition,
many of the factors that cause, or lead to, a delay in the commencement of clinical trials may also ultimately lead to the denial of
regulatory approval of a product candidate.
Suspensions
or delays in the completion of clinical testing could result in increased costs to us and delay or prevent our ability to complete development
of that product or generate product revenues.
Once
a clinical trial has begun, patient recruitment and enrollment may be slower than we anticipate. Clinical trials may also be delayed
as a result of ambiguous or negative interim results or difficulties in obtaining sufficient quantities of product manufactured in accordance
with regulatory requirements. Further, a clinical trial may be modified, suspended or terminated by us, an IRB, an ethics committee or
a data safety monitoring committee overseeing the clinical trial, any clinical trial site with respect to that site, or the FDA or other
regulatory authorities due to a number of factors, including:
●
failure
    to conduct the clinical trial in accordance with regulatory requirements or our clinical protocols;
●
inspection
    of the clinical trial operations or clinical trial site by the FDA or other regulatory authorities resulting in the imposition of
    a clinical hold;
●
stopping
    rules contained in the protocol;
●
unforeseen
    safety issues or any determination that the clinical trial presents unacceptable health risks; and/or
●
lack
    of adequate funding to continue the clinical trial.
Any
changes in the current regulatory requirements and guidance also may occur, and we may need to amend clinical trial protocols to reflect
these changes. Amendments may require us to resubmit clinical trial protocols to IRBs for re-examination, which may impact the costs,
timing and the likelihood of a successful completion of a clinical trial. If we experience delays in the completion of, or if we must
suspend or terminate, any clinical trial of any product candidate, our ability to obtain regulatory approval for that product candidate
will be delayed and the commercial prospects, if any, for the product candidate may suffer as a result. In addition, many of these factors
may also ultimately lead to the denial of regulatory approval of a product candidate.
We
may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates
or indications for which there may be a greater likelihood of success.
Because
we have limited financial and managerial resources, we are focused on our lead product for spine fusion. As a result, we may forego or
delay pursuit of opportunities with other product candidates or, for other indications for which there may be a greater likelihood of
success or may prove to have greater commercial potential. Notwithstanding our investment to date and anticipated future expenditures,
we may never successfully develop, any marketed treatments using these products. Research programs to identify new product candidates
or pursue alternative indications for current product candidates require substantial technical, financial and administrative support.
17
We
may find it difficult to enroll patients in our clinical trials which could delay or prevent the start of clinical trials for our product
candidate.
Identifying
and qualifying patients to participate in clinical trials of our product candidate is essential to our success. The timing of our clinical
trials depends in part on the rate at which we can recruit patients to participate in clinical trials of our product candidate, and we
may experience delays in our clinical trials if we encounter difficulties in enrollment. If we experience delays in our clinical trials,
the timeline for obtaining regulatory approval of our product candidate will most likely be delayed.
Many
factors may affect our ability to identify, enroll and maintain qualified patients, including the following:
●
eligibility
    criteria of our ongoing and planned clinical trials with specific characteristics appropriate for inclusion in our clinical trials;
●
design
    of the clinical trial;
●
size
    and nature of the patient population;
●
patients'
    perceptions as to risks and benefits of the product candidate under study and the participation in a clinical trial generally in
    relation to other available therapies;
●
the
    availability and efficacy of competing therapies and clinical trials;
●
pendency
    of other trials underway in the same patient population;
●
willingness
    of physicians to participate in our planned clinical trials;
●
severity
    of the disease under investigation;
●
proximity
    of patients to clinical sites;
●
patients
    who do not complete the trials for personal reasons; and
●
issues
    with Contract Research Organizations ("CROs") and/or with other vendors that handle our clinical trials.
We
may not be able to initiate or continue to support clinical trials of our product candidates, for one or more applications, or any future
product candidates if we are unable to locate and enroll a sufficient number of eligible participants in these trials as required by
the FDA or other regulatory authorities. Even if we are able to enroll a sufficient number of patients in our clinical trials, if the
pace of enrollment is slower than we expect, the development costs for our product candidate may increase and the completion of our trials
may be delayed or our trials could become too expensive to complete.
If
we experience delays in the completion of, or termination of, any clinical trials of our product candidate, the commercial prospects
of our product candidate could be harmed, and our ability to generate product revenue from any of our product candidate could be delayed
or prevented. In addition, any delays in completing our clinical trials would likely increase our overall costs, impair product candidate
development and jeopardize our ability to obtain regulatory approval relative to our current plans. Any of these occurrences may harm
our business, financial condition, and prospects significantly.
18
The
results of preclinical studies are not necessarily predictive of future results. Our product candidates that may advance into clinical
trials may not have favorable results in later clinical trials or receive regulatory approval.
Success
in preclinical studies and early clinical trials does not ensure that later clinical trials will generate adequate data to demonstrate
the efficacy and safety of a device. A number of companies in the pharmaceutical and biotechnology industries, including those with greater
resources and experience than us, have suffered significant setbacks in clinical trials, even after seeing promising results in earlier
preclinical studies or clinical trials.
Despite
the results reported in earlier preclinical studies for our lead product candidate, we do not know whether the clinical trials we may
conduct will demonstrate adequate efficacy and safety to result in regulatory approval to market our product candidate for a particular
indication, in any particular jurisdiction. Efficacy data from prospectively designed trials may differ significantly from those obtained
from retrospective subgroup analyses. If later-stage clinical trials do not produce favorable results, our ability to achieve regulatory
approval for our product candidate may be adversely impacted. Even if we believe that we have adequate data to support an application
for regulatory approval to market our current product candidate or any future product candidates, the FDA or other regulatory authorities
may not agree and may require that we conduct additional clinical trials.
Risks
associated with operating in foreign countries could materially adversely affect our product development.
We
may conduct future studies in countries outside of the U.S. Consequently, we may be subject to risks related to operating in foreign
countries. Risks associated with conducting operations in foreign countries include:
●
differing
    regulatory requirements for device approvals and regulation of approved devices in foreign countries; more stringent privacy requirements
    for data to be supplied to our operations in the U.S.,
e.g.
, General Data Protection Regulation in the European Union;
●
unexpected
    changes in tariffs, trade barriers and regulatory requirements; economic weakness, including inflation, or political instability
    in particular foreign economies and markets; compliance with tax, employment, immigration and labor laws for employees living or
    traveling abroad; foreign taxes, including withholding of payroll taxes;
●
differing
    payor reimbursement regimes, governmental payors or patient self-pay systems and price controls;
●
foreign
    currency fluctuations, which could result in increased operating expenses or reduced revenues, and other obligations incident to
    doing business or operating in another country;
●
workforce
    uncertainty in countries where labor unrest is more common than in the U.S.;
●
production
    shortages resulting from any events affecting raw material supply or manufacturing capabilities abroad; and
●
business
    interruptions resulting from geopolitical actions, including war and terrorism.
Failure
to obtain regulatory approval in international jurisdictions would prevent our product candidate from being marketed abroad.
In
addition to regulations in the U.S., to market and sell our product candidate in the European Union, United Kingdom, many Asian countries
and other jurisdictions, we must obtain separate regulatory approvals and comply with numerous and varying regulatory requirements. Approval
by the FDA does not ensure approval by regulatory authorities in other countries or jurisdictions, and approval by one regulatory authority
outside the U.S. does not ensure approval by regulatory authorities in other countries or jurisdictions or by the FDA. The regulatory
approval process outside the U.S. generally includes all of the risks associated with obtaining FDA approval as well as risks attributable
to the satisfaction of local regulations in foreign jurisdictions. The approval procedure varies among countries and can involve additional
testing. The time required to obtain approval may differ substantially from that required to obtain FDA approval. We may not be able
to obtain approvals from regulatory authorities outside the U.S. on a timely basis, if at all. Clinical trials accepted in one country
may not be accepted by regulatory authorities in other countries. In addition, many countries outside the U.S. require that a product
be approved for reimbursement before it can be approved for sale in that country. A product candidate that has been approved for sale
in a particular country may not receive reimbursement approval in that country.
19
We
may not be able to file for regulatory approvals and may not receive necessary approvals to commercialize our product in any market.
If we are unable to obtain approval of any of our current product candidate or any future product candidates we may pursue by regulatory
authorities in the European Union, United Kingdom, Asia or elsewhere, the commercial prospects of that product candidate may be significantly
diminished, our business prospects could decline and this could materially adversely affect our business, results of operations and financial
condition.
Even
if our lead product candidate received regulatory approval, it may still face future development and regulatory difficulties.
Even
if we obtain regulatory approval for our lead product candidate, that approval would be subject to ongoing requirements by the FDA and
comparable foreign regulatory authorities governing the manufacture, quality control, further development, labeling, packaging, storage,
distribution, adverse event reporting, safety surveillance, import, export, advertising, promotion, recordkeeping and reporting of safety
and other post-marketing information. These requirements include submissions of safety and other post-marketing information and reports,
registration, as well as continued compliance by us and/or our Contract Development Manufacturing Organizations ("CDMOs")
and CROs for any post-approval clinical trials that we may conduct. The safety profile of any product will continue to be closely monitored
by the FDA and comparable foreign regulatory authorities after approval. If the FDA or comparable foreign regulatory authorities become
aware of new safety information after approval of our product candidate, they may require labeling changes or establishment of a risk
evaluation and mitigation strategy, impose significant restrictions on such product's indicated uses or marketing or impose ongoing
requirements for potentially costly post-approval studies or post-market surveillance.
In
addition, manufacturers of devices and their facilities are subject to continual review and periodic inspections by the FDA and other
regulatory authorities for compliance with Current Good Manufacturing Practice, Good Clinical Practice, and other regulations. If we
or a regulatory agency discover previously unknown problems with a product, such as adverse events of unanticipated severity or frequency,
or problems with the facility where the product is manufactured, a regulatory agency may impose restrictions on that product, the manufacturing
facility or us, including requiring recall or withdrawal of the product from the market or suspension of manufacturing. If we, our product
candidate or the manufacturing facilities for our product candidate fail to comply with applicable regulatory requirements, a regulatory
agency may:
●
issue
    warning letters or untitled letters;
●
mandate
    modifications to promotional materials or require us to provide corrective information to healthcare practitioners;
●
require
    us to enter into a consent decree, which can include imposition of various fines, reimbursements for inspection costs, required due
    dates for specific actions and penalties for noncompliance;
●
seek
    an injunction or impose civil or criminal penalties or monetary fines;
●
suspend
    or withdraw regulatory approval;
●
suspend
    any ongoing clinical trials;
●
refuse
    to approve pending applications or supplements to applications filed by us;
●
suspend
    or impose restrictions on operations, including costly new manufacturing requirements; or
20
●
seize
    or detain products, refuse to permit the import or export of products, or require us to initiate a product recall.
The
occurrence of any event or penalty described above may inhibit our ability to successfully commercialize our product and generate revenues.
Advertising
and promotion of any product candidates that obtains approval in the U.S. is heavily scrutinized by the FDA, the Department of Justice,
the Office of Inspector General of Health and Human Services, state attorneys general, members of Congress and the public. A company
can make only those claims relating to safety and efficacy, purity and potency that are approved by the FDA and in accordance with the
provisions of the approved label. Additionally, advertising and promotion of any product candidate that obtains approval outside of the
U.S. is heavily scrutinized by comparable foreign regulatory authorities. Violations, including actual or alleged promotion of our product
for unapproved or off-label uses, are subject to enforcement letters, inquiries and investigations, and civil and criminal sanctions
by the FDA, as well as prosecution under the federal False Claims Act. Any actual or alleged failure to comply with labeling and promotion
requirements may have a negative impact on our business.
The
results of our clinical trials may not support our product candidate claims and the results of preclinical studies and completed clinical
trials are not necessarily predictive of future results.
To
date, long-term safety and efficacy have not yet been demonstrated in clinical trials for any of our diagnostic product candidates. Favorable
results in early studies or trials, if any, may not be repeated in later studies or trials. Even if our clinical trials are initiated
and completed as planned, it cannot be certain that the results will support our product candidate claims. Success in preclinical testing
and pilot clinical trials does not ensure that later pilot or pivotal clinical trials will be successful. We cannot be sure that the
results of later clinical trials would replicate the results of prior clinical trials and preclinical testing. In particular, the limited
results we have obtained for our tests may not predict results from studies in larger numbers of subjects drawn from more diverse populations
over a longer period of time. Clinical trials may fail to demonstrate that our product candidates are safe for humans and effective for
indicated uses. Any such failure could cause us to abandon a product candidate and might delay development of other product candidates.
Preclinical and clinical results are frequently susceptible to varying interpretations that may delay, limit or prevent regulatory approvals
or commercialization. Any delay in, or termination of, our clinical trials would delay us in obtaining FDA approval for the affected
product candidate and, ultimately, our ability to commercialize that product candidate.
Risks
Related to Our Dependence on Third Parties
We
may fail to retain or recruit necessary personnel, and we may be unable to secure the services of consultants.
As
of the date of this filing, we have two full-time employees. We also have engaged and plan to continue to engage regulatory consultants
to advise us on our dealings with the FDA and other foreign regulatory authorities and have been and will be required to retain additional
consultants and employees. Our future performance will depend in part on our ability to successfully integrate newly hired officers into
our management team and our ability to develop an effective working relationship among senior management.
Certain
of our directors, officers, scientific advisors, and consultants serve as officers, directors, scientific advisors, or consultants of
other healthcare and life science companies or institutes that might be developing competitive products. Other than corporate opportunities,
none of our directors are obligated under any agreement or understanding with us to make any additional products or technologies available
to us. Similarly, we can give no assurances, and we do not expect and stockholders should not expect, that any biomedical or pharmaceutical
product or technology identified by any of our directors or affiliates in the future would be made available to us other than corporate
opportunities. We can give no assurances that any such other companies will not have interests that are in conflict with its interests.
Losing
key personnel or failing to recruit necessary additional personnel would impede our ability to attain our development objectives. There
is intense competition for qualified personnel in the biomedical-development field, and we may not be able to attract and retain the
qualified personnel we need to develop our business.
21
We
rely on independent organizations, advisors and consultants to perform certain services for us, including handling substantially all
aspects of regulatory approval, clinical management, manufacturing, marketing, and sales. We expect that this will continue to be the
case. Such services may not always be available to us on a timely basis.
We
rely on third parties to supply our raw materials, and if certain manufacturing-related services do not timely supply these products
and services, it may delay or impair our ability to develop, manufacture and market our products.
We
rely on suppliers for raw materials and other third parties for certain manufacturing-related services to produce material that meets
appropriate content, quality and stability standards and to use in clinical trials of our products. To succeed, clinical trials require
adequate supplies of such materials, which may be difficult or uneconomical to procure or manufacture. We and our suppliers and vendors
may not be able to (i) produce our products to appropriate standards for use in clinical studies, (ii) perform under any definitive manufacturing,
supply or service agreements or (iii) remain in business for a sufficient time to successfully produce and market our product candidates.
If we do not maintain important manufacturing and service relationships, we may fail to find a replacement supplier or required vendor
or develop our own manufacturing capabilities which could delay or impair our ability to obtain regulatory approval for our products
and substantially increase our costs or deplete profit margins, if any. If we do find replacement providers, we may not be able to enter
into agreements with suppliers on favorable terms and conditions, or there could be a substantial delay before a new third party could
be qualified and registered with the FDA and foreign regulatory authorities as a provider.
We
depend on third parties, including researchers, who are not under our control.
We
depend upon independent investigators and scientific collaborators, such as universities and medical institutions or private physician
scientists, to conduct our preclinical and clinical trials under agreements. These collaborators are not our employees, and they cannot
control the amount or timing of resources that they devote to their programs or the timing of their procurement of clinical-trial data
or their compliance with applicable regulatory guidelines. Should any of these scientific inventors/advisors become disabled or die unexpectedly,
or should they fail to comply with applicable regulatory guidelines, we may be forced to scale back or terminate development of that
program. They may not assign as great a priority to our programs or pursue them as diligently as we would if it were undertaking those
programs itself. Failing to devote sufficient time and resources to our development programs, or substandard performance and failure
to comply with regulatory guidelines, could result in delay of any FDA applications and our commercialization of the product candidate
involved.
These
collaborators may also have relationships with other commercial entities, some of which may compete with us. Our collaborators assisting
our competitors at our expense could harm our competitive position. We have been and continue to be highly dependent on our strategic
partner, MTF, for technical support.
Business
interruptions could adversely affect future operations, revenues, and financial conditions, and may increase our costs and expenses.
Our
operations, and those of our directors, advisors, contractors, consultants, CROs, and collaborators, could be adversely affected by earthquakes,
floods, hurricanes, typhoons, extreme weather conditions, fires, water shortages, power failures, business systems failures, medical
epidemics and other natural and man-made disaster or business interruptions. Our phones, electronic devices and computer systems and
those of our directors, advisors, contractors, consultants, CROs, and collaborators are vulnerable to damages, theft and accidental loss,
negligence, unauthorized access, terrorism, war, electronic and telecommunications failures, and other natural and man-made disasters.
Operating as a virtual company, our employees conduct business outside of our headquarters and leased or owned facilities. These locations
may be subject to additional security and other risk factors due to the limited control of our employees. If such an event as described
above were to occur in the future, it may cause interruptions in our operations, delay research and development programs, clinical trials,
regulatory activities, manufacturing and quality assurance activities, sales and marketing activities, hiring, training of employees
and persons within associated third parties, and other business activities. For example, the loss of clinical trial data from completed
or future clinical trials could result in delays in our regulatory approval efforts and significantly increase our costs to recover or
reproduce the data.
22
Likewise,
we will rely on third parties to manufacture our product candidates and conduct clinical trials, and similar events as those described
in the prior paragraph relating to their business systems, equipment and facilities could also have a material adverse effect on our
business. To the extent that any disruption or security breach were to result in a loss of, or damage to, our data or applications, or
inappropriate disclosure of confidential or proprietary information, we could incur liability and the further development and commercialization
of our product candidate could be delayed or altogether terminated.
Our
employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements,
which could cause significant liability for us and harm our reputation.
We
are exposed to the risk of employee fraud or other misconduct, including intentional failures to comply with FDA regulations or similar
regulations of comparable foreign regulatory authorities, provide accurate information to the FDA or comparable foreign regulatory authorities,
comply with manufacturing standards we have established, comply with federal and state healthcare fraud and abuse laws and regulations
and similar laws and regulations established and enforced by comparable foreign regulatory authorities, report financial information
or data accurately or disclose unauthorized activities to us. Employee misconduct could also involve the improper use of information
obtained in the course of clinical trials, which could result in regulatory sanctions and serious harm to our reputation. It is not always
possible to identify and deter employee misconduct, 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 or regulations. 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 and results
of operations, including the imposition of significant civil, criminal and administrative penalties, damages, fines, imprisonment, exclusion
from government funded healthcare programs, such as Medicare and Medicaid, and integrity oversight and reporting obligations.
Risks
Related to our Intellectual Property
We
rely on patents and patent applications and various regulatory exclusivities to protect some of our product candidates, and our ability
to compete may be limited or eliminated if we are not able to protect our products.
The
patent positions of medical device companies are uncertain and involve complex legal and factual questions. We may incur significant
expenses in protecting our intellectual property and defending or assessing claims with respect to intellectual property owned by others.
Any patent or other infringement litigation by or against us could cause us to incur significant expenses and divert the attention of
our management.
Others
may file patent applications or obtain patents on similar technologies that compete with our products. We cannot predict how broad the
claims in any such patents or applications will be and whether they will be allowed. Once claims have been issued, we cannot predict
how they will be construed or enforced. We may infringe upon intellectual property rights of others without being aware of it. If another
party claims we are infringing their technology, we could have to defend an expensive and time consuming lawsuit, pay a large sum if
we are found to be infringing, or be prohibited from selling or licensing our products unless we obtain a license or redesign our products,
which may not be possible.
We
also rely on trade secrets and proprietary know-how to develop and maintain our competitive position. Some of our current or former employees,
consultants, scientific advisors, contractors, current or prospective corporate collaborators, may unintentionally or willfully disclose
our confidential information to competitors or use our proprietary technology for their own benefits. Furthermore, enforcing a claim
alleging the infringement of our trade secrets would be expensive and difficult to prove, making the outcome uncertain. Our competitors
may also independently develop similar knowledge, methods, and know-how or gain access to our proprietary information through some other
means.
23
We
may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights,
as well as costs associated with lawsuits.
If
any other person filed patent applications, or is issued patents, claiming technology also claimed by us, we may be required to participate
in interference or derivation proceedings in the U.S. Patent and Trademark Office to determine priority and/or ownership of the invention.
Our licensors or we may also need to participate in interference proceedings involving issued patents and pending applications of another
entity.
The
intellectual property environment in our industry is particularly complex, constantly evolving and highly fragmented. Other companies
and institutions have issued patents and have filed or will file patent applications that may issue into patents that cover or attempt
to cover products, processes or technologies similar to us. We have not conducted freedom-to-use patent searches on all aspects of our
product candidates or potential product candidates, and may be unaware of relevant patents and patent applications of third parties.
In addition, the freedom-to-use patent searches that have been conducted may not have identified all relevant issued patents or pending
patent applications. We cannot provide assurance that our proposed products in this area will not ultimately be held to infringe one
or more valid claims owned by third parties which may exist or come to exist in the future or that in such case we will be able to obtain
a license from such parties on acceptable terms.
We
cannot guarantee that our technologies will not conflict with the rights of others. In some foreign jurisdictions, we could become involved
in opposition proceedings, either by opposing the validity of others' foreign patents or by persons opposing the validity of our
foreign patents.
We
may also face frivolous litigation or lawsuits from various competitors or from litigious securities attorneys. The cost of any litigation
or other proceeding relating to these areas, even if deemed frivolous or resolved in our favor, could be substantial and could distract
management from its business. Uncertainties resulting from initiation and continuation of any litigation could have a material adverse
effect on our ability to continue our operations.
If
we infringe the rights of others, we could be prevented from selling products or forced to pay damages.
If
our products, methods, processes, and other technologies are found to infringe the rights of other parties, we could be required to pay
damages, or may be required to cease using the technology or to license rights from the prevailing party. Any prevailing party may be
unwilling to offer us a license on commercially acceptable terms.
We
cannot be certain we will be able to obtain patent protection to protect our product candidates and technology.
We
cannot be certain that all patents applied for will be issued. If a third party has also filed a patent application relating to an invention
claimed by us or one or more of our licensors, we may be required to participate in an interference or derivation proceeding declared
or instituted by the United States Patent and Trademark Office, which could result in substantial uncertainties and cost for us, even
if the eventual outcome is favorable to us. The degree of future patent protection for our product candidates and technology is uncertain.
For example:
●
we
    or our licensors might not have been the first to make the inventions covered by our issued patents, or pending or future patent
    applications;
●
we
    or our licensors might not have been the first to file patent applications for the inventions;
●
others
    may independently develop duplicative, similar or alternative technologies;
●
it
    is possible that our patent applications will not result in an issued patent or patents, or that the scope of protection granted
    by any patents arising from our patent applications will be significantly narrower than expected;
●
any
    patents under which we hold ultimate rights may not provide us with a basis for commercially-viable products, may not provide us
    with any competitive advantages or may be challenged by third parties as not infringed, invalid, or unenforceable under United States
    or foreign laws;
●
any
    patent issued to us in the future or under which we hold rights may not be valid or enforceable; or
24
●
we
    may develop additional technologies that are not patentable and which may not be adequately protected through trade secrets; for
    example, if a competitor independently develops duplicative, similar, or alternative technologies.
If
we fail to comply with our obligations in the agreements under which we may license intellectual property rights from third parties or
otherwise experience disruptions to our business relationships with our licensors, we could lose rights that are important to our business.
We
have entered and may be required to enter into intellectual property license agreements that are important to our business, including
our license agreements with UCLA TDG. These license agreements have imposed various diligence, milestone payment, royalty and other obligations
on us. For example, we may enter into exclusive license agreements with various third parties (for example, universities and research
institutions), we may be required to use commercially reasonable efforts to engage in various development and commercialization activities
with respect to licensed products, and may need to satisfy specified milestones and royalty payment obligations. If we fail to comply
with any obligations under our agreements with any of these licensors, we may be subject to termination of the license agreements in
whole or in part; increased financial obligations to our licensors or loss of exclusivity in a particular field or territory, in which
case our ability to develop or commercialize products covered by the license agreements will be impaired.
In
addition, disputes may arise regarding intellectual property subject to a license agreement, including:
●
the
    scope of rights granted under the license agreement and other interpretation-related issues;
●
the
    extent to which our technology, products, methods and processes infringe on intellectual property of the licensor that is not subject
    to the licensing agreement;
●
our
    diligence obligations under the license agreement and what activities satisfy those obligations;
●
if
    a third party expresses interest in an area under a license that we are not pursuing, under the certain terms of our license agreement,
    we may be required to sublicense rights in that area to the third party, and that sublicense could harm our business; and
●
the
    ownership of inventions and know-how resulting from the joint creation or use of intellectual property by our licensors and us.
If
disputes over the intellectual property that we have licensed prevent or impair our ability to maintain our current licensing arrangements
on acceptable terms, we may be unable to successfully develop and commercialize the affected product candidates.
We
may need to obtain licenses from third parties to advance our research to allow commercialization of our product candidates. We may fail
to obtain any of these licenses at a reasonable cost or on reasonable terms, if at all. In that event, we would be unable to further
develop and commercialize one or more of our product candidates, which could harm our business significantly.
We
may infringe the intellectual property rights of others, which may prevent or delay our product development efforts and stop us from
commercializing or increase the costs of commercializing our product candidates.
Our
success will depend in part on our ability to operate without infringing the proprietary rights of third parties. We cannot guarantee
that our products or product candidates, or manufacture or use of our products or product candidates, will not infringe third-party patents.
Furthermore, a third party may claim that we are using inventions covered by the third party's patent rights and may go to court
to stop us from engaging in our normal operations and activities, including making or selling our product candidates or products. These
lawsuits are costly and could affect our results of operations and divert the attention of managerial and scientific personnel. Some
of these third parties may be better capitalized and have more resources than us. There is a risk that a court would decide that we are
infringing the third party's patents and would order us to stop the activities covered by the patents. In that event, we may not
have a viable way to get around the patent and may need to halt commercialization of the relevant product candidate(s) or product(s).
In addition, there is a risk that a court will order us to pay the other party damages for having violated the other party's patents.
In addition, we may be obligated to indemnify our licensors and collaborators against certain intellectual property infringement claims
brought by third parties, which could require us to expend additional resources. The pharmaceutical, medical device and biotechnology
industries have produced a proliferation of patents, and it is not always clear to industry participants, including us, which patents
cover various types of products or methods. The coverage of patents is subject to interpretation by the courts, and the interpretation
is not always uniform.
25
If
we are sued for patent infringement, we would need to demonstrate that our products or methods either do not infringe the claims of the
relevant patent or that the patent claims are invalid or unenforceable, and we may not be able to do this. Proving invalidity is difficult.
For example, in the United States, proving invalidity requires a showing of clear and convincing evidence to overcome the presumption
of validity enjoyed by issued patents. Even if we are successful in these proceedings, we may incur substantial costs and divert management's
time and attention in pursuing these proceedings, which could have a material adverse effect on us. If we are unable to avoid infringing
the patent rights of others, we may be required to seek a license, which may not be available, and then we will have to defend an infringement
action or challenge the validity of the patent in court. Patent litigation is costly and time consuming. We may not have sufficient resources
to bring these actions to a successful conclusion. In addition, if we do not obtain a license, fail to develop or obtain non-infringing
technology, fail to defend an infringement action successfully or have infringed patents declared invalid or unenforceable, we may incur
substantial monetary damages, encounter significant delays in bringing our product candidates to market and be precluded from manufacturing
or selling our product candidates.
We
cannot be certain that others have not filed patent applications for technology covered by our pending applications, or that we were
the first to invent the technology, because:
●
some
    patent applications in the United States may be maintained in secrecy until the patents are issued;
●
patent
    applications in the United States are typically not published until 18 months after the priority date; and
●
publications
    in the scientific literature often lag behind actual discoveries.
Our
competitors may have filed, and may in the future file, patent applications covering technology similar to ours. Any such patent applications
may have priority over our patent applications, which could further require us to obtain rights to issued patents covering such technologies.
If another party has filed US patent applications on inventions similar to ours that claims priority to any applications filed prior
to the priority dates of our applications, we may have to participate in an interference proceeding declared or a derivation proceed
instituted by the USPTO to determine priority of invention in the United States. The costs of these proceedings could be substantial,
and it is possible that such efforts would be unsuccessful if, unbeknownst to us, the other party had independently arrived at the same
or similar inventions prior to our own inventions, resulting in a loss of our U.S. patent position with respect to such inventions. Other
countries have similar laws that permit secrecy of patent applications, and thus the third party's patent or patent application
may be entitled to priority over our applications in such jurisdictions.
Some
of our competitors may be able to sustain the costs of complex patent litigation more effectively than we can because they have substantially
greater resources. In addition, any uncertainties resulting from the initiation and continuation of any litigation could have a material
adverse effect on our ability to raise the funds necessary to continue our operations.
26
We
may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed alleged trade secrets.
As
is common in the medical device, biotechnology and pharmaceutical industries, we employ, and may employ in the future, individuals who
were previously employed at other medical device, biotechnology or pharmaceutical companies, including our competitors or potential competitors.
Although we try to ensure that our employees, consultants and independent contractors do not use the proprietary information or know-how
of others in their work for us, we may be subject to claims that we or our employees, consultants or independent contractors have inadvertently
or otherwise used or disclosed trade secrets or other proprietary information of their former employers. Litigation may be necessary
to defend against these claims. If we fail in defending any such claims, in addition to paying monetary damages, we could lose valuable
intellectual property rights or personnel, which could adversely impact our business. Even if we are successful in defending against
these claims, litigation could result in substantial costs and be a distraction to management.
Our
intellectual property may not be sufficient to protect our products from competition, which may negatively affect our business as well
as limit our partnership or acquisition appeal.
We
may be subject to competition despite the existence of intellectual property we license or own. We can give no assurances that our intellectual
property will be sufficient to prevent third parties from designing around the patents we own or license and developing and commercializing
competitive products. The existence of competitive products that avoid our intellectual property could materially adversely affect our
operating results and financial condition. Furthermore, limitations, or perceived limitations, in our intellectual property may limit
the interest of third parties to partner, collaborate or otherwise transact with us, if third parties perceive a higher than acceptable
risk to commercialization of our products or future products.
Our
approach involves filing patent applications covering new methods of use and/or new formulations of previously known, studied and/or
marketed devices. Although the protection afforded by patents issued from our patent applications may be significant, when looking at
our patents' ability to block competition, the protection offered by our patents may be, to some extent, more limited than the
protection provided by patents claiming the composition of matter previously unknown. If a competitor were able to successfully design
around any method of use and formulation patents we may have in the future, our business and competitive advantage could be significantly
affected.
We
may elect to sue a third party, or otherwise make a claim, alleging infringement or other violation of patents, trademarks, trade dress,
copyrights, trade secrets, domain names or other intellectual property rights that we either own or license. If we do not prevail in
enforcing our intellectual property rights in this type of litigation, we may be subject to:
●
paying
    monetary damages related to the legal expenses of the third party;
●
facing
    additional competition that may have a significant adverse effect on our product pricing, market share, business operations, financial
    condition, and the commercial viability of our products; and
●
restructuring
    our company or delaying or terminating select business opportunities, including, but not limited to, research and development, clinical
    trials, and commercialization activities, due to a potential deterioration of our financial condition or market competitiveness.
A
third party may also challenge the validity, enforceability or scope of the intellectual property rights that we license or own; and,
the result of these challenges may narrow the claim scope of or invalidate patents that are integral to our product candidates in the
future. There can be no assurance that we will be able to successfully defend patents we own or licensed in an action against third parties
due to the unpredictability of litigation and the high costs associated with intellectual property litigation, amongst other factors.
The
laws of some jurisdictions do not protect intellectual property rights to the same extent as the laws or rules and regulations in the
United States and Europe, and many companies have encountered significant difficulties in protecting and defending such rights in such
jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents,
trade secrets and other intellectual property protection, which could make it difficult for us to stop the infringement of our patents
or marketing of competing products in violation of our proprietary rights generally. Proceedings to enforce our patent rights in other
jurisdictions, whether or not successful, could result in substantial costs and divert our efforts and attention from other aspects of
our business, could put our patents at risk of being invalidated, rendered unenforceable or interpreted narrowly and our patent applications
at risk of not issuing, and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate,
and the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual
property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we
develop or license. Furthermore, while we intend to protect our intellectual property rights in our expected significant markets, we
cannot ensure that we will be able to initiate or maintain similar efforts in all jurisdictions in which we may wish to market our products
or product candidates. Accordingly, our efforts to protect our intellectual property rights in such countries may be inadequate, which
may have an adverse effect on our ability to successfully commercialize our product candidates in all of our expected significant foreign
markets. If we or our licensors encounter difficulties in protecting, or are otherwise precluded from effectively protecting, the intellectual
property rights important for our business in such jurisdictions, the value of these rights may be diminished, and we may face additional
competition from others in those jurisdictions.
27
Changes
to patent law, for example the Leahy-Smith America Invests Act, AIA or Leahy-Smith Act, of 2011 and the Patent Reform Act of 2009 and
other future article of legislation in the U.S., may substantially change the regulations and procedures surrounding patent applications,
issuance of patents, prosecution of patents, challenges to patent validity, and patent enforcement. We can give no assurances that our
patents and those of our licensor(s) can be defended or will protect us against future intellectual property challenges, particularly
as they pertain to changes in patent law and future patent law interpretations.
In
addition, enforcing and maintaining our intellectual property protection depends on compliance with various procedural, document submission,
fee payment and other requirements imposed by the U.S. Patent and Trademark Office and courts, and foreign government patent agencies
and courts, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
If
we are not able to protect and control our unpatented trade secrets, know-how and other technological innovation, we may suffer competitive
harm.
We
also rely on proprietary trade secrets and unpatented know-how to protect our research and development activities, particularly when
we do not believe that patent protection is appropriate or available. However, trade secrets are difficult to protect. We will attempt
to protect our trade secrets and unpatented know-how by requiring our employees, consultants, collaborators, and advisors to execute
a confidentiality and non-use agreement. We cannot guarantee that these agreements will provide meaningful protection, that these agreements
will not be breached, that we will have an adequate remedy for any such breach, or that our trade secrets will not otherwise become known
or independently developed by a third party. Our trade secrets, and those of our present or future collaborators that we utilize by agreement,
may become known or may be independently discovered by others, which could adversely affect the competitive position of our product candidates.
We
may incur substantial costs enforcing our patents, defending against third-party patents, invalidating third-party patents or licensing
third-party intellectual property, as a result of litigation or other proceedings relating to patent and other intellectual property
rights.
We
may be unaware of or unfamiliar with prior art and/or interpretations of prior art that could potentially impact the validity or scope
of our patents, pending patent applications, or patent applications that we will file. We may have elected, or elect now or in the future,
not to maintain or pursue intellectual property rights that, at some point in time, may be considered relevant to or enforceable against
a competitor.
We
take efforts and enter into agreements with employees, consultants, collaborators, and advisors to confirm ownership and chain of title
in intellectual property rights. However, an inventorship or ownership dispute could arise that may permit one or more third parties
to practice or enforce our intellectual property rights, including possible efforts to enforce rights against us.
We
may not have rights under some patents or patent applications that may cover technologies that we use in our research, product candidates
and particular uses thereof that we seek to develop and commercialize, as well as synthesis of our product candidates. Third parties
may own or control these patents and patent applications in the United States and elsewhere. These third parties could bring claims against
us or our collaborators that would cause us to incur substantial expenses and, if successful against us, could cause us to pay substantial
damages. Further, if a patent infringement suit were brought against us or our collaborators, we or they could be forced to stop or delay
research, development, manufacturing or sales of the product or product candidate that is the subject of the suit. We or our collaborators
therefore may choose to seek, or be required to seek, a license from the third-party and would most likely be required to pay license
fees or royalties or both. These licenses may not be available on acceptable terms, or at all. Even if we or our collaborators were able
to obtain a license, the rights may be nonexclusive, which would give our competitors access to the same intellectual property. Ultimately,
we could be prevented from commercializing a product or product candidate, or forced to cease some aspect of our business operations,
as a result of patent infringement claims, which could harm our business.
28
There
has been substantial litigation and other legal proceedings regarding patent and other intellectual property rights in the pharmaceutical,
medical device and biotechnology industries. Although we are not currently a party to any patent litigation or any other adversarial
proceeding, including any interference or derivation proceeding declared or instituted before the United States Patent and Trademark
Office, regarding intellectual property rights with respect to our products, product candidates and technology, it is possible that we
may become so in the future. We are not currently aware of any actual or potential third-party infringement claim involving our product
candidates. The cost to us of any patent litigation or other proceeding, even if resolved in our favor, could be substantial. The outcome
of patent litigation is subject to uncertainties that cannot be adequately quantified in advance, including the demeanor and credibility
of witnesses and the identity of the adverse party, especially in pharmaceutical, medical device and biotechnology related patent cases
that may turn on the testimony of experts as to technical facts upon which experts may reasonably disagree. Some of our competitors may
be able to sustain the costs of such litigation or proceedings more effectively than we can because of their substantially greater financial
resources. If a patent or other proceeding is resolved against us, we may be enjoined from researching, developing, manufacturing or
commercializing our products or product candidates without a license from the other party and we may be held liable for significant damages.
We may not be able to obtain any required license on commercially acceptable terms or at all.
Uncertainties
resulting from the initiation and continuation of patent litigation or other proceedings could harm our ability to compete in the marketplace.
Patent litigation and other proceedings may also absorb significant management time.
If
we are unable to protect our intellectual property rights, our competitors may develop and market products with similar features that
may reduce demand for our potential products.
The
following factors are important to our success:
●
receiving
    patent protection for our product candidates;
●
preventing
    others from infringing our intellectual property rights; and
●
maintaining
    our patent rights and trade secrets.
We
will be able to protect our intellectual property rights in patents and trade secrets from unauthorized use by third parties only to
the extent that such intellectual property rights are covered by valid and enforceable patents or are effectively maintained as trade
secrets.
Because
issues of patentability involve complex legal and factual questions, the issuance, scope and enforceability of patents cannot be predicted
with certainty. Patents may be challenged, invalidated, found unenforceable, or circumvented. United States patents and patent applications
may be subject to interference and derivation proceedings, United States patents may also be subject to post grant proceedings, including
re-examination, derivation,
Inter Partes
Review and Post Grant Review, in the United States Patent and Trademark Office and foreign
patents may be subject to opposition or comparable proceedings in corresponding foreign patent offices, which could result in either
loss of the patent or denial of the patent application or loss or reduction in the scope of one or more of the claims of the patent or
patent application. In addition, such interference, derivation, post grant and opposition proceedings may be costly. Thus, any patents
that we own or license from others may not provide any protection against competitors. Furthermore, an adverse decision in an interference
or derivation proceeding can result in a third-party receiving the patent rights sought by us, which in turn could affect our ability
to market a potential product to which that patent filing was directed. Our pending patent applications, those that we may file in the
future, or those that we may license from third parties may not result in patents being issued. If issued, they may not provide us with
proprietary protection or competitive advantages against competitors with similar technology. Furthermore, others may independently develop
similar technologies or duplicate any technology that we have developed. Many countries, including certain countries in Europe, have
compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties. For example, compulsory licenses
may be required in cases where the patent owner has failed to "work" the invention in that country, or the third-party has
patented improvements. In addition, many countries limit the enforceability of patents against government agencies or government contractors.
In these countries, the patent owner may have limited remedies, which could materially diminish the value of our patents. Moreover, the
legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents and other intellectual
property protection, which makes it difficult to stop infringement.
29
In
addition, our ability to enforce our patent rights depends on our ability to detect infringement. It is difficult to detect infringers
who do not advertise or otherwise promote the compositions that are used in their products. Any litigation to enforce or defend our patent
rights, even if we prevail, could be costly and time-consuming and would divert the attention of management and key personnel from business
operations.
We
will also rely on trade secrets, know-how and technology, which are not protected by patents, to maintain our competitive position. We
will seek to protect this information by entering into confidentiality agreements with parties that have access to it, such as strategic
partners, collaborators, employees, contractors and consultants. Any of these parties may breach these agreements and disclose our confidential
information or our competitors might learn of the information in some other way. If any trade secret, know-how or other technology not
protected by a patent were disclosed to, or independently developed by, a competitor, our business, financial condition and results of
operations could be materially adversely affected.
Risks
Relating to Commercializing of our Lead Product Candidate and Future Product Candidates
Our
commercial success depends upon attaining significant market acceptance of our lead product candidate and future product candidates,
if approved, among physicians, patients, healthcare payors and treatment centers.
Even
if we obtain regulatory approval for our current product candidates or any future product candidates, the products may not gain market
acceptance among physicians, healthcare payors, patients or the medical community, including treatment centers. Market acceptance of
any product candidates for which we receive approval depends on a number of factors, including:
●
the
    efficacy and safety of such product candidates as demonstrated in clinical trials;
●
the
    clinical indications and patient populations for which the product candidate is approved;
●
acceptance
    by physicians, major treatment centers and patients of the product candidates as a safe and effective treatment;
●
the
    potential and perceived advantages of product candidates over alternative treatments;
●
the
    safety of product candidates seen in a broader patient group, including our use outside the approved indications;
●
any
    restrictions on use together with other medications;
●
the
    prevalence and severity of any side effects;
●
product
    labeling or product insert requirements of the FDA or other regulatory authorities;
●
the
    timing of market introduction of our product as well as competitive products;
30
●
the
    development of manufacturing and distribution processes for commercial scale manufacturing for our current product candidate and
    any future product candidates;
●
the
    cost of treatment in relation to alternative treatments;
●
the
    availability of coverage and adequate reimbursement from third-party payors and government authorities;
●
relative
    convenience and ease of administration; and
●
the
    effectiveness of our sales and marketing efforts and those of our collaborators.
If
our current product and any future product candidates are approved but fail to achieve market acceptance among physicians, patients,
healthcare payors or surgery centers, we will not be able to generate significant revenues, which would compromise our ability to become
profitable.
Even
if we are able to commercialize our current product candidates or any future product candidates, the products may not receive coverage
and adequate reimbursement from third-party payors in the U.S. and in other countries in which we seek to commercialize our products,
which could harm our business.
Our
ability to commercialize any product successfully will depend, in part, on the extent to which coverage and adequate reimbursement for
such product and related treatments will be available from third-party payors, including government health administration authorities,
private health insurers and other organizations.
Third-party
payors determine which medications they will cover and establish reimbursement levels. A primary trend in the healthcare industry is
cost containment. Third-party payors have attempted to control costs by limiting coverage and the amount of reimbursement for particular
medications. Increasingly, third-party payors are requiring that biomedical companies provide them with predetermined discounts from
list prices and are challenging the prices charged for medical products. Third-party payors may also seek additional clinical evidence,
beyond the data required to obtain regulatory approval, demonstrating clinical benefit and value in specific patient populations before
covering our product for those patients. We cannot be sure that coverage and adequate reimbursement will be available for any product
that we commercialize and, if coverage is available, what the level of reimbursement will be. Coverage and reimbursement may impact the
demand for, or the price of, any product candidate for which we obtain regulatory approval. If reimbursement is not available or is available
only at limited levels, we may not be able to successfully commercialize any product candidate for which we obtain regulatory approval.
There
may be significant delays in obtaining coverage and reimbursement for newly approved devices, and coverage may be more limited than the
purposes for which the device is approved by the FDA or comparable foreign regulatory authorities. Moreover, eligibility for coverage
and reimbursement does not imply that any device will be paid for in all cases or at a rate that covers our costs, including research,
development, manufacture, sale and distribution. Interim reimbursement levels for new devices, if applicable, may also not be sufficient
to cover our costs and may only be temporary. Reimbursement rates may vary according to the use of the device and the clinical setting
in which it is used, may be based on reimbursement levels already set for lower cost devices and may be incorporated into existing payments
for other services. Net prices for devices may be reduced by mandatory discounts or rebates required by third-party payors and by any
future relaxation of laws that presently restrict imports of devices from countries where they may be sold at lower prices than in the
U.S. No uniform policy for coverage and reimbursement exists in the U.S., and coverage and reimbursement can differ significantly from
payor to payor. Third-party payors often rely upon Medicare coverage policy and payment limitations in setting their own reimbursement
policies, but also have their own methods and approval process apart from Medicare determinations. Our inability to promptly obtain coverage
and profitable reimbursement rates from both government-funded and private payors for any approved product that we develop could have
a material adverse effect on our operating results, ability to raise capital needed to commercialize our product and overall financial
condition.
31
Healthcare
legislative measures aimed at reducing healthcare costs may have a material adverse effect on our business and results of operations.
Third-party
payors, whether domestic or foreign, or governmental or commercial, are developing increasingly sophisticated methods of controlling
healthcare costs. In both the U.S. and certain international jurisdictions, there have been a number of legislative and regulatory changes
to the health care system that could impact our ability to sell our product profitably. Since its enactment, there have been judicial
and Congressional challenges to certain aspects of the ACA, as well as recent efforts by the current U.S. administration to repeal or
repeal and replace certain aspects of the ACA. On December 14, 2018, a U.S. District Court Judge in the Northern District of Texas, or
the Texas District Court Judge, ruled that the individual mandate is a critical and inseverable feature of the ACA, and therefore, because
it was repealed as a part of the Tax Act, the remaining provisions of the ACA are invalid as well. While the Texas District Court Judge,
and CMS, have stated that the ruling will have no immediate effect, it is unclear how this decision, subsequent appeals and other efforts
to repeal and replace the ACA will impact the ACA. Until there is more certainty concerning the future of the ACA, it will be difficult
to predict its full impact and influence on our business.
In
addition, other legislative changes have been proposed and adopted in the U.S. since the ACA was enacted. In August 2011, the Budget
Control Act of 2011, among other things, created measures for spending reductions by Congress. A Joint Select Committee on Deficit Reduction,
tasked with recommending a targeted deficit reduction of at least $1.2 trillion for the years 2013 through 2021, was unable to reach
required goals, thereby triggering the legislation's automatic reduction to several government programs. This includes aggregate
reductions of Medicare payments to providers of 2% per fiscal year, which went into effect in 2013, and will remain in effect through
2027 unless additional Congressional action is taken. The American Taxpayer Relief Act of 2012 further reduced Medicare payments to several
providers, including hospitals and treatment centers, and increased the statute of limitations period for the government to recover overpayments
to providers from three to five years.
There
have been, and likely will continue to be, legislative and regulatory proposals at the foreign, federal and state levels directed at
containing or lowering the cost of healthcare. We cannot predict the initiatives that may be adopted in the future. The continuing efforts
of the government, insurance companies, managed care organizations and other payors of healthcare services to contain or reduce costs
of healthcare and/or impose price controls may adversely affect:
●
the
    demand for our product candidate, if we obtain regulatory approval;
●
our
    ability to receive or set a price that we believe is fair for our product;
●
our
    ability to generate revenue and achieve or maintain profitability;
●
the
    level of taxes that we are required to pay; and
●
the
    availability of capital.
We
expect that the ACA, as well as other healthcare reform measures that may be adopted in the future, may result in additional reductions
in Medicare and other healthcare funding, more rigorous coverage criteria, lower reimbursement and new payment methodologies. This could
lower the price that we receive for any approved product. Any denial in coverage or reduction in reimbursement from Medicare or other
government-funded programs may result in a similar denial or reduction in payments from private payors, which may prevent us from being
able to generate sufficient revenue, attain profitability or commercialize our product candidate, if approved.
Risks
Related to Our Business Operations
We
operate in a highly competitive environment.
The
medical device industry is characterized by rapidly evolving technology and intense competition. Our competitors include major multi-national
orthopedic and med-tech companies developing both generic and proprietary therapies to treat serious diseases. Many of these companies
are well-established and possess technical, human, research and development, financial and sales and marketing resources significantly
greater than ours. In addition, many of our potential competitors have formed strategic collaborations, partnerships and other types
of joint ventures with larger, well established industry competitors that afford these companies potential research and development and
commercialization advantages in the therapeutic areas we are currently pursuing.
32
Academic
research centers, governmental agencies and other public and private research organizations are also conducting and financing research
activities which may produce products directly competitive to those being developed by us. In addition, many of these competitors may
be able to obtain patent protection, obtain FDA and other regulatory approvals, and begin commercial sales of their products before us.
Our
future success is dependent, in part, on the performance and continued service of our officers and directors.
We
are presently dependent largely upon the experience, abilities and continued services of Jeffrey Frelick, our President and Chief Executive
Officer. The loss of services of Mr. Frelick could have a material adverse effect on our business, financial condition or results of
operation.
Acceptance
of our formulations or products in the marketplace is uncertain and failure to achieve market acceptance will prevent or delay our ability
to generate revenues.
Our
future financial performance will depend, at least in part, upon the introduction and customer acceptance of our products. Even if approved
for marketing by the necessary regulatory authorities, our formulations or products may not achieve market acceptance. The degree of
market acceptance will depend upon a number of factors, including:
●
receipt
    of regulatory approval of marketing claims for the uses that we are developing;
●
establishment
    and demonstration of the advantages, safety and efficacy of our formulations, products and technologies;
●
pricing
    and reimbursement policies of government and third-party payers such as insurance companies, health maintenance organizations and
    other health plan administrators;
●
our
    ability to attract corporate partners, including medical device, biotechnology and pharmaceutical companies, to assist in commercializing
    our proposed products; and
●
our
    ability to market our products.
Physicians,
patients, payers or the medical community in general may be unwilling to accept, utilize or recommend any of our proposed formulations
or products. If we are unable to obtain regulatory approval, commercialize and market our proposed formulations or products when planned,
we may not achieve any market acceptance or generate revenue.
Competitors
could develop and/or gain FDA approval of our products for a different indication.
We
cannot provide any assurances that any other company won't obtain FDA approval for similar products that might adversely affect
our ability to develop and market these products in the U.S. We are aware that other companies have intellectual property protection
and have conducted clinical trials. Many of these companies may have more resources than us. We cannot provide any assurances that our
products will be FDA-approved prior to our competitors.
The
FDA does not regulate the practice of medicine and, as a result, cannot direct physicians to select certain products for their patients.
Consequently, we might be limited in our ability to prevent off-label use of a competitor's product to treat the diseases we intend
to commercialize, even if we have issued method of use patents for that indication. If we are not able to obtain and enforce our patents,
a competitor could develop and commercialize similar products for the same indications that we are pursuing. We cannot provide any assurances
that a competitor will not obtain FDA approval for a product that contains the same active ingredients as our products.
33
We
face substantial competition, which may result in others discovering, developing or commercializing products before or more successfully
than we do.
We
will face competition from numerous medical device, pharmaceutical and biotechnology enterprises, as well as from academic institutions,
government agencies and private and public research institutions for our current product candidate. Our commercial opportunities will
be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective, have fewer side effects
or are less expensive than any products that we may develop. Competition could result in reduced sales and pricing pressure on our current
product candidate, if approved, which in turn would reduce our ability to generate meaningful revenues and have a negative impact on
our results of operations. In addition, significant delays in the development of our product candidate could allow our competitors to
bring products to market before we do and impair our ability to commercialize our product candidate. The biotechnology industry is intensely
competitive and involves a high degree of risk. We compete with other companies that have far greater experience and financial, research
and technical resources than us. Potential competitors in the U.S. and worldwide are numerous and include medical device, pharmaceutical
and biotechnology companies, educational institutions and research foundations, many of which have substantially greater capital resources,
marketing experience, research and development staffs and facilities than ours. Some of our competitors may develop and commercialize
products that compete directly with those incorporating our technology or may introduce products to market earlier than our product or
on a more cost-effective basis. Our competitors compete with us in recruiting and retaining qualified scientific and management personnel
as well as in acquiring technologies complementary to our technology. We may face competition with respect to product efficacy and safety,
ease of use and adaptability to various modes of administration, acceptance by physicians, the timing and scope of regulatory approvals,
availability of resources, reimbursement coverage, price and patent position, including the potentially dominant patent positions of
others. An inability to successfully complete our product development or commercializing our product candidate could result in our having
limited prospects for establishing market share or generating revenue.
Many
of our competitors or potential competitors have significantly greater established presence in the market, financial resources and expertise
in research and development, manufacturing, preclinical testing, conducting clinical trials, obtaining regulatory approvals and marketing
approved products than we do, and as a result may have a competitive advantage over us. Mergers and acquisitions in the medical device,
pharmaceutical and biotechnology industries may result in even more resources being concentrated among a smaller number of our competitors.
Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large
and established companies. These third parties compete with us in recruiting and retaining qualified scientific and management personnel,
establishing clinical trial sites and patient registration for clinical trials, as well as in acquiring technologies and technology licenses
complementary to our programs or potentially advantageous to our business.
As
a result of these factors, these competitors may obtain regulatory approval of their products before we are able to obtain patent protection
or other intellectual property rights, which will limit our ability to develop or commercialize our current product candidate. Our competitors
may also develop devices that are safer, more effective, more widely used and cheaper than ours, and may also be more successful than
us in manufacturing and marketing their products. These appreciable advantages could render our product candidate obsolete or non-competitive
before we can recover the expenses of development and commercialization.
Our
business may be adversely affected by the ongoing coronavirus pandemic.
The
outbreak of the novel coronavirus (COVID-19) has evolved into a global pandemic. The coronavirus has spread to many regions of the world.
The extent to which the coronavirus impacts our business and operating results will depend on future developments that are highly uncertain
and cannot be accurately predicted, including new information that may emerge concerning the coronavirus and the actions to contain the
coronavirus or treat its impact, among others.
As
a result of the continuing spread of the coronavirus, our business operations could be delayed or interrupted. For instance, our clinical
trials may be affected by the pandemic. Site initiation, participant recruitment and enrollment, and study monitoring and data analysis
may be paused or delayed due to changes in hospital or university policies, federal, state or local regulations, prioritization of hospital
resources toward pandemic efforts, or other reasons related to the pandemic. If the coronavirus continues to spread, some participants
and clinical investigators may not be able to comply with clinical trial protocols. For example, quarantines or other travel limitations
(whether voluntary or required) may impede participant movement, affect sponsor access to study sites, or interrupt healthcare services,
and we may be unable to conduct our clinical trials. Further, if the spread of the coronavirus pandemic continues and our operations
are adversely impacted, we risk a delay, default and/or non-performance under existing agreements which may increase our costs. These
cost increases may not be fully recoverable or adequately covered by insurance.
34
Infections
and deaths related to the pandemic may disrupt the United States' healthcare and healthcare regulatory systems. Such disruptions
could divert healthcare resources away from, or materially delay FDA review and/or approval with respect to, our clinical trials. It
is unknown how long these disruptions could continue, were they to occur. Any elongation or de-prioritization of our clinical trials
or delay in regulatory review resulting from such disruptions could materially affect the development and study of our product candidates.
We
currently utilize third parties to, among other things, manufacture raw materials. If either any third-party parties in the supply chain
for materials used in the production of our product candidates are adversely impacted by restrictions resulting from the coronavirus
outbreak, our supply chain may be disrupted, limiting our ability to manufacture our product candidates for our clinical trials and research
and development operations.
As
a result of the shelter-in-place order and other mandated local travel restrictions, individuals conducting research and development
or manufacturing activities may not be able to access their laboratory or manufacturing space which may result in our core activities
being significantly limited or curtailed, possibly for an extended period of time.
The
spread of the coronavirus, which has caused a broad impact globally, including restrictions on travel and quarantine policies put into
place by businesses and governments, may have a material economic effect on our business. While the potential economic impact brought
by and the duration of the pandemic may be difficult to assess or predict, it has already caused, and is likely to result in further,
significant disruption of global financial markets, which may reduce our ability to access capital either at all or on favorable terms.
In addition, a recession, depression or other sustained adverse market event resulting from the spread of the coronavirus could materially
and adversely affect our business and the value of our common stock.
The
ultimate impact of the current pandemic, or any other health epidemic, is highly uncertain and subject to change. We do not yet know
the full extent of potential delays or impacts on our business, our clinical trials, our research programs, healthcare systems or the
global economy as a whole. However, these effects could have a material impact on our operations, and we will continue to monitor the
situation closely.
Significant
disruptions of information technology systems, computer system failures or breaches of information security could adversely affect our
business.
We
rely and plan to rely to a large extent upon sophisticated information technology systems to operate our business. In the ordinary course
of business, we collect, store and transmit large amounts of confidential information (including, but not limited to, personal information
and intellectual property). The size and complexity of our information technology and information security systems, and those of our
third-party vendors with whom we may contract, make such systems potentially vulnerable to service interruptions or to security breaches
from inadvertent or intentional actions by our employees or vendors, or from malicious attacks by third parties. Such attacks are of
ever-increasing levels of sophistication and are made by groups and individuals with a wide range of motives (including, but not limited
to, industrial espionage and market manipulation) and expertise. While we intend to invest in the protection of data and information
technology, there can be no assurance that our efforts will prevent service interruptions or security breaches.
Our
internal computer systems, and those of our CROs, our CDMOs, and other business vendors on which we may rely, are vulnerable to damage
from computer viruses, unauthorized access, natural disasters, fire, terrorism, war and telecommunication and electrical failures. We
exercise little or no control over these third parties, which increases our vulnerability to problems with their systems. If such an
event were to occur and cause interruptions in our operations, it could result in a material disruption of our development programs.
Any interruption or breach in our systems could adversely affect our business operations or result in the loss of critical or sensitive
confidential information or intellectual property, and could result in financial, legal, business and reputational harm to us or allow
third parties to gain material, inside information that they use to trade in our securities. For example, the loss of clinical trial
data from completed or ongoing clinical trials could result in delays in our regulatory approval efforts and significantly increase our
costs to recover or reproduce the data. To the extent that any disruption or security breach results in a loss of or damage to our data
or applications, or inappropriate disclosure of confidential or proprietary information, we could incur liability, the further development
of our current and future product candidates could be delayed and our business could be otherwise adversely affected.
35
We
will need to grow the size of our organization in the future, and we may experience difficulties in managing this growth.
As
of the date of this filing, we had two full-time employees. We will need to grow the size of our organization in order to support our
continued development and potential commercialization of our product candidate. As our development and commercialization plans and strategies
continue to develop, our need for additional managerial, operational, manufacturing, sales, marketing, financial and other resources
may increase. Our management, personnel and systems currently in place may not be adequate to support this future growth. Future growth
would impose significant added responsibilities on members of management, including:
●
managing
    our clinical trials effectively;
●
identifying,
    recruiting, maintaining, motivating and integrating additional employees;
●
managing
    our internal development efforts effectively while complying with our contractual obligations to licensors, licensees, contractors
    and other third parties;
●
improving
    our managerial, development, operational, information technology, and finance systems; and
●
expanding
    our facilities.
If
our operations expand, we will also need to manage additional relationships with various strategic partners, suppliers and other third
parties. Our future financial performance and our ability to commercialize our product candidate and to compete effectively will depend,
in part, on our ability to manage any future growth effectively, as well as our ability to develop a sales and marketing force when appropriate
for our company. To that end, we must be able to manage our development efforts and preclinical studies and clinical trials effectively
and hire, train and integrate additional management, research and development, manufacturing, administrative and sales and marketing
personnel. The failure to accomplish any of these tasks could prevent us from successfully growing our company.
Product
liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we
may develop.
We
face an inherent risk of product liability exposure related to the testing of our current product candidate or future product candidates
in human clinical trials and will face an even greater risk if we commercially sell any products that we may develop. Product liability
claims may be brought against us by subjects enrolled in our clinical trials, patients, healthcare providers or others using, administering
or selling our product. If we cannot successfully defend ourselves against claims that our product candidate or product caused injuries,
we could incur substantial liabilities. Regardless of merit or eventual outcome, liability claims may result in:
●
decreased
    demand for any product candidates or products that we may develop;
●
termination
    of clinical trial sites or entire clinical trial programs;
●
injury
    to our reputation and significant negative media attention;
●
withdrawal
    of clinical trial participants;
●
significant
    costs to defend the related litigation;
●
substantial
    monetary awards to trial subjects or patients;
36
●
loss
    of revenue;
●
diversion
    of management and scientific resources from our business operations; and
●
the
    inability to commercialize any products that we may develop.
Prior
to engaging in future clinical trials, we intend to obtain product liability insurance coverage at a level that we believe is customary
for similarly situated companies and adequate to provide us with insurance coverage for foreseeable risks; however, we may be unable
to obtain such coverage at a reasonable cost, if at all. If we are able to obtain product liability insurance, we may not be able to
maintain insurance coverage at a reasonable cost or in an amount adequate to satisfy any liability that may arise and such insurance
may not be adequate to cover all liabilities that we may incur. Furthermore, we intend to expand our insurance coverage for products
to include the sale of commercial products if we obtain regulatory approval for our product candidate in development, but we may be unable
to obtain commercially reasonable product liability insurance for any products that receive regulatory approval. Large judgments have
been awarded in class action lawsuits based on devices that had unanticipated side effects. A successful product liability claim or series
of claims brought against us, particularly if judgments exceed our insurance coverage, could decrease our cash and adversely affect our
business.
The
Tax Cuts and Jobs Act could adversely affect our business and financial condition.
H.R.
1, "An Act to provide for reconciliation pursuant to title II and V of the concurrent resolution on the budget for fiscal year
2018," informally entitled the Tax Cuts and Jobs Act ("Tax Act") enacted on December 22, 2017, among other things,
contains significant changes to corporate taxation, including reduction of the corporate tax rate from a top marginal rate of 35% to
a single rate of 21%, limitation of the tax deduction for interest expense to 30% of adjusted taxable income (except for certain small
businesses), limitation of the deduction for net operating losses carried forward from taxable years beginning after December 31, 2017
to 80% of current year taxable income and elimination of net operating loss carrybacks, one time taxation of offshore earnings at reduced
rates regardless of whether they are repatriated, elimination of U.S. tax on foreign earnings (subject to certain important exceptions),
providing immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or
repealing many business deductions and credits . Notwithstanding the reduction in the corporate income tax rate, the overall impact of
the Tax Act is uncertain and our business and financial condition could be adversely affected. In addition, it is uncertain if and to
what extent various states will conform to the Tax Act.
Our
ability to use net operating losses to offset future taxable income may be subject to limitations.
As
of December 31, 2021, we had federal net operating loss, or NOLs, carryforwards of approximately $29,662,000. Our NOLs generated in tax
years ending on or prior to December 31, 2017 are only permitted to be carried forward for 20 years under applicable U.S. tax laws, and
will begin to expire, if not utilized, beginning in 2027. These NOL carryforwards could expire unused and be unavailable to offset future
income tax liabilities. Under the Tax Act, federal NOLs incurred in tax years ending after December 31, 2017 may be carried forward indefinitely,
but the deductibility of such federal NOLs is limited. It is uncertain if and to what extent various states will conform to the Tax Act,
or whether any further regulatory changes may be adopted in the future that could minimize its applicability. In addition, under Section
382 of the Internal Revenue Code of 1986, as amended, and certain corresponding provisions of state law, if a corporation undergoes an
"ownership change," which is generally defined as a greater than 50% change, by value, in the ownership of its equity over
a three-year period, the corporation's ability to use its pre-change NOL carryforwards and other pre-change tax attributes to offset
its post-change income may be limited.
37
Risks
Related to Healthcare Compliance Regulations
Our
relationships with customers and third-party payors will be subject to applicable anti-kickback, fraud and abuse and other healthcare
laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm and diminished
profits and future earnings. If we or they are unable to comply with these provisions, we may become subject to civil and criminal investigations
and proceedings that could have a material adverse effect on our business, financial condition and prospects.
Healthcare
providers, physicians and third-party payors will play a primary role in the recommendation and prescription of any product candidates
for which we obtain regulatory approval. Our current and future arrangements with healthcare providers, healthcare entities, third-party
payors and customers may expose us to broadly applicable fraud and abuse and other healthcare laws and regulations that may constrain
the business or financial arrangements and relationships through which we research, develop and will market, sell and distribute our
product. As a pharmaceutical company, even though we do not and will not control referrals of healthcare services or bill directly to
Medicare, Medicaid or other third-party payors, federal and state healthcare laws and regulations pertaining to fraud and abuse and patients'
rights are applicable to our business. Restrictions under applicable federal and state healthcare laws and regulations that may affect
our ability to operate include the following:
●
the
    federal healthcare Anti-Kickback Statute which prohibits, among other things, individuals and entities from knowingly and willfully
    soliciting, offering, receiving or providing remuneration, directly or indirectly, overtly or covertly, in cash or in kind, to induce
    or reward, or in return for, either the referral of an individual for, or the purchase, order or recommendation of, any good or service,
    for which payment may be made under a federal healthcare program such as Medicare and Medicaid;
●
federal
    civil and criminal false claims laws, including the federal False Claims Act that can be enforced through civil whistleblower or
    qui tam actions, and civil monetary penalty laws, prohibit individuals or entities from knowingly presenting, or causing to be presented,
    to the federal government, including the Medicare and Medicaid programs, claims for payment or approval that are false or fraudulent
    or making a false statement to avoid, decrease or conceal an obligation to pay money to the federal government;
●
the
    federal Health Insurance Portability and Accountability Act of 1996 ("HIPAA") which imposes criminal and civil liability
    for executing a scheme to defraud any healthcare benefit program and also created federal criminal laws that prohibit knowingly and
    willfully falsifying, concealing or covering up a material fact or making any materially false statements in connection with the
    delivery of or payment for healthcare benefits, items or services, as amended by the Health Information Technology for Economic and
    Clinical Health Act of 2009 ("HITECH") which imposes obligations, including mandatory contractual terms, with respect
    to safeguarding the privacy, security and transmission of individually identifiable health information on entities subject to the
    law, such as certain healthcare providers, health plans, and healthcare clearinghouses, known as covered entities, and their respective
    business associates that perform services for them that involve the creation, use, maintenance or disclosure of, individually identifiable
    health information;
●
the
    federal physician sunshine requirements under the ACA which requires certain manufacturers of , devices, biologics and medical supplies,
    with certain exceptions, to report annually to HHS information related to payments and other transfers of value to physicians, other
    healthcare providers, and teaching hospitals, and ownership and investment interests held by physicians and other healthcare providers
    and their immediate family members and applicable group purchasing organizations;
●
analogous
    state and foreign laws and regulations, such as state anti-kickback and false claims laws, which may apply to sales or marketing
    arrangements and claims involving healthcare items or services reimbursed by non-governmental third-party payors, including private
    insurers; some state laws which require pharmaceutical companies to comply with the pharmaceutical industry's voluntary compliance
    guidelines and the relevant compliance guidance promulgated by the federal government and may require device manufacturers to report
    information related to payments and other transfers of value to physicians and other healthcare providers, marketing expenditures
    or pricing information; and certain state and local laws which require the registration of pharmaceutical sales representatives;
    and
●
state
    and foreign laws govern the privacy and security of health information in specified circumstances, many of which differ from each
    other in significant ways and often are not pre-empted by HIPAA, thus complicating compliance efforts.
38
Efforts
to ensure that our business arrangements with third parties will comply with applicable healthcare laws and regulations will involve
substantial costs. It is possible that governmental authorities will conclude that our business practices may not comply with current
or future statutes, regulations or case law involving applicable fraud and abuse or other healthcare laws and regulations. If our operations
are found to be in violation of any of these laws or any other governmental regulations that may apply to us, we may be subject to significant
civil, criminal and administrative penalties, damages, fines, imprisonment, disgorgement, exclusion from government funded healthcare
programs, such as Medicare and Medicaid, integrity oversight and reporting obligations, and the curtailment or restructuring of our operations.
If any physicians or other healthcare providers or entities with whom we expect to do business are found to not be in compliance with
applicable laws, they may be subject to criminal, civil or administrative sanctions, including exclusions from government funded healthcare
programs.
The
application of privacy provisions of HIPAA is uncertain.
The
application of privacy provisions of HIPAA is uncertain.
HIPAA, among other things, protects the privacy and security of individually identifiable health information by limiting its use and
disclosure. HIPAA directly regulates "covered entities" (healthcare providers, insurers and clearinghouses) and indirectly
regulates "business associates" with respect to the privacy of patients' medical information. All entities that receive
and process protected health information are required to adopt certain procedures to safeguard the security of that information. It is
uncertain whether we would be deemed to be a covered entity under HIPAA, and it is unlikely that we, based on our current business model,
would be a business associate. Nevertheless, we may be contractually required to physically safeguard the integrity and security of any
patient information that we receive, store, create or transmit. If we fail to adhere to our contractual commitments, then certain of
our contract counterparties may be subject to civil monetary penalties and this could adversely affect our ability to market our product.
If we are deemed to be a vendor, under the Health Information Technology for Economic and Clinical Health Act, enacted as part of the
American Recovery and Reinvestment Act of 2009, then we will be obligated to adopt various security measures. We may also be subject
to state and foreign privacy laws under which breaches could lead to substantial fines and liability.
Risks
Related to Owning our Common Stock and This Offering
If
we are unable to establish appropriate internal financial reporting controls and procedures, it could cause us to fail to meet our reporting
obligations, result in the restatement of our financial statements, harm our operating results, subject us to regulatory scrutiny and
sanction, cause investors to lose confidence in our reported financial information and have a negative effect on the market price for
shares of our Common Stock.
Effective
internal controls are necessary for us to provide reliable financial reports and to effectively prevent fraud. We maintain a system of
internal control over financial reporting, which is defined as a process designed by, or under the supervision of, our principal executive
officer and principal financial officer, or persons performing similar functions, and effected by our Board of Directors, management
and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles.
As
of December 31, 2021, management assessed the effectiveness of our internal controls over financial reporting, and based on that evaluation,
they concluded that our internal controls and procedures were not effective.
As
a public company, we have significant additional requirements for enhanced financial reporting and internal controls. We are required
to document and test our internal control procedures in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of
2002, which requires annual management assessments of the effectiveness of our internal controls over financial reporting. The process
of designing and implementing effective internal controls is a continuous effort that requires us to anticipate and react to changes
in our business and the economic and regulatory environments and to expend significant resources to maintain a system of internal controls
that is adequate to satisfy our reporting obligations as a public company.
We
cannot assure you that we will, in the future, identify areas requiring improvement in our internal control over financial reporting.
We cannot assure you that the measures we will take to remediate any areas in need of improvement will be successful or that we will
implement and maintain adequate controls over our financial processes and reporting in the future as we continue our growth. If we are
unable to establish appropriate internal financial reporting controls and procedures, it could cause us to fail to meet our reporting
obligations, result in the restatement of our financial statements, harm our operating results, subject us to regulatory scrutiny and
sanction, cause investors to lose confidence in our reported financial information and have a negative effect on the market price for
shares of our Common Stock.
39
There
may be potential conflicts of interest involving Don Hankey, as a director and as an affiliate of Hankey Capital, with our other
stockholders.
Don
Hankey, Chairman of our Board of Directors, is affiliated with Hankey Capital. Don Hankey, directly and indirectly, is our controlling
stockholder. Don Hankey may be able to exert significant control over our business affairs. Accordingly, Don Hankey may have actual or
potential economic and/or legal interests that may diverge from our other stockholders' interests.
We
may issue more shares in a future financing or pursuant to existing agreements which will result in substantial dilution.
Our
Amended and Restated Certificate of Incorporation authorizes the issuance of a maximum of 100,000,000 shares of Common Stock and a maximum
of 20,000,000 shares of Preferred Stock. Any future merger or acquisition effected by us would result in the issuance of additional securities
without stockholder approval and the substantial dilution in the percentage of our Common Stock held by our then existing stockholders.
Moreover, the Common Stock issued in any such merger or acquisition transaction may be valued on an arbitrary or non-arm's-length
basis by our management, resulting in an additional reduction in the percentage of Common Stock held by our then existing stockholders.
Additionally, we expect to seek additional financing in order to provide working capital to the operating business. Our Board of Directors
has the power to issue any or all of such authorized but unissued shares without stockholder approval. To the extent that additional
shares of Common Stock or Preferred Stock are issued in connection with and following a business combination or otherwise, dilution to
the interests of our stockholders will occur and the rights of the holders of Common Stock might be materially and adversely affected.
Our
Board of Directors is authorized to issue Preferred Stock without obtaining shareholder approval.
Our
Amended and Restated Certificate of Incorporation authorizes the issuance of up to 20,000,000 shares of Preferred Stock with designations,
rights and preferences determined from time to time by the Board of Directors. Accordingly, our Board of Directors is empowered, without
stockholder approval, to issue Preferred Stock with dividend, liquidation, conversion, voting, or other rights which could adversely
affect the voting power or other rights of the holders of the Common Stock. In the event of issuance, the Preferred Stock could be utilized,
under certain circumstances, as a method of discouraging, delaying or preventing a change in control of the Company. Although we have
no present intention to issue any shares of Preferred Stock, there can be no assurance that the Company will not do so in the future.
The
Purchase Warrants are speculative in nature additionally, since the Purchase Warrants will not be listed on any established market, there
will be no trading market for these Purchase Warrants.
The Purchase Warrants
offered hereby do not confer any rights of common stock ownership on their holders, such as voting rights or the right to receive
dividends, but rather merely represent the right to acquire shares of common stock at a fixed price. Specifically, commencing on the
date of issuance, holders of the Series A Warrants may exercise their right to acquire the common stock and pay an exercise price of
$___, or ____% of the public offering price of a Unit, holders of the Series B Warrants may exercise their right to acquire the
common stock and pay an exercise price of $___, or ____% of the public offering price of a Unit and holders of the Series C Warrants
may exercise their right to acquire the common stock and pay an exercise price of $___, or ____% of the public offering price of a
Unit. Additionally, holders of the Series C Warrants may execute such warrants on a "cashless" basis upon the earlier of
(i) 15 Trading Days from the issuance date of such warrant or (ii) the time when $10.0 million of volume is traded in our common
stock, if the volume weighted average price ("VWAP") of our common stock on any trading day on or after the date of
issuance fails to exceed the exercise price of the Series C Warrant (subject to adjustment for any stock splits, stock dividends,
stock combinations, recapitalizations and similar events). In such event, the aggregate number of Warrant Shares issuable in such
cashless exercise pursuant to any given Notice of Exercise electing to effect a cashless exercise shall equal the product of (x) the
aggregate number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise and (y) 1.00. The shares of our common stock and
the Warrants are immediately separable and will be issued separately, but will be purchased together in this offering. Furthermore,
each Purchase Warrant will expire five (5) years from the original issuance date. In the event our common stock price does not
exceed the exercise price of the Purchase Warrants during the period when the Purchase Warrants are exercisable, the Purchase
Warrants may not have any value. We do not intend to apply for any listing of either of the Warrants on the Nasdaq Capital Market or
any other securities exchange or nationally recognized trading system, and we do not expect a market to develop for the Series A
Warrants, the Series B Warrants or the Series C Warrants.
Holders
of the Purchase Warrants will have no rights as a common stockholder until they acquire our common stock.
Until
you acquire shares of our common stock upon exercise of your Purchase Warrants, you will have no rights with respect to shares of our
common stock issuable upon exercise of your Purchase Warrant. Upon exercise of your Purchase Warrant, you will be entitled to exercise
the rights of a common stockholder as to the security exercised only as to matters for which the record date occurs after the exercise.
Provisions
of the Purchase Warrants could discourage an acquisition of us by a third party.
In
addition to the discussion of the provisions of our certificate of incorporation and our bylaws, certain provisions of the Purchase Warrants
could make it more difficult or expensive for a third party to acquire us. The Warrants prohibit us from engaging in certain transactions
constituting "fundamental transactions" unless, among other things, the surviving entity assumes our obligations under the
Purchase Warrants. These and other provisions of the Purchase Warrants could prevent or deter a third party from acquiring us even where
the acquisition could be beneficial to you.
40
The
price of our common stock may fluctuate substantially.
You
should consider an investment in our common stock to be risky, and you should invest in our Units only if you can withstand a significant
loss and wide fluctuations in the market value of your investment. Some factors that may cause the market price of our common stock to
fluctuate, in addition to the other risks mentioned in this "Risk Factors" section and elsewhere in this prospectus, are:
●
sale
    of our common stock by our stockholders, executives, and directors and our stockholders whose shares are being registered in this
    offering;
●
volatility
    and limitations in trading volumes of our shares of common stock;
●
our
    ability to obtain financings to conduct and complete research and development activities including, but not limited to, our clinical
    trials, and other business activities;
●
possible
    delays in the expected recognition of revenue due to lengthy and sometimes unpredictable sales timelines;
●
the
    timing and success of introductions of new products by us or our competitors or any other change in the competitive dynamics of our
    industry, including consolidation among competitors, customers or strategic partners;
●
network
    outages or security breaches;
●
our
    ability to secure resources and the necessary personnel to conduct clinical trials on our desired schedule;
●
commencement,
    enrollment or results of our clinical trials for our product candidate or any future clinical trials we may conduct;
●
changes
    in the development status of our product candidate;
●
any
    delays or adverse developments or perceived adverse developments with respect to the FDA's review of our planned preclinical
    and clinical trials;
●
any
    delay in our submission for studies or product approvals or adverse regulatory decisions, including failure to receive regulatory
    approval for our product candidate;
●
unanticipated
    safety concerns related to the use of our product candidate;
●
failures
    to meet external expectations or management guidance;
●
changes
    in our capital structure or dividend policy, future issuances of securities, sales of large blocks of common stock by our stockholders;
●
our
    cash position;
●
announcements
    and events surrounding financing efforts, including debt and equity securities;
●
our
    inability to enter into new markets or develop new products;
●
reputational
    issues;
●
competition
    from existing technologies and products or new technologies and products that may emerge;
●
announcements
    of acquisitions, partnerships, collaborations, joint ventures, new products, capital commitments, or other events by us or our competitors;
41
●
changes
    in general economic, political and market conditions in or any of the regions in which we conduct our business;
●
changes
    in industry conditions or perceptions;
●
changes
    in valuations of similar companies or groups of companies;
●
analyst
    research reports, recommendation and changes in recommendations, price targets, and withdrawals of coverage;
●
departures
    and additions of key personnel;
●
disputes
    and litigations related to intellectual properties, proprietary rights, and contractual obligations;
●
changes
    in applicable laws, rules, regulations, or accounting practices and other dynamics; and
●
other
    events or factors, many of which may be out of our control.
In
addition, if the market for stocks in our industry or industries related to our industry, or the stock market in general, experiences
a loss of investor confidence, the trading price of our common stock could decline for reasons unrelated to our business, financial condition
and results of operations. If any of the foregoing occurs, it could cause our stock price to fall and may expose us to lawsuits that,
even if unsuccessful, could be costly to defend and a distraction to management.
A
sale or perceived sale of a substantial number of shares of our common stock may cause the price of our common stock to decline.
All
of our executive officers and directors and certain of our stockholders and warrant holders have agreed not to sell shares of our common
stock for a period of 180 days from the date of effectiveness of this prospectus subject to extension under specified circumstances.
Common stock subject to these lock-up agreements will become eligible for sale in the public market upon expiration of these lock-up
agreements, subject to limitations imposed by Rule 144 under the Securities Act of 1933, as amended. If our stockholders sell substantial
amounts of our common stock in the public market, the market price of our common stock could fall. Moreover, the perceived risk of this
potential dilution could cause stockholders to attempt to sell their shares and investors to short our common stock. These sales also
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.
We
have broad discretion in the use of the net proceeds from this offering and may not use them effectively.
Our
management will have broad discretion in the application of the net proceeds from this public offering, including for any of the currently
intended purposes described in the section entitled "Use of Proceeds." Because of the number and variability of factors that
will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended
use. Our management may not apply our cash from this offering in ways that ultimately increase the value of any investment in our securities
or enhance stockholder value. The failure by our management to apply these funds effectively could harm our business. Pending their use,
we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities. These investments may
not yield a favorable return to our stockholders. If we do not invest or apply our cash in ways that enhance stockholder value, we may
fail to achieve expected financial results, which may result in a decline in the price of our shares of common stock, and, therefore,
may negatively impact our ability to raise capital, invest in or expand our business, acquire additional products or licenses, commercialize
our product, or continue our operations.
42
Market
and economic conditions may negatively impact our business, financial condition and share price.
Concerns
over medical epidemics, energy costs, geopolitical issues, the U.S. mortgage market and a deteriorating real estate market, unstable
global credit markets and financial conditions, and volatile oil prices have led to periods of significant economic instability, diminished
liquidity and credit availability, declines in consumer confidence and discretionary spending, diminished expectations for the global
economy and expectations of slower global economic growth, increased unemployment rates, and increased credit defaults in recent years.
Our general business strategy may be adversely affected by any such economic downturns (including the current downturn related to the
current COVID-19 pandemic), volatile business environments and continued unstable or unpredictable economic and market conditions. If
these conditions continue to deteriorate or do not improve, it may make any necessary debt or equity financing more difficult to complete,
more costly, and more dilutive. Failure to secure any necessary financing in a timely manner and on favorable terms could have a material
adverse effect on our growth strategy, financial performance, and share price and could require us to delay or abandon development or
commercialization plans.
If
securities or industry analysts do not publish research or reports, or publish unfavorable research or reports about our business, our
stock price and trading volume may decline.
The
trading market for our common stock will rely in part on the research and reports that industry or financial analysts publish about us,
our business, our markets and our competitors. We do not control these analysts. If securities analysts do not cover our common stock
after the closing of this offering, the lack of research coverage may adversely affect the market price of our common stock. Furthermore,
if one or more of the analysts who do cover us downgrade our stock or if those analysts issue other unfavorable commentary about us or
our business, our stock price would likely decline. If one or more of these analysts cease coverage of us or fails to regularly publish
reports on us, we could lose visibility in the market and interest in our stock could decrease, which in turn could cause our stock price
or trading volume to decline and may also impair our ability to expand our business with existing customers and attract new customers.
Because
certain of our stockholders control a significant number of shares of our common stock, they may have effective control over actions
requiring stockholder approval.
Hankey
Capital directly or indirectly beneficially owns approximately 70% of our outstanding shares of common stock. As a result, Hankey Capital
would have the ability to control the outcome of matters submitted to our stockholders for approval, including the election of directors
and any merger, consolidation or sale of all or substantially all of our assets. In addition, Hankey Capital would have the ability to
control the management and affairs of our Company. Accordingly, this concentration of ownership might harm the market price of our common
stock by:
●
delaying,
    deferring or preventing a change in corporate control;
●
impeding
    a merger, consolidation, takeover or other business combination involving us; or
●
discouraging
    a potential acquirer from making a tender offer or otherwise attempting to obtain control of us.
You
will incur immediate dilution as a result of this offering.
If
you purchase common stock in this offering, you will pay more for your shares than the net tangible book value of your shares. As a result,
you will incur immediate dilution of $____ per share, representing the difference between the public offering price of $____ per share
and our estimated as adjusted net tangible book value as of June 30, 2022 of $____ per share. Accordingly, should we be liquidated at
our book value, you would not receive the full amount of your investment.
Future
sales and issuances of our common stock could result in additional dilution of the percentage ownership of our stockholders and could
cause our share price to fall.
We
expect that significant additional capital will be needed in the future to continue our planned operations, including increased marketing,
hiring new personnel, commercializing our product, and continuing activities as an operating public company. To the extent we raise additional
capital by issuing equity securities, our stockholders may experience substantial dilution. We may sell common stock, convertible securities
or other equity securities in one or more transactions at prices and in a manner we determine from time to time. If we sell common stock,
convertible securities or other equity securities in more than one transaction, investors may be materially diluted by subsequent sales.
Such sales may also result in material dilution to our existing stockholders, and new investors could gain rights superior to our existing
stockholders.
43
We
do not intend to pay cash dividends on our shares of common stock so any returns will be limited to the value of our shares.
We
currently anticipate that we will retain future earnings for the development, operation and expansion of our business and do not anticipate
declaring or paying any cash dividends for the foreseeable future. Any return to stockholders will therefore be limited to the increase,
if any, of our share price.
We
may be at risk of securities class action litigation.
We
may be at risk of securities class action litigation. In the past, medical device, biotechnology and pharmaceutical companies have experienced
significant stock price volatility, particularly when associated with binary events such as clinical trials and product approvals. If
we face such litigation, it could result in substantial costs and a diversion of management's attention and resources, which could
harm our business and results in a decline in the market price of our common stock.
Our
Amended and Restated Certificate of Incorporation and our Amended and Restated Bylaws, and Delaware law may have anti-takeover effects
that could discourage, delay or prevent a change in control, which may cause our stock price to decline.
Our
Amended and Restated Certificate of Incorporation and our Amended and Restated Bylaws, and Delaware law could make it more difficult
for a third party to acquire us, even if closing such a transaction would be beneficial to our stockholders. We are authorized to issue
up to 20,000,000 shares of preferred stock. This preferred stock may be issued in one or more series, the terms of which may be determined
at the time of issuance by our Board of Directors without further action by stockholders. The terms of any series of preferred stock
may include voting rights (including the right to vote as a series on particular matters), preferences as to dividend, liquidation, conversion
and redemption rights and sinking fund provisions. The issuance of any preferred stock could materially adversely affect the rights of
the holders of our common stock, and therefore, reduce the value of our common stock. In particular, specific rights granted to future
holders of preferred stock could be used to restrict our ability to merge with, or sell our assets to, a third party and thereby preserve
control by the present management.
Provisions
of our Certificate of Incorporation and our Amended and Restated Bylaws and Delaware law also could have the effect of discouraging potential
acquisition proposals or making a tender offer or delaying or preventing a change in control, including changes a stockholder might consider
favorable. Such provisions may also prevent or frustrate attempts by our stockholders to replace or remove our management. In particular,
the certificate of incorporation and bylaws and Delaware law, as applicable, among other things:
●
provide
    the board of directors with the ability to alter the bylaws without stockholder approval;
●
place
    limitations on the removal of directors;
●
establishing
    advance notice requirements for nominations for election to the board of directors or for proposing matters that can be acted upon
    at stockholder meetings; and
●
provide
    that vacancies on the board of directors may be filled by a majority of directors in office, although less than a quorum.
44
Financial
reporting obligations of being a public company in the U.S. are expensive and time-consuming, and our management will be required to
devote substantial time to compliance matters.
As
a publicly traded company we incur significant additional legal, accounting and other expenses. The obligations of being a public company
in the U.S. require significant expenditures and will place significant demands on our management and other personnel, including costs
resulting from public company reporting obligations under the Exchange Act and the rules and regulations regarding corporate governance
practices, including those under the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the listing
requirements of the stock exchange on which our securities are listed. These rules require the establishment and maintenance of effective
disclosure and financial controls and procedures, internal control over financial reporting and changes in corporate governance practices,
among many other complex rules that are often difficult to implement, monitor and maintain compliance with. Moreover, despite recent
reforms made possible by the JOBS Act, the reporting requirements, rules, and regulations will make some activities more time-consuming
and costly, particularly after we are no longer an "emerging growth company." In addition, we expect these rules and regulations
to make it more difficult and more expensive for us to obtain director and officer liability insurance. Our management and other personnel
will need to devote a substantial amount of time to ensure that we comply with all of these requirements and to keep pace with new regulations,
otherwise we may fall out of compliance and risk becoming subject to litigation or being delisted, among other potential problems.
There
can be no assurance that the results and events contemplated by forward-looking statements will, in fact, transpire.
There
are statements in this Registration Statement that are not historical facts. These "forward-looking statements" can be identified
by the use of terminology such as "believe," "hope," "may," "anticipate," "should,"
"intend," "plan," "will," "expect," "estimate," "project," "positioned,"
"strategy" and similar expressions. You should be aware that these forward-looking statements are subject to risks and uncertainties
that are beyond our control. Actual results could differ significantly from these forward-looking statements. In light of these risks
and uncertainties, there can be no assurance that the results and events contemplated by the forward-looking statements contained in
this Registration Statement will in fact transpire. You are cautioned to not place undue reliance on these forward-looking statements,
which speak only as of their dates. We do not undertake any obligation to update or revise any forward-looking statements.
INFORMATION
REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus contains forward-looking statements that involve risks and uncertainties. You should not place undue reliance on these forward-looking
statements. All statements other than statements of historical facts contained in this prospectus are forward-looking statements. The
forward-looking statements in this prospectus are only predictions. We have based these forward-looking statements largely on our current
expectations and projections about future events and financial trends that we believe may affect our business, financial condition and
results of operations. In some cases, you can identify these forward-looking statements by terms such as "anticipate," "believe,"
"continue," "could," "depends," "estimate," "expects," "intend,"
"may," "ongoing," "plan," "potential," "predict," "project,"
"should," "will," "would" or the negative of those terms or other similar expressions, although not
all forward-looking statements contain those words. We have based these forward-looking statements on our current expectations and projections
about future events and trends that we believe may affect our financial condition, results of operations, strategy, short- and long-term
business operations and objectives, and financial needs. These forward-looking statements include, but are not limited to, statements
concerning the following:
●
our
    projected financial position and estimated cash burn rate;
●
our
    estimates regarding expenses, future revenues and capital requirements;
●
our
    ability to continue as a going concern;
●
our
    need to raise substantial additional capital to fund our operations;
●
the
    success, cost and timing of our clinical trials;
●
our
    dependence on third parties in the conduct of our clinical trials;
●
our
    ability to obtain the necessary regulatory approvals to market and commercialize our product candidate;
45
●
the
    ultimate impact of the current coronavirus pandemic, or any other health epidemic, on our business, our clinical trials, our research
    programs, healthcare systems or the global economy as a whole;
●
the
    potential that results of preclinical and clinical trials indicate our current product candidate or any future product candidates
    we may seek to develop are unsafe or ineffective;
●
the
    results of market research conducted by us or others;
●
our
    ability to obtain and maintain intellectual property protection for our current product candidates;
●
our
    ability to protect our intellectual property rights and the potential for us to incur substantial costs from lawsuits to enforce
    or protect our intellectual property rights;
●
the
    possibility that a third party may claim we or our third-party licensors have infringed, misappropriated or otherwise violated their
    intellectual property rights and that we may incur substantial costs and be required to devote substantial time defending against
    claims against us;
●
our
    reliance on third-party suppliers and manufacturers;
●
the
    success of competing therapies and products that are or become available;
●
our
    ability to expand our organization to accommodate potential growth and our ability to retain and attract key personnel;
●
the
    potential for us to incur substantial costs resulting from product liability lawsuits against us and the potential for these product
    liability lawsuits to cause us to limit our commercialization of our product candidate;
●
market
    acceptance of our product candidate, the size and growth of the potential markets for our current product candidate and any future
    product candidates we may seek to develop, and our ability to serve those markets; and
●
the
    successful development of our commercialization capabilities, including sales and marketing capabilities.
These
forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in "Risk
Factors." Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is
not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which
any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements
we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this prospectus
may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
You
should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected
in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events
and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither
we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation
to update publicly any forward-looking statements for any reason after the date of this prospectus to conform these statements to actual
results or to changes in our expectations.
You
should read this prospectus and the documents that we reference in this prospectus and have filed with the SEC as exhibits to the registration
statement of which this prospectus is a part with the understanding that our actual future results, levels of activity, performance and
events and circumstances may be materially different from what we expect.
46
INDUSTRY
AND MARKET DATA
This
prospectus contains estimates and other statistical data made by independent parties and by us relating to market size and growth and
other data about our industry. We obtained the industry and market data in this prospectus from our own research as well as from industry
and general publications, surveys and studies conducted by third parties. This data involves a number of assumptions and limitations
and contains projections and estimates of the future performance of the industries in which we operate that are subject to a high degree
of uncertainty, including those discussed in "Risk Factors." We caution you not to give undue weight to such projections,
assumptions and estimates. Further, industry and general publications, studies and surveys generally state that they have been obtained
from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe
that these publications, studies and surveys are reliable, we have not independently verified the data contained in them. In addition,
while we believe that the results and estimates from our internal research are reliable, such results and estimates have not been verified
by any independent source.
USE
OF PROCEEDS
We
estimate that the net proceeds from our issuance and sale of Units in this offering will be approximately $____, based on an assumed
public offering price of $__ per share, after deducting estimated underwriting discounts and commissions and estimated offering expenses
payable by us. If the underwriters exercise their over-allotment option to purchase additional shares in full, we estimate that the net
proceeds from this offering will be approximately $___.
We
intend to use the net proceeds to fund our planned clinical trials, maintain and extend our patent portfolio, retention of contract research
organizations, and for working capital and other general corporate purposes.
A
$1.00 increase or decrease in the assumed public offering price of $___ per share would increase or decrease the net proceeds from this
offering by approximately $___, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus remains
the same and after deducting the estimated underwriting discounts and commissions and non-accountable expense allowance payable to the
underwriters.
This
expected use of the net proceeds from this offering and our existing cash represents our intentions based upon our current plans, financial
condition and business conditions. Predicting the cost necessary to develop a product candidate can be difficult and the amounts and
timing of our actual expenditures may vary significantly depending on numerous factors, including the progress of our development and
commercialization efforts, the status of and results from clinical trials, any collaborations that we may enter into with third parties
for our product candidate and any unforeseen cash needs. As a result, our management will retain broad discretion over the allocation
of the net proceeds from this offering and our existing cash.
In
the ordinary course of our business, we expect to from time to time evaluate the acquisition of, investment in or in-license of complementary
products, technologies or businesses, and we could use a portion of the net proceeds from this offering for such activities. We currently
do not have any agreements, arrangements or commitments with respect to any potential acquisition, investment or license.
Pending
our use of the net proceeds from this offering, we intend to invest the net proceeds in a variety of capital preservation investments,
including short-term, investment-grade, interest-bearing instruments and government securities.
We
would receive additional gross proceeds of $_____ if all of the Purchase Warrants included in the Units are exercised. We intend to use
any such proceeds for working capital and general corporate purposes.
DIVIDEND
POLICY
We
have never paid or declared any cash dividends on our common stock, and we do not anticipate paying any cash dividends on our common
stock in the foreseeable future. We intend to retain all available funds and any future earnings to fund the development and expansion
of our business. Any future determination to pay dividends will be at the discretion of our board of directors and will depend upon a
number of factors, including our results of operations, financial condition, future prospects, contractual restrictions, restrictions
imposed by applicable law and other factors our board of directors deems relevant.
47
CAPITALIZATION
The
following table sets forth our capitalization as of June 30, 2022 as described below:
●
on
    an actual basis; and
●
on
    an as adjusted basis to give effect to the issuance and sale of ___ Units at an assumed public offering price of $___ per Unit, after
    deducting the estimated underwriting discounts and commissions, the non-accounting expense allowance payable to the underwriters,
    and other estimated offering costs;
As
    of June 30, 2022
(unaudited)
Actual
As
    Adjusted
Cash
$
5,454,522
Stockholders' equity:
Preferred stock, $0.001 par value per share,
    20,000,000 shares authorized, none issued and outstanding
-
Common stock, $0.001 par value per share; 100,000,000 shares authorized,
    issued and outstanding 10,350,579 shares
10,350
Additional paid-in capital
77,212,305
Accumulated deficit
(71,634,410
)
Total stockholders'
    equity
5,588,245
Total capitalization
$
5,588,245
$
A
$1.00 increase (decrease) in the assumed public offering price of $___ per Unit would increase (decrease) the pro forma amount of each
of cash, total stockholders' equity (deficiency) and total capitalization by approximately $____, assuming that the number of shares
offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts
and commissions and the non-accountable expense allowance payable to the underwriters. An increase (decrease) of 500,000 shares included
in the Units offered by us, would increase (decrease) the pro forma amount of each of cash, total stockholders' equity and total
capitalization by approximately $___, assuming no change in the assumed public offering price per Unit and after deducting estimated
underwriting discounts and commissions and the non-accountable expense allowance payable to the underwriters.
The
number of shares of our common stock to be outstanding after this offering is based on 10,350,579 shares of common stock outstanding
as of September 3, 2022 and assumes no exercise of the Purchase Warrants included in the Units or by the underwriters of
their over-allotment option, and excludes the following:
●
452,824
shares of common stock issuable upon exercise
    of outstanding common stock options issued to members of management, consultants, and directors at a weighted average exercise price
    of $21.76 per common share.
●
1,827,650
    shares of common stock issuable upon exercise of outstanding common stock Public Warrants at an average exercise price of $6.30 per
    common share.
●
107,176
shares of common stock reserved for future grants
    pursuant to our 2015 Equity Incentive Plan.
●
___
    shares of common stock issuable upon exercise of Warrants to be issued to the underwriters as part of this offering at an exercise
    price of $___ per common share (___% of the assumed public offering price of $___ per share).
48
Except
as otherwise indicated herein, all information in this prospectus assumes or gives effect to:
●
no
    exercise by the underwriters of their option to purchase an additional ___ shares of common stock.
DILUTION
If
you invest in our Units in this offering, your ownership interest will be diluted to the extent of the difference between the public
offering price per share of our common stock and the pro forma net tangible book value per share of our common stock immediately after
this offering.
As
of June 30, 2022, we had a historical net tangible book value of $5,588,245, or $0.54 per share of common stock, based on 10,350,579
shares of common stock outstanding at June 30, 2022. Our historical net tangible book value per share is the amount of our total tangible
assets less our total liabilities at June 30, 2022, divided by the number of shares of common stock outstanding at June 30, 2022.
As
adjusted net tangible book value per share represents as adjusted net tangible book value divided by the as adjusted total number of
shares outstanding as of June 30, 2022.
After
giving effect to the issuance and sale of ___ shares of our common stock included in the Units in this offering at an assumed public
offering price of $___ per share, and after deducting estimated underwriting discounts and commissions, the non-accountable expense allowance
payable to the underwriters, and estimated offering costs payable by us, our as adjusted net tangible book value as of June 30, 2022
would have been $____, or $___ per share. This represents an immediate increase in as adjusted net tangible book value per share of $___
to existing stockholders and immediate dilution of $___ in as adjusted net tangible book value per share to new investors purchasing
common stock in this offering. Dilution per share to new investors is determined by subtracting pro forma net tangible book value per
share after this offering from the assumed public offering price per share paid by new investors. The following table illustrates this
dilution on a per share basis:
Assumed
    public offering price per Unit
$
Historical net tangible
    book value per share as of June 30, 2022
$
Increase in as adjusted
    net tangible book value per share attributable to new investors purchasing common stock in this offering
As adjusted net tangible book value per share
    after this offering
Dilution per share to
    new investors purchasing Units in this offering
$
The
dilution information discussed above is illustrative only and will change based on the actual public offering price and other terms of
this offering determined at pricing. A $1.00 increase in the assumed public offering price of $___ per Unit would increase our pro forma
net tangible book value after this offering by approximately $____ per share and the dilution to new investors purchasing common stock
in this offering by approximately $___ per share, assuming that the number of shares offered by us, as set forth on the cover page of
this prospectus, remains the same and after deducting estimated underwriting discount and commissions and the non-accountable expense
allowance payable to the underwriters. A $1.00 decrease in the assumed public offering price of $___ per Unit would decrease our pro
forma net tangible book value after this offering by approximately $___ per share and the dilution to new investors purchasing common
stock in this offering by approximately $___ per share, assuming that the number of shares offered by us, as set forth on the cover page
of this prospectus, remains the same and after deducting estimated underwriting discount and commissions and the non-accountable expense
allowance payable to the underwriters.
49
An
increase of 500,000 shares in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase our
pro forma net tangible book value after this offering by approximately $___ per share and decrease the dilution to new investors purchasing
common stock in this offering by approximately $___ per share, assuming no change in the assumed public offering price per share and
after deducting estimated underwriting discounts and commissions and the non-accountable expense allowance payable to the underwriters.
A decrease of 500,000 shares in the number of shares offered by us, as set forth on the cover page of this prospectus, would decrease
our pro forma net tangible book value after this offering by approximately $___ per share and increase the dilution to new investors
purchasing common stock in this offering by approximately $___ per share, assuming no change in the assumed public offering price per
share and after deducting estimated underwriting discounts and commissions and the non-accountable expense allowance payable to the underwriters.
If
the underwriters exercise their option to purchase additional shares in full, the as adjusted net tangible book value per share after
giving effect to the offering would be $___ per share. This represents an increase in as adjusted net tangible book value of $___ per
share to existing stockholders and dilution in as adjusted net tangible book value of $___ per share to new investors.
The
number of shares of our common stock to be outstanding after this offering is based on 10,350,579 shares of common stock outstanding
as of September 3, 2022 and assumes no exercise of the Purchase Warrants included in the Units or by the underwriters of
their over-allotment option and excludes the following:
●
452,824
shares of common stock issuable upon exercise
    of outstanding common stock options issued to members of management, consultants, and directors at a weighted average exercise price
    of $21.76 per common share.
●
1,827,650
    shares of common stock issuable upon exercise of outstanding common stock Public Warrants at an average exercise price of $6.30 per
    common share.
●
107,176
shares of common stock reserved for future grants
    pursuant to our 2015 Equity Incentive Plan.
●
___
    shares of common stock issuable upon exercise of warrants to be issued to the underwriters as part of this offering at an exercise
    price of $___ per common share (___% of the assumed public offering price of $___ per share).
Except
as otherwise indicated herein, all information in this prospectus assumes or gives effect to:
●
no
    exercise by the underwriters of their option to purchase an additional ___ shares of common stock.
To
the extent that stock options or warrants are exercised, we issue new stock options under our 2015 Equity Incentive Plan, or we issue
additional shares of common stock in the future, there will be further dilution to investors participating in this offering. In addition,
if we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result
in further dilution to our stockholders.
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
We
are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein known
as NELL-1/DBM. The NELL-1/DBM combination product is an osteostimulative recombinant protein that provides target specific control over
bone regeneration. The protein, as part of the UCB-1 technology platform, has been licensed exclusively for worldwide applications to
us through a technology transfer from the UCLA Technology Development Group on behalf of UC Regents ("UCLA TDG"). UCLA TDG
and the Company received guidance from the FDA that NELL-1/DBM will be classified as a combination product with a device lead.
The
Company was founded by University of California professors in collaboration with an Osaka University professor and a University of Southern
California surgeon in 2004 as a privately-held company with proprietary, patented technology that has been validated in sheep and non-human
primate models to facilitate bone growth. Our platform technology has application in delivering improved outcomes in the surgical specialties
of spinal, orthopedic, general orthopedic, plastic reconstruction, neurosurgery, interventional radiology, and sports medicine. Lead
product development and clinical studies are targeted on spinal fusion surgery, one of the larger segments in the orthopedic market.
50
We
are a development stage entity. The production and marketing of our products and ongoing research and development activities will be
subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any
combination product developed by us must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory
approval process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that we will not encounter problems
in clinical trials that will cause us or the FDA to delay or suspend the clinical trials.
Our
success will depend in part on our ability to obtain patents and product license rights, maintain trade secrets, and operate without
infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents
issued to or licensed by us will not be challenged, invalidated, rendered unenforceable, or circumvented, or that the rights granted
thereunder will provide proprietary protection or competitive advantages to us.
Results
of Operations
Year
ended December 31, 2021 compared to the Year ended December 31, 2020
Since
our inception, we devoted substantially all of our efforts and funding to the development of the NELL-1 protein and raising capital.
We have not yet generated revenues from our planned operations.
Year
    ended
December 31, 2021
Year
    ended
December 31, 2020
%
    Change
Operating expenses
Research and
    development
$
82,044
$
340,672
(75.92
)%
General
    and administrative
1,019,432
484,342
110.48
%
Total operating expenses
1,101,476
825,014
33.51
%
Loss from operations
(1,101,476
)
(825,014
)
33.51
%
Interest expense
(805,109
)
(998,076
)
(19.33
)%
Gain on forgiveness
    of deferred compensation
297,500
-
100.00
%
Loss before provision for income taxes
(1,609,085
)
(1,823,090
)
(11.74
)%
Provision for income
    taxes
1,600
1,600
-
%
Net loss
$
(1,610,685
)
$
(1,824,690
)
(11.73
)%
Research
and Development
Our
research and development decreased from $340,672 during the year ended December 31, 2020 to $82,044 during the year ended December 31,
2021. The $258,628 decrease was due to curtailing of operations due to lack of necessary funds. The lack of capital occurring simultaneously
during the COVID-19 pandemic caused a delay in R&D activities, and a scale back in all operations other than fund raising. As a result
starting in 2020, the company engaged in cost-cutting measures in an attempt to extend our cash resources as long as possible. As a result,
of the October 2021 Primary Offering we have resumed our research and development activities. We will continue to incur significant expenses
for development activities for NELL-1 in the future.
51
General
and Administrative
Our
general and administrative expenses increased from $484,342 during the year ended December 31, 2020 to $1,019,432 during the year ended
December 31, 2021. The $535,090 increase was primarily due to resuming operations and bringing the Company's filings current. The
increase also includes the fair value, $207,035, of options granted to our new Directors consistent with our Director's Compensation
Policy.
Interest
Expense
Our
interest expense decreased from $998,076 for the year ended December 31, 2020 to $805,109 during the year ended December 31, 2021. The
decrease of $192,967 resulted from the conversation of the outstanding debt in conjunction with the October 2021 Primary Offering.
Six
Months ended June 30, 2022 compared to the Six Months ended June 30, 2021
Six-months ended
June 30, 2022
Six-months
                                            ended
June
                                            30, 2021
%
    Change
Operating expenses
Research and
    development
$
54,000
$
47,516
13.65
%
General
    and administrative
1,103,203
365,289
202.01
%
Total operating expenses
1,157,203
412,805
180.33
%
Loss from operations
(1,157,203
)
(412,805
)
180.33
%
Interest expense, related party
-
(510,840
)
(100.00
)%
Provision for income
    taxes
1,600
-
100.00
%
Net loss
$
(1,158,803
)
$
(923,645
)
25.46
%
Research
and Development
Our
research and development increased from $47,516 during the six months ended June 30, 2021 to $54,000 during the six months ended June
30, 2022. We continue to implement research activities after curtailing our operations during 2021. We will continue to incur significant
expenses for development activities for NELL-1 in the future.
General
and Administrative
Our
general and administrative expenses increased from $365,289 during the six months ended June 30, 2021 to $1,103,203 during the six months
ended June 30, 2022. The $737,914 increase was due to resuming operations in 2022. Significant expenses incurred during 2022 were
Directors and Officers insurance, directors' compensation, the revised CFO employment agreement for full-time services and the
services of an investor relations firm. We also incurred stock based compensation expense for our directors and management team totaling
$171,592.
Interest
Expense
Our
interest expense decreased from $510,840 for the six months ended June 30, 2021 to $-0- during the six months ended June 30, 2022. All
the outstanding convertible notes were converted in October 2021.
Liquidity
and Capital Resources
Going
Concern and Liquidity
The
Company has no significant operating history and since inception to June 30, 2022 has incurred accumulated losses of approximately $71.6
million. The Company will continue to incur significant expenses for development activities for their lead product NELL-1/DBM. Operating
expenditures for the next twelve months are estimated at $9.5 million. The accompanying consolidated financial statements for the six
months ended June 30, 2022 have been prepared assuming the Company will continue as a going concern. As reflected in the financial statements,
the Company incurred a net loss of $1,158,803, and used net cash in operating activities of $1,220,843 during the six months ended June
30, 2022. These factors raise substantial doubt about the Company's ability to continue as a going concern within a reasonable
period of time, which is considered to be one year from the issuance date of the financial statements. In addition, our independent registered
public accounting firm, in its audit report to the financial statements included in our Annual Report for the year ended December 31,
2021, expressed substantial doubt about our ability to continue as a going concern. The consolidated financial statements do not include
any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities
that might be necessary should the Company be unable to continue as a going concern.
On
October 15, 2021, the Company completed a public offering generating net proceeds to the Company of $6,858,843.
The
Company will continue to attempt to raise additional debt and/or equity financing to fund future operations and to provide additional
working capital. However, there is no assurance that such financing will be consummated or obtained in sufficient amounts necessary to
meet the Company's needs. If cash resources are insufficient to satisfy the Company's on-going cash requirements, the Company
will be required to scale back or discontinue its product development programs, or obtain funds if available (although there can be no
certainties) through strategic alliances that may require the Company to relinquish rights to its technology, substantially reduce or
discontinue its operations entirely. No assurance can be given that any future financing will be available or, if available, that it
will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue
restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of equity
financing.
52
For
the past several years, we have depended on our relationship with Hankey Capital for working capital to fund our operations, which has
been raised in the form of both debt and equity capital. Hankey Capital, directly and indirectly, controls approximately 70% of our issued
and outstanding shares of common stock. However, no assurance can be given that any future financing from Hankey Capital will be available
or, if available, that it will be on terms that are satisfactory to the Company. In the absence of financing from other sources, the
inability to obtain additional financing from Hankey Capital will result in the scaling back or discontinuance of our product development
programs or operations entirely.
As
of December 31, 2021, we had cash of $6,675,365 and as of June 30, 2022, we had cash of $5,454,522.
We
anticipate that it will require approximately $15 million to complete first in man studies, and an estimated additional $27 million
to achieve FDA approval for a spine interbody fusion indication.
Cash
Flows
The
following is a summary of our cash flows from operating, investing and financing activities for the years ended December 31, 2021 and
2020:
Operating
activities
During
the year ended December 31, 2021 and 2020, cash used in operating activities was $1,228,586 and $426,933 respectively. Cash expenditures
for the year ended December 31, 2021 increased primarily due to resuming operations, bringing the Company's filings current and
costs associated with the October 2021 Primary Offering.
Financing
activities
During
the year ended December 31, 2021, cash provided by financing activities of $7,903,951 resulted primarily from draws on our second and
third credit facilities with Hankey Capital and the October 2021 Primary Offering which provided proceeds from sale of common stock units
in public offering, net of offering costs of $6,858,843. During the year ended December 31, 2020, cash provided by financing activities
of $402,788 primarily resulted from draws on our second credit facilities with Hankey Capital.
The
following is a summary of our cash flows from operating, investing and financing activities for the six months ended June 30, 2022 and
2021:
Operating
activities
During
the six months ended June 30, 2022 and 2021, cash used in operating activities was $1,220,843 and $763,964, respectively. Cash expenditures
for the six months ended June 30, 2022 increased primarily due to directors' compensation, the revised CFO employment agreement
for full-time services and investor relation services.
Financing
activities
During
the six months ended June 30, 2022, there were no financing activities. During the six months ended June 30, 2021, cash provided by financing
activities of $768,402 resulted primarily from draws on our second and third credit facilities with Hankey Capital.
Application
of Critical Accounting Policies
We
believe that our critical accounting policies are as follows:
●
Research
    and Development Costs;
●
Stock
    Based Compensation;
●
Fair
    Value of Financial Instruments;
The
preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant estimates include
the assumptions used in the valuation of stock options and warrants and income tax valuation allowances. Actual results could differ
from those estimates.
Research
and Development Costs
Research
and development costs include, but are not limited to, payroll and other personnel expenses, consultants, expenses incurred under agreements
with contract research and manufacturing organizations and animal clinical investigative sites and the cost to manufacture clinical trial
materials. Costs related to research, design and development of products are charged to research and development expense as incurred.
Stock
Based Compensation
ASC
718,
Compensation – Stock Compensation
, prescribes accounting and reporting standards for all share-based payment transactions
in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options,
and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees,
including grants of employee stock options, are recognized as compensation expense in the consolidated financial statements based on
their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for
the award, known as the requisite service period (usually the vesting period).
53
The
Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50,
Equity – based Payments to Non-Employees
. Measurement of share-based payment transactions with non-employees is based on
the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The
fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion
date.
Fair
Value Measurements
We
use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.
We base our fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. Additionally, from time to time, we may be required to record certain assets at
fair value on a non-recurring basis, such as certain impaired loans held for investment and securities held to maturity that are other-than-temporarily
impaired. These non-recurring fair value adjustments typically involve write-downs of individual assets due to application of lower-of-cost
or market accounting.
We
have established and documented a process for determining fair value. We maximize the use of observable inputs and minimize the use of
unobservable inputs when developing fair value measurements. Whenever there is no readily available market data, management uses its
best estimate and assumptions in determining fair value, but these estimates involve inherent uncertainties and the application of management's
judgment. As a result, if other assumptions had been used, our recorded earnings or disclosures could have been materially different
from those reflected in these financial statements. For detailed information on our use of fair value measurements and our related valuation
methodologies, see Note 2 to the Consolidated Financial Statements of this report.
Recently
Issued Accounting Standards
See
discussion in Notes to the consolidated financial statements.
Off-Balance
Sheet Arrangements
The
Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the
Company's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources that is material to investors.
BUSINESS
Overview
We
are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein, known
as NELL-1/DBM. The NELL-1/DBM combination product is an osteostimulative recombinant protein that provides target specific control over
bone regeneration. The protein, as part of the UCB-1 technology platform has been licensed exclusively for worldwide applications to
us through a technology transfer from UCLA TDG. UCLA TDG and the Company received guidance from the FDA that NELL-1/DBM will be classified
as a combination product with a device lead.
The
Company was founded by University of California professors in collaboration with an Osaka University professor and a University of Southern
California surgeon in 2004 as a privately-held company with proprietary, patented technology that has been validated in sheep and non-human
primate models to facilitate bone growth. Our platform technology has application in delivering improved outcomes in the surgical specialties
of spinal, orthopedic, general orthopedic, plastic reconstruction, neurosurgery, interventional radiology, and sports medicine. Lead
product development and clinical studies are targeted on spinal fusion surgery, one of the larger segments in the orthopedic market.
54
We
are a development stage entity. The production and marketing of our products and ongoing research and development activities will be
subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any
combination product developed by us must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory
approval process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that we will not encounter problems
in clinical trials that will cause us or the FDA to delay or suspend the clinical trials.
Our
success will depend in part on our ability to obtain patents and product license rights, maintain trade secrets, and operate without
infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents
issued to or licensed by us will not be challenged, invalidated, or circumvented, or that the rights granted thereunder will provide
proprietary protection or competitive advantages to us.
UCLA
TDG Exclusive License Agreement
Effective
April 9, 2019, the Company entered into an Amended and Restated Exclusive License Agreement dated as of March 21, 2019 and amended through
three sets of amendments (as so amended the "Amended License Agreement") with the UCLA TDG. The Amended License Agreement
amends and restates the Amended and Restated Exclusive License Agreement, dated as of June 19, 2017 (the "2017 Agreement").
The 2017 Agreement amended and restated the Exclusive License Agreement, effective March 15, 2006, between the Company and UCLA TDG,
as amended by ten amendments. Under the terms of the Amended License Agreement, the Regents have continued to grant the Company exclusive
rights to develop and commercialize NELL-1 (the "Licensed Product") for spinal fusion by local administration, osteoporosis
and trauma applications. The Licensed Product is a recombinant human protein growth factor that is essential for normal bone development.
We
have agreed to pay an annual maintenance fee to UCLA TDG of $10,000 as well as pay certain royalties to UCLA TDG under the Amended License
Agreement at the rate of 3.0% of net sales of licensed products or licensed methods. We must pay the royalties to UCLA TDG on a quarterly
basis. Upon a first commercial sale, we also must pay a minimum annual royalty between $50,000 and $250,000, depending on the calendar
year which is after the first commercial sale. If we are required to pay any third party any royalties as a result of us making use of
UCLA TDG patents, then we may reduce the royalty owed to UCLA TDG by 0.333% for every percentage point paid to a third party. If we grant
sublicense rights to a third party to use the UCLA TDG patent, then we will pay UCLA TDG 10% to 20% of the sublicensing income we receive
from such sublicense.
We
are obligated to make the following milestone payments to UCLA TDG for each Licensed Product or Licensed Method:
●
$100,000
    upon enrollment of the first subject in a Feasibility Study;
●
$250,000
    upon enrollment of the first subject in a Pivotal Study:
●
$500,000
    upon Pre-Market Approval of a Licensed Product or Licensed Method; and
●
$1,000,000
    upon the First Commercial Sale of a Licensed Product or Licensed Method.
We
are also obligated pay to UCLA TDG a fee (the "Diligence Fee") of $8,000,000 upon the sale of any Licensed Product (the "Triggering
Sale Date") in accordance with the payment schedule below:
●
Due
    upon cumulative Net Sales equaling $50,000,000 following the Triggering Sale Date - $2,000,000;
●
Due
    upon cumulative Net Sales equaling $100,000,000 following the Triggering Sale Date - $2,000,000; and
●
Due
    upon cumulative Net Sales equaling $200,000,000 following the Triggering Sale Date - $4,000,000.
The
Company's obligation to pay the Diligence Fee will survive termination or expiration of the agreement and the Company is prohibited
from assigning, selling, or otherwise transferring any of its assets related to any Licensed Product unless the Company's foregoing
Diligence Fee obligation is assigned, sold, or transferred along with such assets, or unless the Company pays UCLA TDG the Diligence
Fee within ten (10) days of such assignment, sale or other transfer of such rights to any Licensed Product.
We
are also obligated to pay UCLA TDG a cash milestone payment within thirty (30) days of a Liquidity Event (including a Change of Control
Transaction and a payment election by UCLA TDG exercisable after December 22, 2016) such payment to equal the greater of:
●
$500,000;
    or
●
2%
    of all proceeds in connection with a Change of Control Transaction.
As
of June 30, 2022, none of the above milestones has been met.
We
are obligated to diligently proceed with developing and commercializing licensed products under UCLA TDG patents set forth in the Amended
License Agreement. UCLA TDG has the right to either terminate the license or reduce the license to a non-exclusive license if we do not
meet certain diligence milestone deadlines set forth in the Amended License Agreement.
55
We
must reimburse or pre-pay UCLA TDG for patent prosecution and maintenance costs incurred during the term of the Amended License Agreement.
We have the right to bring infringement actions against third party infringers of the Amended License Agreement, UCLA TDG may join voluntarily,
at its own expense, or, at our expense, be joined involuntarily to the action. We are required to indemnify UCLA TDG against any third
party claims arising out of our exercise of the rights under the Amended License Agreement or any sublicense.
Products
We
have developed a stand-alone platform technology through significant laboratory and small and large animal research over more than ten
years to generate the current applications across broad fields of use. The platform technology is our recombinant human protein, known
as NELL-1, a proprietary skeletal specific growth factor which is a bone void filler. NELL-1 provides regulation over skeletal tissue
formation and stem cell differentiation during bone regeneration. The Company obtained the platform technology pursuant to an exclusive
license agreement with UCLA TDG.
We
are currently focused on bone regeneration in lumbar spinal fusion, in keeping with our exclusive license agreement, using NELL-1 in
combination with DBM, a demineralized bone matrix from Musculoskeletal Transplant Foundation ("MTF"). The NELL-1/DBM medical
device is a combination product which is an osteostimulative recombinant protein that provides target specific control over bone regeneration.
Leveraging the resources of investors and strategic partners, we have successfully surpassed four critical milestones:
●
Demonstrating
    a successful small laboratory scale pilot run for the manufacturing of the recombinant NELL-1 protein in Chinese hamster ovary cells;
●
Validation
    of protein dosing and efficacy in established large animal sheep models pilot study;
●
Completed
    pivotal animal study; and
●
Filed
    for a clinical trial outside the United States.
Our
lead product is expected to be purified NELL-1 mixed with 510(k) cleared DBM Demineralized Bone Putty recommended for use in conjunction
with applicable hardware consistent with the indication. The NELL-1/DBM Fusion Device will be comprised of a single dose vial of NELL-1
recombinant protein freeze dried onto DBM. A vial of NELL-1/DBM will be sold in a convenience kit with a diluent and a syringe of 510(k)
cleared demineralized bone ("DBM Putty") produced by MTF. A delivery device will allow the surgeon to mix the reconstituted
NELL-1 with the appropriate quantity of DBM Putty just prior to implantation.
The
NELL-1/DBM Fusion Device is intended for use in lumbar spinal fusion and may have a variety of other spine and orthopedic applications.
While
the product is initially targeted at the lumbar spine fusion market, in keeping with our exclusive license agreement, we believe NELL-1's
novel set of characteristics, target specific mechanism of action, efficacy, safety and affordability position the product well for application
in a variety of procedures including:
Spine
Implants
.
This is the largest market for bone substitute product, representing greater than 70% of the total U.S. market according
to Transparency Market Research. While use of the patient's own bone, also referred to as autograft, to enhance fusion of vertebral
segments remains the optimal use for this type of treatment, complications associated with use of autograft bone including pain, increased
surgical time and infection limit its use.
56
Non-Union
Trauma Cases
.
While the majority of fractures heal without the need for osteosynthetic products, bone substitutes are used in
complicated breaks where the bone does not mend naturally. Management believes that NELL-1 is expected to perform as well as high-priced
growth factors in this market.
Osteoporosis
.
The medical need to find a solution to counter a decrease in bone mass and density seen in women most frequently after menopause
or a similar effect on astronauts in microgravity environments for an extended period is a major medical challenge. The systemic use
of NELL-1 to stimulate bone regeneration throughout the body thereby increasing bone density could have a very significant impact on
the treatment of osteoporosis.
UCLA's
initial research was funded with approximately $18 million in resources from UCLA TDG and government grants. Since licensing the exclusive
worldwide intellectual property rights from UCLA TDG, our continued development has been funded through various strategic investments.
Our research and development expenses for the years ended December 31, 2021 and 2020 were $45,500 and $102,293, respectively. We anticipate
that it will require approximately $15 million to complete first in man studies and an estimated additional $27 million to achieve
FDA approval for a spine interbody fusion indication. These amounts are estimates based on data currently available to us, and are subject
to many factors including the various risk factors discussed under "
Risk Factors
."
NELL-1's
powerful specific bone and cartilage forming properties are derived from the ability of NELL-1 to only target cells that exhibit an activated
"master switch" to develop into bone or cartilage. NELL-1 is a function specific recombinant human protein that has been
proven in laboratory bench models to recapitulate normal human growth and development to provide control over bone and cartilage regeneration.
NELL-1
was isolated in 1996, and the first NELL-1 patent on bone regeneration was filed in 1999. Subsequent patents and continuations in part
describing NELL-1 manufacturing, delivery, and cartilage regeneration were filed to further strengthen the patent portfolio.
Research
& Publications
We
believe our scientific evidence validates the many benefits of NELL-1. Currently there is a comprehensive database of more than 80 research
publications and abstracts of preclinical studies with NELL-1 of which more than 45 are peer-reviewed publications.
We
completed a preclinical study, which shows our rhNELL-1 growth factor effectively promotes bone formation in a phylogenetically advanced
spine model. In addition, rhNELL-1 was shown to be well tolerated and there were no findings of inflammation.
Bone
Biologics has received Human Research Ethics Committee ("HREC") approval for the first center of a multicenter pilot clinical
trial to evaluate NB1 ("NELL-1/DBM") in 30 patients in Australia. The pilot study will evaluate the safety and effectiveness
of NB1 in adult subjects with spinal degenerative disc disease ("DDD") at one level from L2-S1, who may also have up to Grade
1 spondylolisthesis or Grade 1 retrolisthesis at the involved level who undergo transforaminal lumbar interbody fusion ("TLIF").
Proposed
Initial Clinical Application
The
NELL-1/DBM Fusion Device will be indicated for spinal fusion procedures in skeletally mature patients with DDD at one level from L4-S1.
These DDD patients may also have up to Grade I spondylolisthesis at the involved level. The NELL-1/DBM Fusion Device is to be implanted
via an anterior open or an anterior laparoscopic approach in conjunction with a cleared intervertebral body fusion device. Patients receiving
the device should have had at least six months of non-operative treatment prior to treatment with the device. A cervical indication is
currently under consideration. This indication for use would fill a current clinical gap, created by potentially dangerous inflammatory
responses caused by commercially available catalytic bone growth agents, the subject of a Public Health Notification from the FDA on
July 1, 2008 about life threatening complications associated with a recombinant human protein in cervical spine fusion. We do not expect
our product to see the same adverse events with NELL-1/DBM as have been observed with other commercially available protein. We have performed
a rat femoral onlay model to compare proinflammatory response of rhBMP-2 and NELL-1 within Helistate collagen sponges. While NELL-1 induced
normal healing, rhBMP-2 induced significant amounts of swelling and histological evidence of intense inflammatory response.
57
Description
of the DBM Putty to Be Used With NELL-1
The
DBM Demineralized Bone Putty provided as part of the convenience kit with NELL-1/DBM is a Class II device. The common name is "Bone
Void Filler Containing Human Demineralized Bone Matrix." The product is regulated under 21 C.F.R. §888.3045 Resorbable calcium
salt bone void filler device, Product Codes MQV, GXP, and MBP. MTF is the manufacturer of the DBM Putty that was cleared by the FDA for
spine indication in December 2006.
DBM
Putty is a matrix composed of processed human cortical bone. Demineralized bone granules are mixed with sodium hyaluronate to form the
DBM Putty. Every lot of final DBM Putty product is tested in an athymic mouse model or in an alkaline phosphatase assay, which has been
shown to have a positive correlation with the athymic mouse model, to ensure osteostimulation.
Based
upon extensive discussions with regulatory experts and a specific communication from the FDA in response to a submission of our plan
under the Amended License Agreement between UCLA TDG and the Company we believe the NELL-1/DBM Fusion Device is a combination product
that will be regulated as a Class III medical device and will therefore require submission and approval of a pre-market approval, ("PMA").
Our
Business Strategy
Our
business plan is to develop our target specific growth factor for bone regeneration that has demonstrated increases in the quantity and
quality of bone, while displaying strong safety profile. Our spine fusion product focus continues to advance from the research to the
development stage and then to clinical stage to allow for the approval for use of our target specific protein exhibiting efficacy and
safety by matching or exceeding current market approved products. The utilization of investment partners is critical to facilitate the
development through pre Investigational Device Exemption ("IDE"), clinical, and ultimate commercialization as we fund the
pre-IDE work and continue achieving milestones.
Competition
The
orthobiologic and orthopedic industries are characterized by rapidly advancing technologies, intense competition and a strong emphasis
on intellectual property. We face substantial competition from many different sources, including large and specialty orthopedic companies,
biotechnology companies, academic research institutions and governmental agencies along with public and private research institutions.
Our
business is in a very competitive and evolving field, that faces competition from large established orthopedic companies such as (but
not limited to) Medtronic, Stryker, Zimmer-Biomet, and DePuy-Synthes that possess considerably more resources than Bone Biologics.
Our
commercial opportunity could be reduced if our competitors develop and commercialize products that are safer, more effective, have fewer
or less severe side effects, are more convenient or are less expensive than any products that we may develop. Our competitors also may
obtain FDA or other regulatory approval for their products more rapidly than we may obtain approval for ours, which could result in our
competitors establishing a strong market position before we are able to enter the market.
The
NELL-1 growth factor is mechanistically distinct from BMPs and can minimize complications associated with BMP therapies. The early proof
of concept animal studies has shown the efficacy of NELL-1 combined with demineralized bone matrix ("DBM") as a novel bone
graft material for interbody spine fusion.
58
Intellectual
Property
We
have an intellectual property portfolio that includes exclusive, worldwide licenses from UCLA TDG which we believe constitute a formidable
barrier to entry.
Additional
patent applications are currently in preparation. The intellectual property portfolio comprehensively covers NELL-1 manufacture, NELL-1
compositions and NELL-1 use in wide ranging clinical and diagnostic applications. We protect our proprietary technology through mechanisms
including U.S. and foreign patent filings, trade secret protections, and collaboration agreements with domestic and international corporations,
universities and research institutions. We are the exclusive licensee for the following nine (9) UCLA TDG issued patents:
U.S.
Patent
    No.
Summary
Date
    Issued
7544486
NELL-1
    Peptide Expression Systems
6/9/2009
7691607
Expression
    system of NELL-1 peptide
4/6/2010
7807787
NELL-1
    Peptide
10/5/2010
7833968
Pharmaceutical
    compositions for treating or preventing bone conditions
11/16/2010
9447155
Isoform
    NELL-1 peptide
9/20/2016
9511115
Pharmaceutical
compositions for treating or preventing bone conditions
12/6/2016
9598480
Recombinant
    NEL-like (NELL) protein production
3/21/2017
9974828
Isoform
    NELL-1 peptide
5/22/2018
10335458
Pharmaceutical
    compositions for treating or preventing bone conditions
7/2/2019
Government
Regulation
The
manufacturing and marketing of any product which we may formulate with our technologies as well as our related research and development
activities are subject to regulation for safety, efficacy and quality by governmental authorities in the U.S. and other countries. We
anticipate that these regulations will apply separately to each product. The Company believes that complying with these regulations will
involve a considerable level of time, expense and uncertainty.
In
the U.S., devices are subject to rigorous federal regulation and, to a lesser extent, state regulation. The Federal Food, Drug and Cosmetic
Act, as amended, and the regulations promulgated thereunder, and other federal and state statutes and regulations govern, among other
things, the testing, manufacture, safety, efficacy, labeling, storage, record keeping, approval, advertising and promotion of our products.
Device development and approval within this regulatory framework is difficult to predict, requires a number of years and involves the
expenditure of substantial resources. Moreover, ongoing legislation by U.S. Congress and rule making by the FDA presents an ever-changing
landscape where we could be required to undertake additional activities before any governmental approval is granted allowing us to market
our products. The steps required before a biological device may be marketed in the U.S. include:
●
Laboratory
    and non-clinical tests for safety and small scale manufacturing of the agent;
●
The
    submission to the FDA of an IDE which must become effective before human clinical trials can commence;
59
●
Clinical
    trials to characterize the efficacy and safety of the product in the intended patient population;
●
The
    submission of a PMA to the FDA; and
●
FDA
    approval of the NDA or PMA prior to any commercial sale or shipment of the product.
In
addition to obtaining FDA approval for each product, each manufacturing establishment must be registered with, and approved by, the FDA.
Moreover, manufacturing establishments are subject to biennial inspections by the FDA and must comply with the FDA's current Good
Manufacturing Practice
"cGMP"
for products, drugs and devices.
Non-clinical
Trials
Non-clinical
testing includes laboratory evaluation of chemistry and formulation as well as tissue culture and animal studies to assess the safety
and potential efficacy of the product. Non-clinical safety tests must be conducted by laboratories that comply with FDA regulations regarding
good laboratory practices. Non-clinical testing is inherently risky and the results can be unpredictable or difficult to interpret. The
results of non-clinical testing are submitted to the FDA as part of an IDE and are reviewed by the FDA prior to the commencement of clinical
trials. Unless the FDA objects to an IDE, clinical studies may begin 30 days after the IDE is submitted. We have relied and intend to
continue to rely on third-party contractors to perform non-clinical trials.
Clinical
Trials
Clinical
trials involve the administration of the investigational product to healthy volunteers or to patients under the supervision of a qualified
investigator. Clinical trials must be conducted in accordance with good clinical practices under protocols that detail the objectives
of the study, the parameters to be used to monitor safety and the efficacy criteria to be evaluated. Each protocol must be submitted
to the FDA prior to its conduct. Further, each clinical study must be conducted under the auspices of an independent institutional review
board. The institutional review board will consider, among other things, ethical factors, the safety of human subjects and the possible
liability of the institution. The drug product used in clinical trials must be manufactured according to the FDA's current Good
Manufacturing Practices.
Clinical
trials under IDE regulations are typically conducted in two sequential trials. In the Pilot trial, the initial introduction of the product
into healthy human subjects, the drug is tested for safety (adverse side effects), absorption, metabolism, bio-distribution, excretion,
food and drug interactions, abuse as well as limited measures of pharmacologic effect and proof of principle that involves studies in
a limited patient population in order to:
●
assess
    the potential efficacy of the product for specific, targeted indications;
●
demonstrate
    efficacy in a limited patient population;
●
identify
    the range of doses likely to be effective for the indication; and
●
identify
    possible adverse events and safety risks.
When
there is evidence that the product may be effective and has an acceptable safety profile in pilot evaluations, pivotal trials are undertaken
to establish and confirm the clinical efficacy and establish the safety profile of the product within a larger population at geographically
dispersed clinical study sites. Pivotal trials frequently involve randomized controlled trials and, whenever possible, studies are conducted
in a manner so that neither the patient nor the investigator knows what treatment is being administered. The Company, the IRB or the
FDA, may suspend clinical trials at any time if it is believed that the individuals participating in such trials are being exposed to
unacceptable health risks. We intend to rely upon third-party contractors to advise and assist us in the preparation of our IDEs and
the conduct of clinical trials that will be conducted under the IDEs.
60
Premarket
Approval and FDA Approval Process
The
results of the manufacturing process, development work, non-clinical studies and clinical studies are submitted to the FDA in the form
of a PMA prior to marketing and selling the product. The testing and approval process is likely to require substantial time and effort.
In addition to the results of non-clinical and clinical testing, the PMA applicant must submit detailed information about chemistry,
manufacturing and controls that will describe how the product is made and tested through the manufacturing process.
The
PMA review process involves FDA investigation into the details of the manufacturing process, as well as the design and analysis of each
of the non-clinical and clinical studies. This review includes inspection of the manufacturing facility, the data recording process for
the clinical studies, the record keeping at a sample of clinical trial sites and a thorough review of the data collected and analyzed
for each non-clinical and clinical study. Through this investigation, the FDA reaches a decision about the risk-benefit profile of a
product candidate. If the benefit is worth the risk, the FDA begins negotiating with the company about the content of an acceptable package
insert and associated Risk Evaluation and Mitigation Strategies ("REMS"), if required.
The
approval process is affected by a number of factors, including the severity of the disease, the availability of alternative treatments
and the risks and benefits demonstrated in clinical trials. Consequently, there is a risk that approval may not be granted on a timely
basis, if at all. The FDA may deny a PMA if applicable regulatory criteria are not satisfied, require additional testing or information
or require post-marketing testing (Phase 4) and surveillance to monitor the safety of a company's product if it does not believe
the PMA contains adequate evidence of the safety and efficacy of the product. Moreover, if regulatory approval of a product is granted,
such approval may entail limitations on the indicated uses for which it may be marketed. Finally, product approvals may be withdrawn
if compliance with regulatory standards is not maintained or health problems are identified that would alter the risk-benefit analysis
for the product. Post-approval studies may be conducted to explore the use of the product for new indications or populations such as
pediatrics.
Among
the conditions for PMA approval is the requirement that any prospective manufacturer's quality control and manufacturing procedures
conform to the FDA's Good Manufacturing Practices and the specifications approved in the PMA. In complying with standards set forth
in these regulations, manufacturers must continue to expend time, money and effort in the area of product and quality control to ensure
full technical compliance. Manufacturing establishments, both foreign and domestic, also are subject to inspections by or under the authority
of the FDA and by other federal, state or local agencies. Additionally, in the event of non-compliance, FDA may issue warning letters
and/or seek criminal and civil penalties, enjoin manufacture, seize product or revoke approval.
International
Approval
Whether
or not FDA approval has been obtained, approval of a product by regulatory authorities in foreign countries must be obtained prior to
the commencement of commercial sales of the medical product in such countries. The requirements governing the conduct of clinical trials
and product approvals vary widely from country to country, and the time required for approval may be longer or shorter than that required
for FDA approval. Although there are some procedures for unified filings for certain European countries, in general, each country at
this time has its own procedures and requirements.
Other
Regulation
In
addition to regulations enforced by the FDA, we are also subject to U.S. regulation under the Controlled Substances Act, the Occupational
Safety and Health Act, the Environmental Protection Act, the Toxic Substances Control Act, the Resource Conservation and Recovery Act
and other present and potential future federal, state, local or similar foreign regulations. Our research and development may involve
the controlled use of hazardous materials, chemicals and radioactive compounds. Although we believe that its safety procedures for handling
and disposing of such materials comply with the standards prescribed by state and federal regulations, the risk of accidental contamination
or injury from these materials cannot be completely eliminated. In the event of any accident, we could be held liable for any damages
that result and any such liability could exceed our resources.
61
Employees
and Human Capital
As
of the date hereof, we have two (2) full-time employees. We have relied and plan on continuing to rely on independent organizations,
advisors and consultants to perform certain services for us, including handling substantially all aspects of regulatory approval, clinical
management, manufacturing, marketing, and sales. Such services may not always be available to us on a timely basis or at costs that we
can afford. Our future performance will depend in part on our ability to successfully integrate newly hired officers and to engage and
retain consultants, as well as our ability to develop an effective working relationship with our management and consultants.
MANAGEMENT
The
following table and biographical summaries set forth information, including principal occupation and business experience, about our directors
and executive officers as of the date of this prospectus:
Name
Age
Position
Jeffrey
    Frelick
57
Chief
    Executive Officer and President
Deina
    H. Walsh
58
Chief
    Financial Officer
Don
    Hankey
79
Chairman
    of the Board of Directors
Stephen
    R. LaNeve
63
Director
Bruce
    Stroever
72
Director
Erick
    Lucera
54
Director
Siddhesh
    Angle
38
Director
Jeffrey
Frelick: Chief Executive Officer and President
Jeffrey
Frelick serves as the President and Chief Executive Officer of Bone Biologics, bringing more than 25 years of leadership, operational,
and investment experience in the life science industry. He joined Bone Biologics in 2015 as the company's Chief Operating Officer
and assumed his current role in June 2019. Prior to Bone Biologics, Mr. Frelick spent 15 years on Wall Street as a sell-side analyst
following the med-tech industry at investment banks Canaccord Genuity, ThinkEquity and Lazard. He also previously worked at Boston Biomedical
Consultants where he provided strategic planning assistance, market research data and due diligence for diagnostic companies. He began
his career at Becton Dickinson in sales and sales management positions after gaining technical experience as a laboratory technologist
with Clinical Pathology Facility. Mr. Frelick received a B.S. in Biology from University of Pittsburgh and an M.B.A. from Suffolk University's
Sawyer Business School.
Deina
H. Walsh: Chief Financial Officer
Deina
Walsh has served as our Chief Financial Officer since November 2014. She is a certified public accountant and owner/founder of DHW CPA,
PLLC a Public Companies Accounting Oversight Board (PCAOB) registered firm since 2014. Prior to forming her firm, Ms. Walsh has 13 years
at a public accounting firm where as a partner she was actively responsible for leading firm audit engagements of publicly held entities
in accordance with PCAOB standards and compliance with SEC regulations, including internal control requirements under section 404 of
the Sarbanes-Oxley Act. Ms. Walsh had a global client base including entities throughout the United States, Canada and China. These entities
encompass a diverse range of industries including manufacturing, wholesale, life sciences, pharmaceuticals, and technology. Her experience
includes work with start-up companies and well-established operating entities. She has assisted many entities seeking debt and equity
capital. Areas of specialty include mergers, acquisitions, reverse mergers, consolidations, complex equity structures, foreign currency
translations and revenue recognition complexities. Ms. Walsh has an Associates of Science Degree in Business Administration from Monroe
Community College and a Bachelor of Science Degree in Accounting from the State University of New York at Brockport.
Don
Hankey: Chairman of the Board of Directors
Mr.
Hankey has served as Chairman of the Board of Directors since 2018. Mr. Hankey holds his BA and post-graduate work from the University
of Southern California. At age 27, Mr. Hankey became Vice President of a major investment banking firm, which would later become part
of USB Paine Weber. Mr. Hankey acquired Midway Ford in 1972 and founded Hankey Investment Company. During the 1980s, Mr. Hankey's
organization grew its portfolio and established a foothold in the financial services industry. Mr. Hankey has incorporated technology
into every aspect of the Hankey Group of companies improving efficiencies and outcomes. Mr. Hankey has been the manager of Hankey Capital,
LLC, since its formation in 2002. Given Mr. Hankey's financial experience, the Company believes he is well qualified to serve as
the Chairman of the Board of Directors.
62
Stephen
R. LaNeve: Director
Mr.
LaNeve has served on the Company's Board of Directors since 2015 bringing thirty-five years of medical device experience. From
2019 to the present, Mr. La Neve has served as President of Global Medical's (an orthopedic device company) international business.
Previously, Mr. La Neve was Chief Executive Officer of the Company from 2015 to 2019. Mr. La Neve held leadership roles in the medical
device and diagnostic segments which include: CEO and president of Etex Corporation; president of Becton Dickinson's Pre-Analytical
Systems business; president of Medtronic's $3.5b Spine and Biologics business; and president of Medtronic's then second largest
country business unit, Medtronic Japan. He also served as senior vice president and executive vice president at Premier, one of the largest
GPOs in the United States and ran the global Injection Systems business unit for Becton Dickinson. Additionally, Mr. LaNeve has held
a number of commercial leadership roles at Becton Dickinson, Roche Diagnostics and E Merck Diagnostic Systems in sales, marketing, strategic
planning and project management both in the US and outside the US. He serves on the board of directors for SkelRegen, LLC and Life Science
Enterprise, and has served on the Board of Rapid Pathogen Screening, Inc. (RPS) up through its sale of the eye-care business. Mr. La
Neve has consulted for private equity companies in the medical device area. Mr. LaNeve holds a B.S. in Health Planning and Administration
from the Pennsylvania State University, an M.B.A. from West Chester University, and is a member of the Omicron Delta Epsilon honor society
for academic excellence in economics. Given Mr. Laneve's extensive experience in leadership roles in the biotech industry and the
continuity he brings to the Board of Directors, we believe he is well qualified to serve as a member of the Board of Directors.
Bruce
Stroever: Director
Mr.
Stroever has served on Biologics board of directors since 2012, bringing forty years of product development and general management experience
in the medical device and orthobiologics fields. Mr. Stroever most recently served as President and Chief Executive Officer at MTF until
he retired in 2020 after 30 years of service. Under Mr. Stroever's leadership, MTF grew to be the largest tissue bank in the world.
From 1971 to 1988, Mr. Stroever held several positions with Ethicon, Inc., a Johnson & Johnson, Inc. subsidiary. Mr. Stroever served
on the advisory board for the New Jersey Organ and Tissue Sharing Network. He was also elected to the Board of Governors of the American
Association of Tissue Banks for a three-year term in 1999 and subsequently in 2012. He was a founding member of the Tissue Policy Group
subsidiary of the AATB and served as its Chairman for two terms. Mr. Stroever is Chairman of the School of Engineering and Science Advisory
Board at Stevens Institute of Technology and a member of the Board of Directors of Donate Life New York State. He is also a member of
the Advisory Board of Miraki Innovation LLC of Cambridge, MA and a volunteer EMT with the Long Valley First Aid Squad. Mr. Stroever received
his B.E. in Mechanical/Chemical Engineering from Stevens Institute of Technology in 1972 and a Masters of Science in Bioengineering from
Columbia University in 1977. Given Mr. Stroever's educational background , his senior management experience in our industry and
the continuity he brings to the Board of Directors, .we believe that Mr. Stroever is well qualified to serve as a member of the Board
of Directors.
Erick
Lucera: Director
Mr.
Lucera's appointment to the Board became effective upon completion of the October 2021 Primary Offering. From 2020 to the present,
Mr. Lucera served as Chief Financial Officer of AVEO Oncology, a public biotech company. From 2016 to 2020, Mr. Lucera served as Chief
Financial Officer, Treasurer and Secretary of VALERITAS, a publicly held medical device company. From 2017 to the present, Mr. Lucera
has served as a member of the Board of Directors and Audit Chairman of Beyond Air, a publicly held medical device company. From 2015
to 2016, Mr. Lucera served as Chief Financial Officer, Treasurer and Secretary of VIVENTIA Bio, a privately held biotech company. From
2012 to 2015, Mr. Lucera served as Vice President, Corporate Development of Aratana Therepeutics, a publicly held biotech company. In
2012, Mr. Lucera served as Vice President, Corporate Development of Sunshine Heart, a publicly held medical device manufacturer. From
2008 to 2011, Mr. Lucera served as Vice President, Healthcare Analyst at Eaton Vance. From 2004 to 2008, he served as Portfolio Manager,
Triathlon Life Sciences Fund. From 1995 to 2004, he served as Senior Vice President and Principal of Independence Investments, as head
of healthcare research team. From 1990 to 1993, Mr. Lucera served as Staff Accountant at Price Waterhouse. Given Mr. Lucera's extensive
experience in strategic planning and finance, we believe that Mr. Lucera is well qualified to serve as a member of the Board of Directors.
63
Siddhesh
(Sid) R. Angle: Director
Dr.
Angle's appointment to the Board became effective upon completion of October 2021 Offering. From 2018 to the present, Dr. Angle
is Co-Founder, President and Chief Executive Officer of Regenosine, an early stage start-up for osteoarthritic disease. From 2021 to
present, Dr. Angle also serves on the Executive Team of Vetosine, an animal health affiliate of Regenosine. From 2020 to 2021, Dr. Angle
was Associate Director, Innovation Commercialization at NYU Langone. From 2017 to 2020, Dr. Angle was Program Manager, Innovation Commercialization
at NYU Langone. From 2013 to 2017, Dr. Angle worked in various R&D capacities at Zimmer Biomet, culminating as R&D manager of
global orthobiologics. From 2011 to 2013, Dr. Angle served as Research Scientist at Carnegie Mellon University. Given Mr. Angle's
extensive background in research and development, we believe that Mr. Angle is well qualified to serve as a member of the Board of Directors.
Director
Terms; Qualifications
Members
of our board of directors serve until the next annual meeting of stockholders, or until their successors have been duly elected.
When
considering whether directors and nominees have the experience, qualifications, attributes and skills to enable the board of directors
to satisfy its oversight responsibilities effectively in light of the Company's business and structure, the board of directors
focuses primarily on the industry and transactional experience, and other background, in addition to any unique skills or attributes
associated with a director.
Family
Relationships
None.
Board
of Directors and Corporate Governance
Our
Board of Directors consists of five (5) members, consisting of Don Hankey, Bruce Stroever, Stephen R. LaNeve, Erick Lucera, and Sid Angle.
Board
Committees
Our
Board of Directors has appointed an audit committee, governance committee and compensation committee. The Board of Directors met or acted
by written consent three times during 2021.
Audit
Committee
The
audit committee is responsible for overseeing: (i) our accounting and reporting practices and compliance with legal and regulatory requirements
regarding such accounting and reporting practices; (ii) the quality and integrity of our financial statements; (iii) our internal control
and compliance programs; (iv) our independent auditors' qualifications and independence and (v) the performance of our independent
auditors and our internal audit function. In so doing, the audit committee maintains free and open means of communication between our
directors, internal auditors and management.
The
Audit Committee consists of Bruce Stroever, Erick Lucera, and Sid Angle, with Mr. Lucera acting as Chairman and the Audit Committee financial
expert. The Audit Committee met or acted by written consent once during 2021.
Compensation
Committee
The
compensation committee is responsible for reviewing and approving the compensation of our executive officers and directors and our performance
plans and other compensation plans. The compensation committee makes recommendations to our Board of Directors in connection with such
compensation and performance plans.
The
Compensation Committee consists of Bruce Stroever, Erick Lucera, and Sid Angle, with Mr. Stroever acting as Chairman. The Compensation
Committee met or acted by written consent once during 2021.
64
Nominating
and Corporate Governance Committee
The
nominating and corporate governance committee is responsible for (i) identifying, screening and reviewing individuals qualified to serve
as directors (consistent with criteria approved by our Board of Directors) and recommending to our Board candidates for nomination for
election at the annual meeting of shareholders or to fill board vacancies or newly created directorships; (ii) developing and recommending
to our Board of Directors and overseeing the implementation of our corporate governance guidelines (if any); (iii) overseeing evaluations
of our Board of Directors and (iv) recommending to our Board of Directors candidates for appointment to board committees.
The
Nominating and Corporate Governance Committee consists of Bruce Stroever, Erick Lucera, and Sid Angle, with Dr. Angle acting as Chairman.
Code
of Ethics
The
Company adopted a formal code of ethics within the meaning of Item 406 of Regulation S-K promulgated under the Securities Act, that applies
to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar
functions and that that establishes, among other things, procedures for handling actual or apparent conflicts of interest. Our Code of
Ethics is available at our website www.bonebiologics.com/investor-relations/corporate-governance/.
Indemnification
Agreements
We
have entered into indemnification agreements for our directors and executive officers ("Indemnification Agreement"). The
Indemnification Agreement provides for indemnification against expenses, judgments, fines and penalties actually and reasonably incurred
by an indemnitee in connection with threatened, pending or completed actions, suits or other proceedings, subject to certain limitations.
The Indemnification Agreement also provides for the advancement of expenses in connection with a proceeding prior to a final, non-appealable
judgment or other adjudication, provided that the indemnitee provides an undertaking to repay to us any amounts advanced if the indemnitee
is ultimately found not to be entitled to indemnification by us. The Indemnification Agreement sets forth procedures for making and responding
to a request for indemnification or advancement of expenses, as well as dispute resolution procedures that will apply to any dispute
between us and an indemnitee arising under the Indemnification Agreement.
Executive
Compensation
The
table below summarizes the compensation earned for services rendered to us in all capacities, for the fiscal years indicated, by its
named executive officers:
Name and Principal Position
Year
Salary
Bonus
($)
Stock
Awards
($)
Option
Awards
($)
Non-Equity
Incentive Plan
Compensation($)
Deferred
Compensation
($)
(1)
All Other
Compensation
($)
Total
Compensation
($)
Jeffrey Frelick, Chief Executive Officer and President
2021
$
245,000
$
-
$
-
$
45,000
$
290,000
2020
$
240,000
$
-
$
-
$
60,000
$
300,000
Deina Walsh, Chief Financial Officer
(2)
2021
$
-
$
-
$
-
$
-
$
21,100
$
21,100
2020
$
-
$
-
$
-
$
-
$
-
$
-
65
(1)
Pursuant
    to the October 2016 Note Purchase Agreement, the Company's management had agreed to defer 20% of earned compensation. This
    stipulation was met with the closing of the October 2021 Primary Offering.
(2)
From
    June 28, 2019 through January 2, 2022, Ms. Deina Walsh, the Company's Chief Financial Officer, was employed through an independent
    contractor agreement. On December 17, 2021, Bone Biologics Corporation entered into a revised employment agreement with Ms. Walsh
    to become full time. The employment agreement is effective January 3, 2022.
Our
Board of Directors approved the following compensation for our named executive officers:
Jeffrey
Frelick, Chief Executive Officer and President:
Base
Salary: Mr. Frelick's base salary is $300,000.
Bonus:
During each calendar year, Mr. Frelick shall be eligible to earn an annual target bonus of fifty percent (50%) of his base salary
as in-effect for the applicable calendar year, subject to the achievement of personal and corporate objectives or milestones to be established
by the board of directors, or any compensation committee thereof, (after considering any input or recommendations from Mr. Frelick) within
sixty (60) days following the beginning of each calendar year during Mr. Frelick's employment. In order to earn the annual bonus
under this provision, the applicable objectives must be achieved and Mr. Frelick must be employed by Company at the time the annual bonus
is distributed by Company. The annual bonus, if any, shall be paid on or before March 15th of the calendar year following the year in
which it is considered earned. The actual annual bonus paid may be more or less than fifty percent (50%) of Mr. Frelick's base
salary.
There
was no bonus accrual during the year ended December 31, 2021 and 2020.
Stock
Options:
On January 1, 2022, Mr. Frelick received a stock option grant whereby he is entitled to 50,000 shares of Common Stock of
the Company as of the date of the grant on the condition that i) the exercise price will be the current market price on the date of the
grant; and ii) the options will be issued with a two-year maturity. Any portion of this stock option grant that is not exercised on the
date of termination shall be forfeited on such date of termination except: (i) in the case of Termination by the Company Without Cause;
and (ii) upon a Change in Control (as defined in the Equity Incentive Plan) of the Company. To allow Mr. Frelick to prevent or mitigate
dilution of his equity interests in the Company, in connection with each financing, Mr. Frelick will be provided an opportunity to invest
in the Company such that his interest, at his option, remains undiluted or partially diluted.
Deina
H. Walsh, Chief Financial Officer:
Ms.
Walsh was retained through an independent contractor agreement through December 31, 2021. On December 17, 2021, Bone Biologics Corporation
entered into a revised Employment Agreement with Deina H. Walsh. The Employment Agreement is effective January 3, 2022.
Base
Salary: Ms. Walsh's base salary is $200,000.
Bonus:
During each calendar year, Ms. Walsh shall be eligible to earn an annual target bonus of twenty-five percent (25%) of her base salary
as in-effect for the applicable calendar year, subject to the achievement of personal and corporate objectives or milestones to be established
by the board of directors, or any compensation committee thereof, (after considering any input or recommendations from Ms. Walsh) within
sixty (60) days following the beginning of each calendar year during Ms. Walsh's employment. In order to earn the annual bonus
under this provision, the applicable objectives must be achieved and Ms. Walsh must be employed by Company at the time the annual bonus
is distributed by Company. The annual bonus, if any, shall be paid on or before March 15th of the calendar year following the year in
which it is considered earned. The actual annual bonus paid may be more or less than twenty-five percent (25%) of Ms. Walsh's base
salary.
66
Ms.
Walsh received a stock option grant whereby she is entitled to 25,000 shares of Common Stock of the Company as of the date of the grant
on the condition that i) the exercise price will be the current market price on the date of the grant; and ii) the options will be issued
with a two-year maturity. Any portion of this stock option grant that is not exercised on the date of termination shall be forfeited
on such date of termination except: (i) in the case of Termination by the Company Without Cause; and (ii) upon a Change in Control (as
defined in the Equity Incentive Plan) of the Company. To allow Ms. Walsh to prevent or mitigate dilution of her equity interests in the
Company, in connection with each financing, Ms. Walsh shall be provided an opportunity to invest in the Company such that her interest,
at her option, remains undiluted or partially diluted.
The
Company's compensation committee believes the agreements and other incentives granted to these named executive officers align our
named executive officers' interests with those of our stockholders. Our compensation committee and board of directors continues
to evaluate our executive compensation program with a view toward motivating our named executive officers to meet our strategic operational
and financial goals in the best interests of our stockholders.
Executives
Outstanding Equity Awards at Fiscal Year End
Name
Grant
Date
Number
of
securities
underlying
unexercised
options
(#)
exercisable
Number
of
securities
underlying
unexercised
options
(#)
unexercisable
Equity
incentive
plan
awards:
Number
of
securities
underlying
unexercised
unearned
options
                                            (#)
Option
exercise
price
                                            ($)
Option
expiration
date
Number
of
shares
or
units
of
stock
that
have
                                            not
vested
(#)
Market
value
                                            of
shares
of
                                            units
of
stock
that
have
not
vested
($)
Equity
incentive
plan
awards:
Number
of
unearned
shares,
units
                                            or
other
rights
that
                                            have
not
vested
                                            (#)
Equity
incentive
plan
awards:
Market
or
                                            payout
value
                                            of
unearned
shares,
units
                                            or
other
rights
that
                                            have
not
vested
($)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
Jeffrey
    Frelick, Chief Operating Officer
May
    27, 2020
26,915
-
-
$
20.50
May
                                            27, 2026
-
-
-
-
December
    28, 2015
104,060
-
-
$
15.90
December
                                            27, 2025
-
-
-
-
-
-
-
-
-
-
-
7,739
$
7,275
67
Director
Compensation
The
following table shows information regarding the compensation earned during the year ended December 31, 2021 by the members of our board
of directors.
Name
Fees
                                            Earned
or
                                            Paid in
Cash
Option
Awards
Share
Awards
Total
Bruce
    Stroever
$
7,500
$
12,500
-
$
20,000
Don
    Hankey
(1)
-
-
-
-
Erick
    Lucera
(3)
7,500
97,268
-
104,768
Sid
    Angle
(3)
7,500
97,267
-
104,767
Stephen
    R. La Neve
(1)
-
-
-
-
Bret
    Hankey
(1)(2)
-
-
-
-
Total
$
22,500
$
207,035
$
-
$
229,535
(1)
Non-independent
    director. No compensation paid per our Non-Employee Director Compensation Policy.
(2)
Resigned
    effective October 12, 2021.
(3)
Appointed
    effective October 12, 2021.
The
Board adopted a Non-Employee Director Compensation Policy (the "Director Compensation Policy") as following:
Annual
Cash Compensation
Each
Non-Employee Director will receive the cash compensation set forth below for service on the Board. The annual cash compensation amounts
will be payable in equal quarterly installments, in arrears following the end of each quarter in which the service occurred, pro-rated
for any partial months of service. All annual cash fees are vested upon payment.
1.
Annual
    Board Service Retainer:
a.
All
    Non-Employee Directors other than the Board Chair: $25,000
b.
Non-Employee
    Director who is the Board Chair: $35,000
2.
Annual
    Committee Chair Service Retainer (in addition to Annual Board Service Retainer):
a.
Chairman
    of the Audit Committee: $5,000
b.
Chairman
    of the Compensation Committee: $5,000
c.
Chairman
    of the Corporate Governance Committee: $5,000
Equity
Compensation
Equity
awards will be granted under the Company's 2015 Equity Incentive Plan or any successor equity incentive plan (the "Plan").
All stock options granted under this Director Compensation Policy will be Nonstatutory Stock Options (as defined in the Plan), with a
term of ten years from the date of grant and an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan)
of the underlying common stock of the Company ("Common Stock") on the date of grant.
68
(a)
Automatic Equity Grants.
(i)
Initial Grant for New Directors.
Without any further action of the Board, each person who, after the Effective Date, is elected or
appointed for the first time to be a Non-Employee Director will automatically, upon the date of his or her initial election or appointment
to be a Non-Employee Director, be granted a Nonstatutory Stock Option to purchase 20,000 shares of Common Stock (the "Initial Grant"),
regardless of when such person is elected or appointed to the Board. Each Initial Grant will fully vest on the date of the annual meeting
of the stockholders of the Company ("Annual Meeting") next following the Initial Grant.
(ii)
Annual Grant.
Without any further action of the Board, at the close of business on the date of each Annual Meeting following the
Effective Date, each person who is then a Non-Employee Director will automatically be granted a Nonstatutory Stock Option to purchase
a number of shares of Common Stock having an Option Value (calculated on the date of grant) of $50,000 (the "Annual Grant").
Each Annual Grant will vest in a series of four (4) successive equal quarterly installments over the one-year period measured from the
date of grant.
CERTAIN
RELATIONSHIPS AND RELATED PERSON TRANSACTIONS
Except
as disclosed below, none of the following persons has any direct or indirect material interest in any transaction to which we are a party
since our incorporation or in any proposed transaction to which we are proposed to be a party:
●
Any
    of our directors or officers;
●
Any
    proposed nominee for election as our director;
●
Any
    person who beneficially owns, directly or indirectly, shares carrying more than 5% of the voting rights attached to our Common Stock;
    or
●
Any
    relative or spouse of any of the foregoing persons, or any relative of such spouse, who has the same house as such person or who
    is a director or officer of any parent or subsidiary of our Company.
Hankey
Capital LLC
For
the past several years, we have depended on our relationship with Hankey Capital for working capital to fund our operations, which has
been raised in the form of both debt and equity capital. Hankey Capital, directly and indirectly, controls approximately 70% of our issued
and outstanding shares of common stock at December 31, 2021. Representatives of Hankey Capital also currently serve as directors of the
Company. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory
to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the
case of debt financing, or cause substantial dilution for our stockholders, in the case of equity financing.
Review,
Approval or Ratification of Transactions with Related Persons
All related party transactions
are reviewed by our Audit Committee. Our Audit Committee reviews any such transaction in light of the particular affiliation and
interest of any involved director, officer or other employee or stockholder and, if applicable, any such person's affiliates or
immediate family members. Management aims to present transactions to our Audit Committee for approval before they are entered
into or, if that is not possible, for ratification after the transaction has occurred. If our Audit Committee finds that a conflict
of interest exists, then it will determine the appropriate action or remedial action, if any. Our Audit Committee approves or
ratifies a transaction if it determines that the transaction is consistent with our best interests and the best interest of our stockholders.
69
Director
Independence
Our
Board of Directors consists of five (5) members: Don Hankey, Bruce Stroever, Stephen R. LaNeve, Erick Lucera and Sid Angle. Our Board
of Directors undertook a review of the composition of our Board of Directors and the independence of each director. Based upon information
requested from and provided by each director concerning their background, employment and affiliations, including family relationships,
our Board of Directors has determined that Bruce Stroever, Stephen R. LaNeve, Erick Lucera, and Sid Angle qualify as "independent"
as that term is defined by NASDAQ Listing Rule 5605(a) (2). Don Hankey would not qualify as "independent" under applicable
NASDAQ Listing Rules applicable to the Board of Directors generally or to separately designated board committees because he is the CEO
and Chairman of the Hankey Group. Hankey Capital, LLC is part of the Hankey Group, and a significant shareholder of the Company. In making
such determinations, our Board of Directors considered the relationships that each of our nonemployee directors has with the Company
and all other facts and circumstances deemed relevant in determining independence, including the beneficial ownership of our capital
stock by each non-employee director.
Subject
to some exceptions, NASDAQ Listing Rule 5605(a)(2) provides that a director will only qualify as an "independent director"
if, in the opinion of our Board of Directors, that person does not have a relationship that would interfere with the exercise of independent
judgment in carrying out the responsibilities of a director, and that a director cannot be an "independent director" if (a)
the director is, or in the past three years has been, an employee of ours; (b) a member of the director's immediate family is,
or in the past three years has been, an executive officer of ours; (c) the director or a member of the director's immediate family
has received more than $120,000 per year in direct compensation from us within the preceding three years, other than for service as a
director or benefits under a tax-qualified retirement plan or non-discretionary compensation (or, for a family member, as a non-executive
employee); (d) the director or a member of the director's immediate family is a current partner of our independent public accounting
firm, or has worked for such firm in any capacity on our audit at any time during the past three years; (e) the director or a member
of the director's immediate family is, or in the past three years has been, employed as an executive officer of a company where
one of our executive officers serves on the compensation committee; or (f) the director or a member of the director's immediate
family is an executive officer, partner or controlling shareholder of a company that makes payments to, or receives payments from, us
in an amount which, in any twelve-month period during our past three fiscal years, exceeds the greater of 5% of the recipient's
consolidated gross revenues for that year or $200,000 (except for payments arising solely from investments in our securities or payments
under non-discretionary charitable contribution matching programs). Additionally, in order to be considered an independent member of
an audit committee under Rule 10A-3 of the Exchange Act, a member of an audit committee may not, other than in his or her capacity as
a member of the audit committee, the Board of Directors, or any other committee of the Board of Directors, accept, directly or indirectly,
any consulting, advisory, or other compensatory fee from the applicable company or any of its subsidiaries or otherwise be an affiliated
person of the applicable company or any of its subsidiaries.
PRINCIPAL
STOCKHOLDERS
The
following table sets forth certain information regarding beneficial ownership of our common stock as of the date of this prospectus by
(i) each person (or group of affiliated persons) who is known by us to own more than five percent (5%) of the outstanding shares of our
common stock, (ii) each director and executive officer, and (iii) all of our directors, executive officers and director nominees as a
group. As of the date of this prospectus, there were 10,350,579 shares of our common stock issued and outstanding.
Except
as otherwise indicated, the persons listed below have sole voting and investment power with respect to all shares of our common stock
owned by them, except to the extent that power may be shared with a spouse.
Beneficial
ownership is determined in accordance with SEC rules and generally includes voting or investment power with respect to securities. For
purposes of this table, a person or group of persons is deemed to have "beneficial ownership" of any shares of common stock
that such person currently owns or has the right to acquire within 60 days of the date of this prospectus. With respect to options and
warrants, this would include options and warrants that are currently exercisable within 60 days. With respect to convertible securities,
this would include securities that are currently convertible within 60 days.
Except
as indicated in footnotes to this table, we believe that the stockholders named in this table have sole voting and investment power with
respect to all shares of common stock shown to be beneficially owned by them, based on information provided to us by such stockholders.
Unless otherwise indicated, the address for each director and executive officer listed is: c/o Bone Biologics Corporation, 2 Burlington
Woods Drive, Suite 100, Burlington, MA 01803.
70
Name
    of Beneficial Owner or Identity of Group
Title
    of Class
Shares
(1)
Percentage
5%
    or greater stockholders:
Hankey
    Capital, LLC 4751 Wilshire Blvd #110
Los Angeles, CA 90010
Common
    Stock
7,519,991
(2)
69.5
%
Executive
    Officers and Directors:
Don
    R. Hankey 4751 Wilshire Blvd #110
Los Angeles, CA 90010
Common
    Stock
7,678,343
(2)(3)
70.9
%
Stephen
    LaNeve, 2 Burlington Woods Drive,
Ste 100, Burlington, MA 01803
Common
    Stock
-
(9)
-
Jeffrey
    Frelick, 2 Burlington Woods Drive,
Ste 100, Burlington, MA 01803
Common
    Stock
105,485
(4)
1.0
%
Deina
    H. Walsh, 2 Burlington Woods Drive,
Ste 100, Burlington, MA 01803
Common
    Stock
25,000
(5)
0.2
%
Bruce
    Stroever, 2 Burlington Woods Drive,
Ste 100, Burlington, MA 01803
Common
    Stock
30,094
(6)
0.3
%
Erick
    Lucera, 2 Burlington Woods Drive,
Ste 100, Burlington, MA 01803
Common
    Stock
50,094
(7)
0.5
%
Siddhesh
    Angle, 2 Burlington Woods Drive,
Ste 100, Burlington, MA 01803
Common
    Stock
50,094
(8)
0.5
%
Total
                                            Officers and Directors as a Group
(7
                                            persons)
Common
    Stock
7,914,111
(10)
71.6
%
(1)
Based
    on 10,350,579 issued and outstanding shares. The number of shares issued and outstanding that was used to calculate the percentage
    ownership of each listed person includes the shares underlying convertible debt, stock options and warrants that are exercisable
    60 days from our report date.
(2)
Consists
    of 7,043,801 shares and 476,190 shares issuable upon exercise of Public Warrants.
(3)
Mr.
    Hankey is the Manager of Hankey Capital. Mr. Hankey is the beneficial owner of 7,678,343 shares of the Company consisting of 7,043,801
    shares owned by Hankey Capital, 126,656 shares owned by the Don Hankey Trust (the "Trust") of which Mr. Hankey is the
    Trustee, 31,696 shares held by H&H Funding LLC of which Mr. Hankey is the sole manager and 476,190 shares issuable upon exercise
    of Public Warrants. The Trust owns 86.41% of Hankey Capital. Don Hankey is the manager of Hankey Capital.
(4)
Includes
    102,389 shares underlying stock options exercisable within 60 days.
(5)
Includes
    25,000 shares underlying stock options exercisable within 60 days.
(6)
Includes
    30,094 shares underlying stock options exercisable within 60 days.
(7)
Includes
    50,094 shares underlying stock options exercisable within 60 days.
(8)
Includes
    50,094 shares underlying stock options exercisable within 60 days.
(9)
Mr.
                                            LaNeve has declined his independent director compensation.
(10)
Consists
    of 7,205,249 shares, 476,190 shares issuable upon exercise of Public Warrants and 232,671 shares underlying stock options
    exercisable within 60 days.
71
DESCRIPTION
OF CAPITAL STOCK
General
Upon
completion of this offering, our authorized capital stock will consist of 100,000,000 shares of common stock, par value $0.001 per share,
and 20,000,000 shares of preferred stock, par value $0.001 per share.
As
of September 3, 2022, the Company had 28 stockholders of record holding 10,350,579 shares of the Company's common stock
outstanding, including 7,708,459 shares of common stock held by an indeterminate number of beneficial owners of securities whose
shares are held in the names of various depository accounts, brokerage firms and clearing agencies.
The
following description of our capital stock and provisions of our Amended and Restated Certificate of Incorporation and Amended and Restated
Bylaws to be effective upon the completion of this offering is only a summary. You should also refer to our Certificate of Incorporation,
a copy of which is filed as an exhibit to the registration statement of which this prospectus is a part, and our Amended and Restated
Bylaws, a copy of which is filed as an exhibit to the registration statement of which this prospectus is a part.
Common
Stock
We
are authorized to issue up to a total of 100,000,000 shares of common stock, par value $0.001 per share. Holders of our common stock
are entitled to one vote for each share held on all matters submitted to a vote of our stockholders. Holders of our common stock have
no cumulative voting rights.
Further,
holders of our common stock have no pre-emptive or conversion rights or other subscription rights. Upon our liquidation, dissolution
or winding-up, holders of our common stock are entitled to share in all assets remaining after payment of all liabilities and the liquidation
preferences of any of our outstanding shares of preferred stock. Subject to preferences that may be applicable to any outstanding shares
of preferred stock, holders of our common stock are entitled to receive dividends, if any, as may be declared from time to time by our
board of directors out of our assets which are legally available. Each outstanding share of our common stock is, and all shares of common
stock to be issued in this offering when they are paid for will be, fully paid and non-assessable.
The
holders of a majority of the shares of our capital stock, represented in person or by proxy, are necessary to constitute a quorum for
the transaction of business at any meeting. If a quorum is present, an action by stockholders entitled to vote on a matter is approved
if the number of votes cast in favor of the action exceeds the number of votes cast in opposition to the action, with the exception of
the election of directors, which requires a plurality of the votes cast.
Preferred
Stock
Our
Board of Directors will have the authority, without further action by the stockholders, to issue up to 20,000,000 shares of preferred
stock in one or more series and to fix the designations, powers, preferences, privileges, and relative participating, optional, or special
rights as well as the qualifications, limitations, or restrictions of the preferred stock, including dividend rights, conversion rights,
voting rights, terms of redemption, and liquidation preferences, any or all of which may be greater than the rights of the common stock.
Our board of directors, without stockholder approval, will be able to issue convertible preferred stock with voting, conversion, or other
rights that could adversely affect the voting power and other rights of the holders of common stock. Preferred stock could be issued
quickly with terms calculated to delay or prevent a change of control or make removal of management more difficult. Additionally, the
issuance of preferred stock may have the effect of decreasing the market price of our common stock, and may adversely affect the voting
and other rights of the holders of common stock. At present, we have no plans to issue any shares of preferred stock following this offering.
72
Options
Our
2015 Equity Incentive Plan provides for us to sell or issue restricted shares of common stock or to grant incentive stock options or
non-qualified stock options, stock appreciation rights, and restricted stock unit awards for the purchase of shares of common stock to
employees, members of the Board of Directors and consultants (see "Executive and Director Compensation – 2015 Equity Incentive
Plan"). As of June 30, 2022, we had issued options to purchase of 342,294 shares of our common stock under the 2015 Equity Incentive
Plan.
Anti-Takeover
Provisions of Delaware Law, our Certificate of Incorporation and our Amended and Restated Bylaws
Delaware
Law
We
are governed by the provisions of Section 203 of the Delaware General Corporation Law. In general, Section 203 prohibits a publicly traded
Delaware corporation from engaging in a business combination with an interested stockholder for a period of three years after the date
of the transaction in which the person became an interested stockholder, unless the business combination is approved in a prescribed
manner. A business combination includes mergers, asset sales or other transactions resulting in a financial benefit to the stockholder.
An interested stockholder is a person who, together with affiliates and associates, owns (or within three years, did own) 15% or more
of the corporation's voting stock, subject to certain exceptions. The statute could have the effect of delaying, deferring or preventing
a change in control of our Company.
Board
of Directors Vacancies
Our
Certificate of Incorporation and Amended and Restated Bylaws authorize only our board of directors to fill vacant directorships. In addition,
the number of directors constituting our board of directors may be set only by resolution of the majority of the incumbent directors.
Stockholder
Action; Special Meeting of Stockholders
Our
Certificate of Incorporation and Amended and Restated Bylaws provide that our stockholders may take action by written consent. Our Certificate
of Incorporation and Amended and Restated Bylaws further provide that special meetings of our stockholders may be called by a majority
of the board of directors, the Chief Executive Officer, or the Chairman of the board of directors.
Advance
Notice Requirements for Stockholder Proposals and Director Nominations
Our
Amended and Restated Bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate
candidates for election as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To
be timely, a stockholder's notice must be delivered to the secretary at our principal executive offices not later than the close
of business on the 90
th
day nor earlier than the close of business on the 120
th
day prior to the first anniversary
of the preceding year's annual meeting; provided, however, that in the event the date of the annual meeting is more than 30 days
before or more than 60 days after such anniversary date, or if no annual meeting was held in the preceding year, notice by the stockholder
to be timely must be so delivered not earlier than the close of business on the 120
th
day prior to such annual meeting and
not later than the close of business on the later of the 90
th
day prior to such annual meeting or the 10
th
day
following the day on which a public announcement of the date of such meeting is first made by us. These provisions may preclude our stockholders
from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.
73
Authorized
but Unissued Shares
Our
authorized but unissued shares of common stock and preferred stock are available for future issuance without stockholder approval and
may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions
and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more
difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. If we issue
such shares without stockholder approval and in violation of limitations imposed by The Nasdaq Capital Market or any stock exchange on
which our stock may then be trading, our stock could be delisted.
Transfer
Agent and Registrar
The
transfer agent and registrar for our common stock is Equiniti Trust Company, 1110 Centre Pointe Curve, Mendota Heights, MN 55120.
Stock
Market Listing
Our
common stock is listed on The Nasdaq Capital Market under the symbol "BBLG."
2015
Equity Incentive Plan
Our
2015 Equity Incentive Plan was approved by majority shareholder consent on December 30, 2015 and all options outstanding as of the effective
date were cancelled and re-issued under the new plan at current plan terms.
●
Base
    Salary:
The Company's base salaries are designed as a means to provide a fixed level of compensation in order to attract
    and retain talent. The base salaries of our named executive officers depend on their job responsibilities, the market rate of compensation
    paid by companies in our industry for similar positions, our financial position and the strength of our business.
●
Performance-Based
    Cash Awards:
As part of the Company's executive compensation program, the board intends to establish an annual performance-based
    cash award program for our executive officers and other key employees based upon individual performance and the Company's performance.
    The award program will also be designed to reinforce the Company's goals and then current strategic initiatives. The annual
    performance-based cash awards will be based on the achievement of Company and individual performance metrics established at the beginning
    of each fiscal year by the compensation committee and our Board of Directors. Following the end of each fiscal year, the compensation
    committee will be responsible for determining the bonus amount payable to the executive officer based on the achievement of the Company's
    performance and the individual performance metrics established for such executive.
●
Long-Term
    Equity Awards:
Our Board of Directors believes that equity ownership by our executive officers and key employees encourages them
    to create long-term value and aligns their interest with those of our stockholders. We grant annual equity awards to our executive
    officers under our 2015 Equity Incentive Plan. Our Board of Directors adopted and approved the following 2015 Equity Incentive Plan
    and intends to submit it for approval by our stockholders.
●
2015
    Equity Incentive Plan:
The Company has 560,000 shares of Common Stock authorized and reserved for issuance under our 2015 Equity
    Incentive Plan for option awards. This reserve may be increased by the Board each year by up to the number of shares of stock equal
    to 5% of the number of shares of stock issued and outstanding on the immediately preceding December 31. Appropriate adjustments will
    be made in the number of authorized shares and other numerical limits in our 2015 Equity Incentive Plan and in outstanding awards
    to prevent dilution or enlargement of participants' rights in the event of a stock split or other change in our capital structure.
    Shares subject to awards granted under our 2015 Equity Incentive Plan which expire, are repurchased or are cancelled or forfeited
    will again become available for issuance under our 2015 Equity Incentive Plan. The shares available will not be reduced by awards
    settled in cash. Shares withheld to satisfy tax withholding obligations will not again become available for grant. The gross number
    of shares issued upon the exercise of stock appreciation rights or options exercised by means of a net exercise or by tender of previously
    owned shares will be deducted from the shares available under our 2015 Equity Incentive Plan.
●
Awards
    may be granted under our 2015 Equity Incentive Plan to our employees, including officers, director or consultants, and our present
    or future affiliated entities. While we may grant incentive stock options only to employees, we may grant non-statutory stock options,
    stock appreciation rights, restricted stock purchase rights or bonuses, restricted stock units, performance shares, performance units
    and cash-based awards or other stock based awards to any eligible participant.
74
The
2015 Equity Incentive Plan is administered by our compensation committee. Subject to the provisions of our 2015 Equity Incentive Plan,
the compensation committee determines, in its discretion, the persons to whom, and the times at which, awards are granted, as well as
the size, terms and conditions of each award. All awards are evidenced by a written agreement between us and the holder of the award.
The compensation committee has the authority to construe and interpret the terms of our 2015 Equity Incentive Plan and awards granted
under our 2015 Equity Incentive Plan.
DESCRIPTION
OF SECURITIES WE ARE OFFERING
Units
We
are offering __units (each a "Unit," and collectively the "Units"). The public offering price of the Units
is $_____per Unit (the "Offering Price")., Each unit consists of: (i) one share of common stock, par value $0.001 per
share; (ii) one Series A warrant (the "Series A Warrants") to purchase one share of common stock at an exercise price
equal to $_____ per share, exercisable until the fifth anniversary of the issuance date; (iii) one Series B warrant (the
"Series B Warrants") to purchase one share of common stock at an exercise price equal to $_____ per share, exercisable
until the fifth anniversary of the issuance date; and (iv) one Series C warrant (the "Series C Warrants," and together
with the Series A Warrants and the Series B Warrants, the "Purchase Warrants") to purchase one share of common stock at
an exercise price equal to $______ per share, exercisable until the fifth anniversary of the issuance date and subject to certain
adjustment and cashless exercise provisions as described herein. Holders of the Series C Warrants may execute such warrants on a
"cashless" basis upon the earlier of (i) 15 Trading Days from the issuance date of such warrant or (ii) the time when
$10.0 million of volume is traded in the our common stock, if the volume weighted average price ("VWAP") of our common
stock on any trading day on or after the date of issuance fails to exceed the exercise price of the Series C Warrant (subject to
adjustment for any stock splits, stock dividends, stock combinations, recapitalizations and similar events). In such event, the
aggregate number of Warrant Shares issuable in such cashless exercise pursuant to any given Notice of Exercise electing to effect a
cashless exercise shall equal the product of (x) the aggregate number of Warrant Shares that would be issuable upon exercise of this
Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless
exercise and (y) 1.00. The Units have no stand-alone rights and will not be certificated or issued as stand-alone securities. The
shares of common stock and Purchase Warrants may be transferred separately immediately upon issuance. The shares of our common stock
and the Purchase Warrants are immediately separable and will be issued separately, but will be purchased together in this
offering.
Common
Stock
The
material terms and provisions of our common stock are described under the caption "Description of Our Capital Stock" in this
prospectus.
Warrant
Agent
The Series A Warrants, Series B Warrants and Series C Warrants will be
issued in registered form under separate warrant agent agreements (each a "Warrant Agent Agreement") between us and our warrant
agent, Equiniti Trust Company (the "Warrant Agent"). The material provisions of the warrants are set forth herein and a copy
of each of the Warrant Agent Agreements will be filed as an exhibit to the Registration Statement on Form S-1, of which this prospectus
forms a part. The Company and the Warrant Agent may amend or supplement each of the Warrant Agent Agreements without the consent of any
holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained therein or adding
or changing any other provisions with respect to matters or questions arising under each of the Warrant Agent Agreements as the parties
thereto may deem necessary or desirable and that the parties determine, in good faith, shall not adversely affect the interest of the
Series A Warrant Series B Warrant or Series C Warrant holders, respectively. All other amendments and supplements to each of the Warrant
Agent Agreement shall require the vote or written consent of holders of at least 50.1% of each of the Series A Warrants, Series B Warrants
and Series C Warrant, as applicable.
Series
A Warrants
Exercisability.
The Series A Warrants are exercisable at any time after their original issuance and at any time up to the date that is five years
after their original issuance. The Series A Warrants will be exercisable, at the option of each holder, in whole or in part by delivering
to us a duly executed exercise notice and, at any time a registration statement registering the issuance of the shares of common stock
underlying the warrants under the Securities Act is effective and available for the issuance of such shares, or an exemption from registration
under the Securities Act is available for the issuance of such shares, by payment in full in immediately available funds for the number
of shares of common stock purchased upon such exercise. If a registration statement registering the issuance of the shares of common
stock underlying the Series A Warrants under the Securities Act is not effective or available and an exemption from registration under
the Securities Act is not available for the issuance of such shares, the holder may, in its sole discretion, elect to exercise the Series
A Warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of common stock
determined according to the formula set forth in the Series A Warrant. No fractional shares of common stock will be issued in connection
with the exercise of a Series A Warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional
amount multiplied by the exercise price.
Exercise
Limitation
. A holder will not have the right to exercise any portion of the warrant if the holder (together with its affiliates)
would beneficially own in excess of 4.99% of the number of shares of our common stock outstanding immediately after giving effect to
the exercise, as such percentage ownership is determined in accordance with the terms of the Series A Warrants. However, any holder may
increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall
not be effective until 61 days following notice from the holder to us.
75
Exercise
Price.
The exercise price per whole share of common stock purchasable upon exercise of the Series A Warrants is $____ per share,
which is ____% of public offering price of the common stock. The exercise price is subject to appropriate adjustment in the event of
certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common
stock and also upon any distributions of assets, including cash, stock or other property to our stockholders.
Transferability.
Subject to applicable laws, the Series A Warrants may be offered for sale, sold, transferred or assigned without our consent.
Exchange
Listing.
We do not intend to list the Series A Warrants on any securities exchange or nationally recognized trading system. The Common
Stock issuable upon exercise of the Series A Warrants is currently listed on the Nasdaq Capital Market symbol "BBLG."
Fundamental
Transactions.
In the event of a fundamental transaction, as described in the Series A Warrants and generally including any reorganization,
recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our
properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common
stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding common stock, the
holders of the warrants will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property
that the holders would have received had they exercised the warrants immediately prior to such fundamental transaction.
Rights
as a Stockholder.
Except as otherwise provided in the Series A Warrants or by virtue of such holder's ownership of shares of
our common stock, the holder of a Series A Warrant does not have the rights or privileges of a holder of our common stock, including
any voting rights, until the holder exercises the Series A Warrant.
Governing
Law
. The Series A Warrants and the warrant agent agreement are governed by Delaware law.
Series
B Warrants
Exercisability.
The Series B Warrants are exercisable at any time after their original issuance and at any time up to the date that is five years
after their original issuance. The Series B Warrants will be exercisable, at the option of each holder, in whole or in part by delivering
to us a duly executed exercise notice and, at any time a registration statement registering the issuance of the shares of common stock
underlying the warrants under the Securities Act is effective and available for the issuance of such shares, or an exemption from registration
under the Securities Act is available for the issuance of such shares, by payment in full in immediately available funds for the number
of shares of common stock purchased upon such exercise. If a registration statement registering the issuance of the shares of common
stock underlying the Series B Warrants under the Securities Act is not effective or available and an exemption from registration under
the Securities Act is not available for the issuance of such shares, the holder may, in its sole discretion, elect to exercise the Series
B Warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of common stock
determined according to the formula set forth in the Series B Warrant. No fractional shares of common stock will be issued in connection
with the exercise of a Series B Warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional
amount multiplied by the exercise price.
Exercise
Limitation
. A holder will not have the right to exercise any portion of the warrant if the holder (together with its affiliates)
would beneficially own in excess of 4.99% of the number of shares of our common stock outstanding immediately after giving effect to
the exercise, as such percentage ownership is determined in accordance with the terms of the Series B Warrants. However, any holder may
increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall
not be effective until 61 days following notice from the holder to us.
Exercise
Price.
The exercise price per whole share of common stock purchasable upon exercise of the Series B Warrants is $____ per share,
which is ____% of public offering price of the common stock. The exercise price is subject to appropriate adjustment in the event of
certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common
stock and also upon any distributions of assets, including cash, stock or other property to our stockholders.
Transferability.
Subject to applicable laws, the Series B Warrants may be offered for sale, sold, transferred or assigned without our consent.
Exchange
Listing.
We do not intend to list the Series B Warrants on any securities exchange or nationally recognized trading system. The Common
Stock issuable upon exercise of the Series B Warrants is currently listed on the Nasdaq Capital Market symbol "BBLG."
Fundamental
Transactions.
In the event of a fundamental transaction, as described in the Series B Warrants and generally including any reorganization,
recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our
properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common
stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding common stock, the
holders of the warrants will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property
that the holders would have received had they exercised the warrants immediately prior to such fundamental transaction.
Rights
as a Stockholder.
Except as otherwise provided in the Series B Warrants or by virtue of such holder's ownership of shares of
our common stock, the holder of a Series B Warrant does not have the rights or privileges of a holder of our common stock, including
any voting rights, until the holder exercises the Series B Warrant.
Governing
Law
. The Series B Warrants and the warrant agent agreement are governed by Delaware law.
Representative's
Warrants.
Please see "Underwriting — Underwriters' Warrants" for a description of the warrants we have agreed
to issue to the representative of the underwriters in this offering, subject to the completion of the offering. We expect to enter into
a warrant agreement in respect of the representative's warrants prior to the closing of this offering.
Series C Warrants
Exercisability.
The
Series C Warrants are exercisable at any time after their original issuance and at any time up to the date that is five years after their
original issuance. The Series C Warrants will be exercisable, at the option of each holder, in whole or in part by delivering to us a
duly executed exercise notice and, at any time a registration statement registering the issuance of the shares of common stock underlying
the warrants under the Securities Act is effective and available for the issuance of such shares, or an exemption from registration under
the Securities Act is available for the issuance of such shares, by payment in full in immediately available funds for the number of
shares of common stock purchased upon such exercise. If a registration statement registering the issuance of the shares of common stock
underlying the Series C Warrants under the Securities Act is not effective or available and an exemption from registration under the
Securities Act is not available for the issuance of such shares, the holder may, in its sole discretion, elect to exercise the Series
C Warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of common stock
determined according to the formula set forth in the Series C Warrant. No fractional shares of common stock will be issued in connection
with the exercise of a Series C Warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional
amount multiplied by the exercise price.
Exercise Limitation
.
A holder will not have the right to exercise any portion of the warrant if the holder (together with its affiliates) would beneficially
own in excess of 4.99% of the number of shares of our common stock outstanding immediately after giving effect to the exercise, as such
percentage ownership is determined in accordance with the terms of the Series C Warrants. However, any holder may increase or decrease
such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective
until 61 days following notice from the holder to us.
Exercise Price.
The
exercise price per whole share of common stock purchasable upon exercise of the Series C Warrants is $____ per share, which is ____%
of public offering price of the common stock. The exercise price is subject to appropriate adjustment in the event of certain stock dividends
and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common stock and also upon any
distributions of assets, including cash, stock or other property to our stockholders.
Holders
of Series C  Warrants may exercise such warrants on a "cashless" basis upon the earlier of (i) 15 trading days from the
issuance date of such warrant or (ii) the time when $10.0 million of volume is traded in our common stock, if the volume weighted
average price ("VWAP") of our common stock on any trading day on or after the date of issuance fails to exceed the then
current exercise price of the Series C  Warrant (subject to adjustment for any stock splits, stock dividends, stock combinations,
recapitalizations and similar events). In such event, the aggregate number of shares of common stock issuable in such cashless
exercise shall equal the product of (x) the aggregate number of shares of common stock that would be issuable upon exercise of the
Series C Warrant in accordance with its terms if such exercise were by means of a cash exercise rather than a cashless exercise and
(y) 1.00.
Transferability.
Subject
to applicable laws, the Series C Warrants may be offered for sale, sold, transferred or assigned without our consent.
Exchange Listing.
We
do not intend to list the Series C Warrants on any securities exchange or nationally recognized trading system. The Common Stock issuable
upon exercise of the Series C Warrants is currently listed on the Nasdaq Capital Market symbol "BBLG."
Fundamental Transactions.
In the event of a fundamental transaction, as described in the Series C Warrants and generally including any reorganization, recapitalization
or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets,
our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common stock, or any person
or group becoming the beneficial owner of 50% of the voting power represented by our outstanding common stock, the holders of the warrants
will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property that the holders
would have received had they exercised the warrants immediately prior to such fundamental transaction.
Rights as a Stockholder.
Except as otherwise provided in the Series C Warrants or by virtue of such holder's ownership of shares of our common stock,
the holder of a Series C Warrant does not have the rights or privileges of a holder of our common stock, including any voting rights,
until the holder exercises the Series C Warrant.
Governing Law
. The
Series C Warrants and the warrant agent agreement are governed by Delaware law.
MATERIAL
U.S. FEDERAL INCOME TAX CONSEQUENCES TO
NON-U.S. HOLDERS OF OUR COMMON STOCK
The
following is a summary of the material U.S. federal income tax consequences to non-U.S. holders (as defined below) of the ownership and
disposition of our common stock and Warrants but does not purport to be a complete analysis of all the potential tax considerations relating
thereto. This summary is based upon the provisions of the Internal Revenue Code of 1986, as amended ("Internal Revenue Code")
Treasury regulations promulgated thereunder, administrative rulings and judicial decisions, all as of the date hereof. These authorities
may be changed, possibly retroactively, so as to result in U.S. federal income tax consequences different from those set forth below.
No ruling on the U.S. federal, state, or local tax considerations relevant to our operations or to the purchase, ownership or disposition
of our shares, has been requested from the IRS or other tax authority. No assurance can be given that the IRS would not assert, or that
a court would not sustain, a position contrary to any of the tax consequences described below.
This
summary also does not address the tax considerations arising under the laws of any non-U.S., state or local jurisdiction, or under U.S.
federal gift and estate tax laws, except to the limited extent set forth below. In addition, this discussion does not address tax considerations
applicable to an investor's particular circumstances or to investors that may be subject to special tax rules, including, without
limitation:
●
banks,
    insurance companies or other financial institutions, regulated investment companies or real estate investment trusts;
76
●
persons
    subject to the alternative minimum tax or Medicare contribution tax on net investment income;
●
tax-exempt
    organizations or governmental organizations;
●
controlled
    foreign corporations, passive foreign investment companies and corporations that accumulate earnings to avoid U.S. federal income
    tax;
●
brokers
    or dealers in securities or currencies;
●
traders
    in securities that elect to use a mark-to-market method of accounting for their securities holdings;
●
persons
    that own, or are deemed to own, more than five percent of our capital stock (except to the extent specifically set forth below);
●
U.S.
    expatriates and certain former citizens or long-term residents of the U.S.;
●
partnerships
    or entities classified as partnerships for U.S. federal income tax purposes or other pass-through entities (and investors therein);
●
persons
    who hold our common stock as a position in a hedging transaction, "straddle," "conversion transaction" or
    other risk reduction transaction or integrated investment;
●
persons
    who hold or receive our common stock pursuant to the exercise of any employee stock option or otherwise as compensation;
●
persons
    who do not hold our common stock as a capital asset within the meaning of Section 1221 of the Internal Revenue Code; or
●
persons
    deemed to sell our common stock under the constructive sale provisions of the Internal Revenue Code.
You
are urged to consult your tax advisor with respect to the application of the U.S. federal income tax laws to your particular situation,
as well as any tax consequences of the purchase, ownership and disposition of our common stock arising under the U.S. federal estate
or gift tax rules or under the laws of any state, local, non-U.S., or other taxing jurisdiction or under any applicable tax treaty.
Non-U.S.
Holder Defined
For
purposes of this discussion, you are a non-U.S. holder (other than a partnership) if you are any holder other than:
●
an
    individual citizen or resident of the U.S. (for U.S. federal income tax purposes);
●
a
    corporation or other entity taxable as a corporation created or organized in the U.S. or under the laws of the U.S., any state thereof,
    or the District of Columbia, or other entity treated as such for U.S. federal income tax purposes;
●
an
    estate whose income is subject to U.S. federal income tax regardless of its source; or
●
a
    trust (x) whose administration is subject to the primary supervision of a U.S. court and which has one or more "U.S. persons"
    (within the meaning of Section 7701(a)(30) of the Internal Revenue Code) who have the authority to control all substantial decisions
    of the trust or (y) which has made a valid election to be treated as a U.S. person.
In
addition, if a partnership or entity classified as a partnership for U.S. federal income tax purposes holds our common stock, the tax
treatment of a partner generally will depend on the status of the partner and upon the activities of the partnership. Accordingly, partnerships
that hold our common stock, and partners in such partnerships, should consult their tax advisors.
77
Allocation
of Investment in Securities
An
investor in this offering will be required to allocate cost of the acquisition of the securities between the shares of common stock and
Warrants acquired based upon their relative fair market values.
Distributions
As
described in "Dividend Policy," we have never declared or paid cash dividends on our common stock and do not anticipate paying
any dividends on our common stock in the foreseeable future. However, if we do make distributions on our common stock, those payments
will constitute dividends for U.S. tax purposes to the extent paid from our current or accumulated earnings and profits, as determined
under U.S. federal income tax principles. To the extent those distributions exceed both our current and our accumulated earnings and
profits, they will constitute a return of capital and will first reduce your basis in our common stock, but not below zero, and then
will be treated as gain from the sale of stock as described below under "— Gain on Disposition of Common Stock."
Subject
to the discussion below on effectively connected income, backup withholding and foreign accounts, any dividend paid to you generally
will be subject to U.S. withholding tax either at a rate of 30% of the gross amount of the dividend or such lower rate as may be specified
by an applicable income tax treaty. In order to receive a reduced treaty rate, you must provide us with an IRS Form W-8BEN, IRS Form
W-8BEN-E or other appropriate version of IRS Form W-8 certifying qualification for the reduced rate. A non-U.S. holder of shares of our
common stock eligible for a reduced rate of U.S. withholding tax pursuant to an income tax treaty may obtain a refund of any excess amounts
withheld by timely filing an appropriate claim for refund with the IRS. If the non-U.S. holder holds the stock through a financial institution
or other agent acting on the non-U.S. holder's behalf, the non-U.S. holder will be required to provide appropriate documentation
to the agent, which then will be required to provide certification to us or our paying agent, either directly or through other intermediaries.
Dividends
received by you that are effectively connected with your conduct of a U.S. trade or business (and, if required by an applicable income
tax treaty, attributable to a permanent establishment maintained by you in the U.S.) are generally exempt from such withholding tax.
In order to obtain this exemption, you must provide us with an IRS Form W-8ECI or other applicable IRS Form W-8 properly certifying such
exemption. Such effectively connected dividends, although not subject to withholding tax, are taxed at the same graduated rates applicable
to U.S. persons, net of certain deductions and credits. In addition, if you are a corporate non-U.S. holder, dividends you receive that
are effectively connected with your conduct of a U.S. trade or business may also be subject to a branch profits tax at a rate of 30%
or such lower rate as may be specified by an applicable income tax treaty. You should consult your tax advisor regarding any applicable
tax treaties that may provide for different rules.
Gain
on Disposition of our Securities
Subject
to the discussion below regarding backup withholding and foreign accounts, you generally will not be required to pay U.S. federal income
tax on any gain realized upon the sale or other disposition of our common stock unless:
●
the
    gain is effectively connected with your conduct of a U.S. trade or business (and, if required by an applicable income tax treaty,
    the gain is attributable to a permanent establishment maintained by you in the U.S.);
●
you
    are a non-resident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable
    year in which the sale or disposition occurs and certain other conditions are met; or
●
our
    common stock constitutes a U.S. real property interest by reason of our status as a "U.S. real property holding corporation,"
    or USRPHC, for U.S. federal income tax purposes at any time within the shorter of (i) the five-year period preceding your disposition
    of our common stock, or (ii) your holding period for our common stock.
78
We
believe that we are not currently and will not become a USRPHC for U.S. federal income tax purposes, and the remainder of this discussion
so assumes. However, because the determination of whether we are a USRPHC depends on the fair market value of our U.S. real property
relative to the fair market value of our other business assets, there can be no assurance that we will not become a USRPHC in the future.
Even if we become a USRPHC, however, as long as our common stock is regularly traded on an established securities market, such common
stock will be treated as U.S. real property interests only if you actually or constructively hold more than five percent of such regularly
traded common stock at any time during the shorter of the five-year period preceding your disposition of, or your holding period for,
our common stock.
If
you are a non-U.S. holder described in the first bullet above, you will be required to pay tax on the net gain derived from the sale
under regular graduated U.S. federal income tax rates, and a corporate non-U.S. holder described in the first bullet above also may be
subject to the branch profits tax at a 30% rate, or such lower rate as may be specified by an applicable income tax treaty. If you are
an individual non-U.S. holder described in the second bullet above, you will be required to pay a flat 30% tax (or such lower rate specified
by an applicable income tax treaty) on the gain derived from the sale, which gain may be offset by U.S. source capital losses for the
year (provided you have timely filed U.S. federal income tax returns with respect to such losses). You should consult any applicable
income tax or other treaties that may provide for different rules.
Federal
Estate Tax
Our
common stock beneficially owned by an individual who is not a citizen or resident of the U.S. (as defined for U.S. federal estate tax
purposes) at the time of their death will generally be includable in the decedent's gross estate for U.S. federal estate tax purposes,
unless an applicable estate tax treaty provides otherwise. The test for whether an individual is a resident of the U.S. for U.S. federal
estate tax purposes differs from the test used for U.S. federal income tax purposes. Some individuals, therefore, may be non-U.S. holders
for U.S. federal income tax purposes, but not for U.S. federal estate tax purposes, and vice versa.
Backup
Withholding and Information Reporting
Generally,
we must report annually to the IRS the amount of dividends paid to you, your name and address and the amount of tax withheld, if any.
A similar report will be sent to you. Pursuant to applicable income tax treaties or other agreements, the IRS may make these reports
available to tax authorities in your country of residence.
Payments
of dividends or of proceeds on the disposition of stock made to you may be subject to information reporting and backup withholding at
a current rate of 28% unless you establish an exemption, for example, by properly certifying your non-U.S. status on an IRS Form W-8BEN,
IRS Form W-8BEN-E or another appropriate version of IRS Form W-8.
Backup
withholding is not an additional tax; rather, the U.S. federal income tax liability of persons subject to backup withholding will be
reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may generally be obtained
from the IRS, provided that the required information is furnished to the IRS in a timely manner.
Foreign
Account Tax Compliance
The
Foreign Account Tax Compliance Act, or FATCA, imposes withholding tax at a rate of 30% on dividends on and gross proceeds from the sale
or other disposition of our common stock paid to "foreign financial institutions" (as specially defined under these rules),
unless such institution enters into an agreement with the U.S. government to withhold on certain payments and to collect and provide
to the U.S. tax authorities substantial information regarding the U.S. account holders of such institution (which includes certain equity
and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners) or otherwise establishes
an exemption. FATCA also generally imposes a U.S. federal withholding tax of 30% on dividends on and gross proceeds from the sale or
other disposition of our common stock paid to a "non-financial foreign entity" (as specially defined for purposes of these
rules) unless such entity provides the withholding agent with a certification identifying certain substantial direct and indirect U.S.
owners of the entity, certifies that there are none or otherwise establishes an exemption. The withholding provisions under FATCA generally
apply to dividends on our common stock, and under current transition rules, are expected to apply with respect to the gross proceeds
from the sale or other disposition of our common stock on or after January 1, 2019. An intergovernmental agreement between the U.S. and
an applicable foreign country may modify the requirements described in this paragraph. Non-U.S. holders should consult their tax advisors
regarding the possible implications of this legislation on their investment in our common stock.
79
Each
prospective investor should consult its tax advisor regarding the particular U.S. federal, state and local and non-U.S. tax consequences
of purchasing, holding and disposing of our common stock, including the consequences of any proposed change in applicable laws.
UNDERWRITING
WallachBeth
Capital, LLC is acting as the representative of the underwriters of this offering. Under the terms of an underwriting agreement, which
is filed as an exhibit to the registration statement, each of the underwriters named below has severally agreed to purchase from us the
respective number of shares of common stock shown opposite its name below:
Underwriters
Number of
Units
WallachBeth
    Capital, LLC
The
underwriting agreement provides that the underwriters' obligation to purchase Units depends on the satisfaction of the conditions
contained in the underwriting agreement including:
●
the
    representations and warranties made by us to the underwriters are true;
●
there
    is no material change in our business or the financial markets; and
●
we
    deliver customary closing documents to the underwriters.
Commissions
and Expenses
The
following table shows the public offering price, underwriting discount and proceeds, before expenses, to us. The information assumes
either no exercise or full exercise by the underwriters of their over-allotment option.
Per
                                            Share
Total
                                            with no
Over-Allotment
Total
                                            with
Over-Allotment
Public
    offering price
$
$
$
Underwriting
    discount (8.0%)
$
$
$
Non-accountable
    expense allowance (1.0%)
$
$
$
Proceeds,
    before expenses, to us
$
$
$
The
underwriters propose to offer the Units directly to the public at the public offering price on the cover of this prospectus and to selected
dealers, which may include the underwriters, at such offering price less a selling concession not in excess of $___ per share.
80
The expenses of this offering
that are payable by us are estimated to be approximately $____ (which excludes estimated underwriting discounts and commissions and the
non-accountable expense allowance payable to the underwriters). We will be responsible for all of the underwriters expenses related to
this offering, including filing fees and communication expenses for the registration of the shares, all filing fees associated with the
review of this offering by FINRA, fees and expenses relating to the listing of the shares of common stock on The Nasdaq Capital Market,
fees relating to the registration, qualification or exemptions of the shares under securities laws of foreign jurisdictions, cost of making
and printing the underwriting documents, cost and expenses of a public relations firm, cost of preparing, printing and delivering stock
certificates, fees and expenses of the transfer agent, and fees and expenses of our legal counsel, road show expenses for this offering,
and fees and expenses of the underwriters legal counsel. The maximum amount of fees, costs and expenses incurred by the underwriters that
we shall be responsible for may not exceed $120,000.
Option
to Purchase Additional Securities
We
have granted the underwriters an option exercisable for 45 days after the date of this prospectus, to purchase up to an additional
___shares of common stock at the public offering price and/or Series A Warrants to purchase an aggregate of ____ shares of common
stock at a price of $0.01 and/or Series B Warrants to purchase an aggregate of ___ shares of common stock at a price of $0.01 and/or Series C Warrants to purchase an aggregate of ___ shares of common stock at a price of $0.01, in
any combination thereof, from us at the public offering price per security, less underwriting discounts and commissions, solely to
cover over-allotments, if any.
Lock-Up
Agreements
All
of our directors, executive officers and certain of our shareholders have agreed that, for a period of 180 days after the date of this
prospectus and subject to certain limited exceptions, we and they will not, directly or indirectly, without the prior written consent
of WallachBeth Capital (i) offer for sale, sell, pledge, or otherwise dispose of (or enter into any transaction or device that is designed
to, or could be expected to, result in the disposition by any person at any time in the future of) any shares of common stock (including,
without limitation, shares of common stock that may be deemed to be beneficially owned by us or them in accordance with the rules and
regulations of the SEC and shares of common stock that may be issued upon exercise of any options or warrants) or securities convertible
into or exercisable or exchangeable for common stock, (ii) enter into any swap or other derivatives transaction that transfers to another,
in whole or in part, any of the economic benefits or risks of ownership of shares of common stock, whether any such transaction described
in clause (i) or (ii) above is to be settled by delivery of common stock or other securities, in cash or otherwise, (iii) make any demand
for or exercise any right or file or cause to be filed a registration statement, including any amendments thereto, with respect to the
registration of any shares of common stock or securities convertible into or exercisable or exchangeable for common stock or any of our
other securities, or (iv) publicly disclose the intention to do any of the foregoing.
WallachBeth
Capital, in its sole discretion, may release the common stock and other securities subject to the lock-up agreements described above
in whole or in part at any time. When determining whether or not to release common stock and other securities from lock-up agreements,
WallachBeth Capital will consider, among other factors, the holder's reasons for requesting the release, the number of shares of
common stock and other securities for which the release is being requested and market conditions at the time.
Underwriters'
Warrants
We
have also agreed to issue to the underwriters or their designees at the closing of this offering, Warrants (the "Underwriters'
Warrants") to purchase an aggregate of ___ shares of common stock included in the Units (5% of the number of shares sold in the
offering, excluding the over-allotment option). The Underwriters' Warrants will be exercisable at any time and from time to time,
in whole or in part, during a period commencing six months from the effective date of this offering and expiring five years from the
effective date of the offering. The Underwriters' Warrants will be exercisable at a price equal to 120% of the public offering
price per share of common stock and such warrants shall be exercisable on a cash basis, provided that if a registration statement registering
the common stock underlying the Underwriters' Warrants is not effective, the Underwriters' Warrants may be exercised on a
cashless basis. The Underwriters' Warrants have been deemed compensation by FINRA and are, therefore, subject to a 180-day lock-up
pursuant to Rule 5110(g)(1) of FINRA. The underwriters or their permitted assignees under this Rule 5110(g)(1) shall not sell, transfer,
assign, pledge or hypothecate the Underwriters' Warrants, nor engage in any hedging, short sale, derivative, put or call transaction
that would result in the effective economic disposition of the Underwriters' Warrants, for a period of 180 days from the effective
date of the offering, except that they may be assigned, in whole or in part, as specifically set forth in the underwriting agreement.
The Underwriters' Warrants will provide for customary anti-dilution provisions (for stock dividends, splits and recapitalizations
and the like) consistent with FINRA Rule 5110, and the number of shares underlying the Underwriters' Warrants shall be reduced,
or the exercise price increased, if necessary, to comply with FINRA rules or regulations. Further, the Underwriters' Warrants will
provide for a one-time demand registration right and unlimited piggyback rights. The Underwriters' Warrants and underlying shares
are included in this prospectus.
81
Offering
Price Determination
The
actual offering price of the Units we are offering will be negotiated between us and the underwriters based upon, among other things,
the trading of our shares prior to the offering.
Indemnification
We
have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, and to contribute
to payments that the underwriters may be required to make for these liabilities.
Stabilization,
Short Positions and Penalty Bids
The
underwriters may engage in stabilizing transactions, short sales and purchases to cover positions created by short sales, and penalty
bids or purchases for the purpose of pegging, fixing or maintaining the price of the common stock, in accordance with Regulation M under
the Exchange Act:
●
Stabilizing
    transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.
●
A
    short position involves a sale by the underwriters of shares in excess of the number of shares the underwriters are obligated to
    purchase in the offering, which creates the syndicate short position. This short position may be either a covered short position
    or a naked short position. In a covered short position, the number of shares involved in the sales made by the underwriters in excess
    of the number of shares they are obligated to purchase is not greater than the number of shares that they may purchase by exercising
    their option to purchase additional shares. In a naked short position, the number of shares involved is greater than the number of
    shares in their option to purchase additional shares. The underwriters may close out any short position by either exercising their
    option to purchase additional shares and/or purchasing shares in the open market. In determining the source of shares to close out
    the short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market
    as compared to the price at which they may purchase shares through their option to purchase additional shares. A naked short position
    is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the shares in
    the open market after pricing that could adversely affect investors who purchase in the offering.
●
Syndicate
    covering transactions involve purchases of the common stock in the open market after the distribution has been completed in order
    to cover syndicate short positions.
●
Penalty
    bids permit the underwriters to reclaim a selling concession from a syndicate member when the common stock originally sold by the
    syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.
These
stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price
of our common stock or preventing or retarding a decline in the market price of the common stock. As a result, the price of the common
stock may be higher than the price that might otherwise exist in the open market. These transactions may be effected on The Nasdaq Capital
Market or otherwise and, if commenced, may be discontinued at any time.
82
Neither
we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions
described above may have on the price of the common stock. In addition, neither we nor any of the underwriters make any representation
that the underwriters will engage in these stabilizing transactions or that any transaction, once commenced, will not be discontinued
without notice.
Electronic
Distribution
A
prospectus in electronic format may be made available on the Internet sites or through other online services maintained by one or more
of the underwriters and/or selling group members participating in this offering, or by their affiliates. In those cases, prospective
investors may view offering terms online and, depending upon the particular underwriter or selling group member, prospective investors
may be allowed to place orders online. The underwriters may agree with us to allocate a specific number of shares for sale to online
brokerage account holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations.
Other
than the prospectus in electronic format, the information on any underwriter's or selling group member's web site and any
information contained in any other web site maintained by an underwriter or selling group member is not part of the prospectus or the
registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or any underwriter or selling
group member in its capacity as underwriter or selling group member and should not be relied upon by investors.
Listing
on The Nasdaq Capital Market
Our
common stock is listed on The Nasdaq Capital Market under the symbol "BBLG."
Discretionary
Sales
The
underwriters have informed us that they do not expect to sell more than 5% of the common stock in the aggregate to accounts over which
they exercise discretionary authority.
Other
Relationships
Certain
of the underwriters and their affiliates may in the future provide various investment banking, commercial banking and other financial
services for us and our affiliates for which they may in the future receive customary fees.
Selling
Restrictions
Other
than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered
by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be
offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with
the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result
in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are
advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus.
This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in
any jurisdiction in which such an offer or a solicitation is unlawful.
Notice
to prospective investors in the European Economic Area and the United Kingdom
In
relation to each Member State of the European Economic Area and the United Kingdom (each a "Relevant State"), no shares have
been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus
in relation to the shares which has been approved by the competent authority in that Relevant State or, where appropriate, approved in
another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation,
except that offers of shares may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus
Regulation:
83
(a)
to
    any legal entity which is a qualified investor as defined under the Prospectus Regulation;
(b)
to
    fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus Regulation), subject to obtaining
    the prior consent of the underwriters; or
(c)
in
    any other circumstances falling within Article 1(4) of the Prospectus Regulation,
provided
that no such offer of shares shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus
Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires any
shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with each of the underwriters
and us that it is a "qualified investor" within the meaning of Article 2(e) of the Prospectus Regulation. In the case of
any shares being offered to a financial intermediary as that term is used in the Prospectus Regulation, each such financial intermediary
will be deemed to have represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary
basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise
to an offer of any shares to the public other than their offer or resale in a Relevant State to qualified investors as so defined or
in circumstances in which the prior consent of the underwriters have been obtained to each such proposed offer or resale.
For
the purposes of this provision, the expression an "offer to the public" in relation to shares in any Relevant State means
the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as
to enable an investor to decide to purchase or subscribe for any shares, and the expression "Prospectus Regulation" means
Regulation (EU) 2017/1129.
Notice
to prospective investors in the United Kingdom
In
addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently made
may only be directed at persons who are "qualified investors" (as defined in the Prospectus Regulation) (i) who have professional
experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") and/or (ii) who are high net worth companies (or persons to whom it may otherwise
be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant
persons") or otherwise in circumstances which have not resulted and will not result in an offer to the public of the shares in
the United Kingdom within the meaning of the Financial Services and Markets Act 2000.
Any
person in the United Kingdom that is not a relevant person should not act or rely on the information included in this document or use
it as basis for taking any action. In the United Kingdom, any investment or investment activity that this document relates to may be
made or taken exclusively by relevant persons.
Notice
to prospective investors in Switzerland
The
shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (the "SIX") or on any
other stock exchange or regulated trading facility in Switzerland. This document does not constitute a prospectus within the meaning
of, and has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss
Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules
of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material
relating to the shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland.
Neither
this document nor any other offering or marketing material relating to the offering, the Company, the shares have been or will be filed
with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of shares will
not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (the "FINMA"), and the offer of shares has not
been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (the "CISA"). The investor protection
afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares.
84
Notice
to prospective investors in France
This
prospectus (including any amendment, supplement or replacement thereto) is not being distributed in the context of a public offering
in France within the meaning of Article L. 411-1 of the French Monetary and Financial Code (Code monétaire et financier). This
prospectus has not been and will not be submitted to the French Autorité des marchés financiers (the "AMF")
for approval in France and accordingly may not and will not be distributed to the public in France.
Pursuant
to Article 211-3 of the AMF General Regulation, French residents are hereby informed that:
1.
the
    transaction does not require a prospectus to be submitted for approval to the AMF;
2.
persons
    or entities referred to in Point 2°, Section II of Article L. 411-2 of the Monetary and Financial Code may take part in the transaction
    solely for their own account, as provided in Articles D. 411-1, D. 734-1, D. 744-1, D. 754-1 and D. 764-1 of the Monetary and Financial
    Code; and
3.
the
    financial instruments thus acquired cannot be distributed directly or indirectly to the public otherwise than in accordance with
    Articles L. 411-1, L. 411-2, L. 412-1 and L. 621-8 to L. 621-8-3 of the Monetary and Financial Code.
This
prospectus is not to be further distributed or reproduced (in whole or in part) in France by the recipients of this prospectus. This
prospectus has been distributed on the understanding that such recipients will only participate in the issue or sale of our common stock
for their own account and undertake not to transfer, directly or indirectly, our common stock to the public in France, other than in
compliance with all applicable laws and regulations and in particular with Articles L. 411-1 and L. 411-2 of the French Monetary and
Financial Code.
Notice
to Prospective Investors in Germany
Our
common stock may be offered and sold in the Federal Republic of Germany only in compliance with the Prospectus Regulation, the Commission
Delegated Regulations (EU) 2019/979 and (EU) 2019/980, each as of March 14, 2019 and the German Securities Prospectus Act (Wertpapierprospektgesetz),
as amended, or any other laws applicable in Germany governing the issue, offering and sale of securities. This prospectus has not been
approved under the Prospectus Regulation and, accordingly, our common stock may not be offered publicly in the Federal Republic of Germany.
Our common stock will only be offered in the Federal Republic of Germany in reliance on an exemption from the requirement to publish
an approved securities prospectus under the Prospectus Regulation. Any resale of our common stock in Germany may only be made in accordance
with the Prospectus Regulation and other applicable laws.
Notice
to Prospective Investors in Hong Kong
The
shares have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional
investors" as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the "SFO") of Hong
Kong and any rules made thereunder; or (b) in other circumstances which do not result in the document being a "prospectus"
as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong) (the "CO") or which
do not constitute an offer to the public within the meaning of the CO. No advertisement, invitation or document relating to the shares
has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere,
which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to
do so under the securities laws of Hong Kong) other than with respect to shares which are or are intended to be disposed of only to persons
outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made thereunder.
85
Notice
to Prospective Investors in China
This
prospectus will not be circulated or distributed in the PRC and the shares will not be offered or sold, and will not be offered or sold
to any person for re-offering or resale directly or indirectly to any residents of the PRC except pursuant to any applicable laws and
regulations of the PRC. Neither this prospectus nor any advertisement or other offering material may be distributed or published in the
PRC, except under circumstances that will result in compliance with applicable laws and regulations.
LEGAL
MATTERS
The
validity of the issuance of the common stock offered by us in this offering will be passed upon for us TroyGould PC, Los Angeles, California.
Certain legal matters in connection with this offering will be passed upon for the underwriters by Sheppard, Mullin, Richter & Hampton
LLP, New York, New York.
EXPERTS
The
consolidated financial statements of Bone Biologics Corporation as of December 31, 2021 and 2020 and for each of the years then ended
included in this Registration Statement, of which this prospectus forms a part, have been so included in reliance on the report of Weinberg
& Company, P.A., an independent registered public accounting firm (the report on the consolidated financial statements contains an
explanatory paragraph regarding our ability to continue as a going concern) appearing elsewhere herein, given on the authority of said
firm as experts in auditing and accounting.
WHERE
YOU CAN FIND MORE INFORMATION
We
have filed with the Securities and Exchange Commission a registration statement on Form S-1 under the Securities Act with respect to
the common stock offered by this prospectus. This prospectus, which is part of the registration statement, omits certain information,
exhibits, schedules and undertakings set forth in the registration statement. For further information pertaining to us and our common
stock, reference is made to the registration statement and the exhibits and schedules to the registration statement. Statements contained
in this prospectus as to the contents or provisions of any documents referred to in this prospectus are not necessarily complete, and
in each instance where a copy of the document has been filed as an exhibit to the registration statement, reference is made to the exhibit
for a more complete description of the matters involved.
The
registration statement is available at the Securities and Exchange Commission's website at
www.sec.gov
. The registration
statement, including all exhibits and amendments to the registration statement, has been filed electronically with the Securities and
Exchange Commission. We will become subject to the information and periodic reporting requirements of the Securities Exchange Act of
1934, as amended, and, accordingly, will be required to file annual reports containing financial statements audited by an independent
public accounting firm, quarterly reports containing unaudited financial data, current reports, proxy statements and other information
with the Securities and Exchange Commission. You will be able to inspect and copy such periodic reports, proxy statements and other information
at the website of the Securities and Exchange Commission referred to above.
86
Bone
Biologics Corporation
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
(INCLUDING REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM)
Years
Ended December 31, 2021 and 2020
Contents
Financial Statements
Report of Independent Registered Public
    Accounting Firm
PCAOB ID: 572
F-2
Consolidated Balance Sheets
F-3
Consolidated Statements of Operations
F-4
Consolidated Statements of Stockholders' Deficit
F-5
Consolidated Statements of Cash Flows
F-6
Notes to Consolidated Financial Statements
F-7
F-
1
Report
of Independent Registered Public Accounting Firm
To the Board
of Directors and Shareholders of
Bone Biologics
Corporation
Opinion on
the Financial Statements
We have audited
the accompanying consolidated balance sheets of Bone Biologics Corporation (the "Company") as of December 31, 2021 and 2020,
the related consolidated statements of operations, stockholders' equity (deficit), and cash flows for the years then ended, and
the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present
fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2021 and 2020, and the consolidated
results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the
United States of America.
Going Concern
The accompanying
financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial
statements, during the year ended December 31, 2021 the Company incurred a net loss and utilized cash flows in operations, and has had
recurring losses since inception. These conditions raise substantial doubt about the Company's ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Basis for
Opinion
These financial
statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements
based on our audits. We are a public accounting firm registered with the Public Accounting Oversight Board (United States) ("PCAOB")
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not
required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we
are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included
performing procedures to assess the risks of material misstatement, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable
basis for our opinion.
Critical
Audit Matter
The critical
audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or
required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements
and (2) involved especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
As described
further in Note 3 to the consolidated financial statements, during the year ended December 31, 2021, a related party converted outstanding
convertible notes and advances under secured credit facilities totaling, $12,767,894 in principal amount and $2,054,041 of accrued
interest into shares of the Company's common stock. In addition, 9,361,702 previously issued collateral shares were returned to
the Company and cancelled.
We determined
the conversion of the debt to equity is a critical audit matter due to the significance of the transaction to the Company's balance
sheet and due to the related party nature of the transaction. In turn, the auditing of the conversion transaction required a high degree
of auditor judgement, subjectivity and effort in performing audit procedures and evaluating the results of those procedures.
Our audit procedures
related to the Company's accounting and disclosure of this matter included the following, among others:
●
We obtained an understanding of the related party involved in the transaction.
●
We obtained and examined all the agreements relating to the conversion of the debt to equity and the return of the cancelled shares.
●
We tested the conversion ratio to ensure it was consistent with the terms of the agreements.
●
We verified the cancellation of the shares through examination of transfer agent records.
●
We confirmed the cancellation of the debt and the collateral shares with the related party.
●
We read and evaluated management's disclosure of the nature of the transaction and the identification as a related party transaction.
We have served
as the Company's auditor since 2017.
WEINBERG &
COMPANY, P.A.
Los Angeles,
California
March 15, 2022
F-
2
Bone Biologics
Corporation
Consolidated
Balance Sheets
December 31, 2021
December 31, 2020
Assets
Current Assets
Cash
$
6,675,365
$
-
Total assets
$
6,675,365
$
-
Liabilities and Stockholders' Equity (Deficit)
Current Liabilities
Bank Overdraft
$
-
$
10,609
Accounts payable and accrued expenses
99,909
465,396
Current portion of notes payable – related party
-
11,712,179
Interest payable – related party
-
1,251,626
Deferred compensation
-
252,500
Total liabilities
99,909
13,692,310
Commitments and Contingencies
Stockholders' Equity (Deficit)
Preferred Stock, $
0.001
par value per share;
20,000,000
shares authorized;
none
issued or outstanding at December 31, 2021 and 2020
-
-
Common stock, $
0.001
par value per share;
100,000,000
shares authorized;
10,350,574
and
12,273,036
shares issued and outstanding at December 31, 2021 and 2020, respectively
10,350
12,273
Additional paid-in capital
77,040,713
55,160,339
Accumulated deficit
(
70,475,607
)
(
68,864,922
)
Total stockholders' equity (deficit)
6,575,456
(
13,692,310
)
Total liabilities and stockholders' equity
$
6,675,365
$
-
See
accompanying notes to consolidated financial statements.
F-
3
Bone
Biologics Corporation
Consolidated
Statements of Operations
Year
    Ended
December
    31, 2021
Year Ended December 31, 2020
Revenues
$
-
$
-
Cost of revenues
-
-
Gross profit
-
-
Operating expenses
Research and development
82,044
340,672
General and administrative
1,019,432
484,342
Total operating expenses
1,101,476
825,014
Loss from operations
(
1,101,476
)
(
825,014
)
Other income (expenses)
Interest expense - related party
(
805,109
)
(
998,076
)
Gain on forgiveness of deferred compensation
297,500
-
Total other income (expenses)
(
507,609
)
(
998,076
)
Loss before provision for income taxes
(
1,609,085
)
(
1,823,090
)
Provision for income taxes
1,600
1,600
Net loss
$
(
1,610,685
)
$
(
1,824,690
)
Weighted average shares outstanding - basic and diluted
4,541,861
2,911,333
Loss per share - basic and diluted
$
(
0.35
)
$
(
0.63
)
See
accompanying notes to consolidated financial statements.
F-
4
Bone
Biologics Corporation
Consolidated
Statement of Stockholders' Equity (Deficit)
Common Stock
Additional
Paid-in
Accumulated
Total
Stockholders'
Shares
Amount
Capital
Deficit
Deficit
Balance at December 31, 2019
12,273,036
$
12,273
$
55,160,339
$
(
67,040,232
)
$
(
11,867,620
)
Net Loss
-
-
-
(
1,824,690
)
(
1,824,690
)
Balance at December 31, 2020
12,273,036
12,273
55,160,339
(
68,864,922
)
(
13,692,310
)
Fair value of vested stock options issued to employees and Directors
-
-
207,035
-
207,035
Proceeds from sale of common stock units in public offering, net of offering costs $
1,073,311
1,510,455
1,510
6,857,333
-
6,858,843
Shares issued upon debt and accrued interest conversion
5,928,774
5,929
14,816,006
-
14,821,935
Cancellation of collateral shares upon debt conversion
(
9,361,702
)
(
9,362
)
-
-
(
9,362
)
Share adjustment for stock split rounding
11
-
-
-
-
Net Loss
-
-
-
(
1,610,685
)
(
1,610,685
)
Balance at December 31, 2021
10,350,574
$
10,350
$
77,040,713
$
(
70,475,607
)
$
6,575,456
See
accompanying notes to consolidated financial statements.
F-
5
Bone
Biologics Corporation
Consolidated
Statements of Cash Flows
Year Ended
December 31, 2021
Year Ended
December 31, 2020
Cash flows from operating activities
Net loss
$
(
1,610,685
)
$
(
1,824,690
)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation
207,035
-
Interest payable – related party
793,051
998,075
Gain on forgiveness of deferred compensation
(
297,500
)
-
Changes in operating assets and liabilities:
Prepaid expenses and other current assets
-
6,682
Accounts payable and accrued expenses
(
365,487
)
333,000
Deferred compensation
45,000
60,000
Net cash used in operating activities
(
1,228,586
)
(
426,933
)
Cash flows from financing activities
Bank Overdraft
(
10,609
)
10,609
Proceeds from sale of common stock units in public offering, net of offering costs
6,858,843
-
Proceeds from credit facilities – related party
1,055,717
392,179
Net cash provided by financing activities
7,903,951
402,788
Net Increase (decrease) in cash
6,675,365
(
24,145
)
Cash, beginning of year
-
24,145
Cash, end of year
$
6,675,365
$
-
Supplemental information
Interest paid - related party
$
12,059
$
-
Income taxes paid
$
-
$
-
Non-cash financing activities
Common shares issued upon conversion of Related Party Notes Payable and credit facilities
$
14,821,935
$
-
See
accompanying notes to consolidated financial statements.
F-
6
Bone
Biologics Corporation
Notes
to Consolidated Financial Statements
1.
The Company
Bone
Biologics Corporation (the "Company") was incorporated under the laws of the State of Delaware on October 18, 2007 as AFH
Acquisition X, Inc. Pursuant to a Merger Agreement, dated September 19, 2014, by and among the Company, its wholly-owned subsidiary, Bone
Biologics Acquisition Corp., a Delaware corporation ("Merger Sub"), and Bone Biologics, Inc. Merger Sub merged with and into
Bone Biologics Inc., with Bone Biologics Inc. remaining as the surviving corporation in the merger. Upon the consummation of the merger,
the separate existence of Merger Sub ceased. On September 22, 2014, the Company officially changed its name to "Bone Biologics Corporation"
to more accurately reflect the nature of its business and Bone Biologics, Inc. became a wholly owned subsidiary of the Company. Bone Biologics,
Inc. was incorporated in California on September 9, 2004.
We
are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein, known
as NELL-1/DBM. The NELL-1/DBM combination product is an osteostimulative recombinant protein that provides target specific control
over bone regeneration. The protein, as part of the UCB-1 technology platform, has been licensed exclusively for worldwide applications
to us through a technology transfer from UCLA Technology Development Group on behalf of UC Regents ("UCLA TDG"). UCLA TDG
and the Company received guidance from the FDA that NELL-1/DBM will be classified as a combination product with a device lead.
The
production and marketing of the Company's products and its ongoing research and development activities will be subject to extensive
regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any combination product
developed by the Company must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory approval
process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that the Company will not encounter problems
in clinical trials that will cause the Company or the FDA to delay or suspend clinical trials.
The
Company's success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate
without infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that
patents issued to or licensed by the Company will not be challenged, invalidated, or circumvented, or that the rights granted thereunder
will provide proprietary protection or competitive advantages to the Company.
On
October 12, 2021, an amendment to our certificate of incorporation for a reverse split of the Company's outstanding common stock
at a ratio of 1 for 2.5 became effective.
On June 24, 2021, our board of directors authorized the amendment which became effective upon
distribution to the stockholders of the Company and in conjunction with the Company's Common Stock being listed on the Nasdaq Capital
Market. Our common stock became listed on the Nasdaq Capital Market on October 13, 2021. All share and per share amounts have been retro-actively
restated as of the reverse split occurred at the beginning of the earliest period presented.
Going
Concern and Liquidity
The
Company has no significant operating history and since inception to December 31, 2021 has incurred accumulated losses of approximately
$
70.5
million. The Company will continue to incur significant expenses for development activities for their lead product NELL-1/DBM.
Operating expenditures for the next twelve months are estimated at $
6.5
million. The accompanying consolidated financial statements for
the year ended December 31, 2021 have been prepared assuming the Company will continue as a going concern. As reflected in the financial
statements, the Company incurred a net loss of $
1,610,685
, and used net cash in operating activities of $
1,228,586
during the year ended
December 31, 2021. These factors raise substantial doubt about the Company's ability to continue as a going concern within one year
after the date that the financial statements are issued. The consolidated financial statements do not include any adjustments related
to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary
should the Company be unable to continue as a going concern.
F-
7
On
October 15, 2021, the Company completed a public offering (the "October 2021 Primary Offering") of
1,510,455
units (the "Units").
Each Unit consists of one share of common stock of the Company, par value $
0.001
per share (the "Common Stock"), and one warrant
(a "Warrant") to purchase one share of Common Stock for $
6.30
per share. The Units were sold at a price of $
5.25
per Unit,
generating net proceeds to the Company of $
6,858,843
. The Company granted to WallachBeth Capital LLC, the underwriter in the Offering,
a 45-day option to purchase up to
226,568
additional shares of Common Stock and/or
226,568
Warrants to cover over-allotments, if any.
The underwriter has exercised its option with respect to the Warrants. WallachBeth also received
90,627
warrants as part of the October
2021 Primary Offering at an exercise price of $
6.30
per common share representing
5
% of the raise.
The
Company will continue to attempt to raise additional debt and/or equity financing to fund future operations and to provide additional
working capital. However, there is no assurance that such financing will be consummated or obtained in sufficient amounts necessary to
meet the Company's needs. If cash resources are insufficient to satisfy the Company's on-going cash requirements, the Company
will be required to scale back or discontinue its product development programs, or obtain funds if available (although there can be no
certainties) through strategic alliances that may require the Company to relinquish rights to its technology, substantially reduce or
discontinue its operations entirely. No assurance can be given that any future financing will be available or, if available, that it will
be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions
on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of equity financing.
For
the past several years, we have depended on our relationship with Hankey Capital for working capital to fund our operations, which has
been raised in the form of both debt and equity capital. Hankey Capital, directly and indirectly, controls approximately
70
%
of our issued and outstanding shares of common stock. In connection with the October 2021 Primary Offering, Hankey Capital converted
all the outstanding convertible notes ($
12,767,894
in principal amount and $
2,054,041
of accrued interest) into shares of our common stock. However, no assurance can be given that any future financing from Hankey
Capital will be available or, if available, that it will be on terms that are satisfactory to the Company. In the absence of financing
from other sources, the inability to obtain additional financing from Hankey Capital will result in the scaling back or discontinuance
of our product development programs or operations entirely.
2.
Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying consolidated financial statements and related notes include activities of the Company and have been prepared in conformity
with accounting principles generally accepted in the United States of America ("GAAP").
Use
of Estimates
The
preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant estimates include
the assumptions used in the accrual for potential liabilities, the valuation of debt and equity instruments, stock options and warrants
issued for services, and deferred tax valuation allowances. Actual results could differ from those estimates.
Impact
of the Novel Coronavirus (COVID-19) on the Company's Business Operations
The
global outbreak of the novel coronavirus (COVID-19) has led to severe disruptions in general economic activities worldwide, as businesses
and governments have taken broad actions to mitigate this public health crisis.
In light of the uncertain and continually evolving
situation relating to the spread of COVID-19, this pandemic could pose a risk to the Company. The extent to which the coronavirus may
impact the Company's business operations will depend on future developments, which are highly uncertain and cannot be predicted
at this time. The Company intends to continue to monitor the situation and may adjust its current business plans as more information and
guidance become available.
The
coronavirus pandemic presents a challenge to medical facilities worldwide. As the Company's clinical trials are conducted on an
outpatient basis, it is not currently possible to predict the full impact of this developing health crisis on such clinical trials, which
could include delays in and increased costs of such clinical trials. Current indications from the clinical research organizations conducting
the clinical trials for the Company are that such clinical trials are being delayed or extended for several months as a result of the
coronavirus pandemic.
F-
8
There
is also significant uncertainty as to the effect that the coronavirus may have on the amount and type of financing available to the Company
in the future.
Fair
Value of Financial Instruments
The
Company's consolidated financial instruments are cash, accounts payable and notes payable. The recorded values of cash and accounts
payable approximate their values based on their short-term nature. The fair value of convertible notes payable approximate their fair
value since the current interest rates and terms on these obligations are the same as prevailing market rates.
The
Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in
the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement
date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable
inputs. The fair value hierarchy is based on three levels of inputs that may be used to measure fair value, of which the first two are
considered observable and the last is considered unobservable:
Level
1: Quoted prices in active markets for identical assets or liabilities.
Level
2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities;
quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for
substantially the full term of the assets or liabilities.
Level
3 assumptions: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the
assets or liabilities including liabilities resulting from embedded derivatives associated with certain warrants to purchase common stock.
The
Company determines the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the
lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company
performs an analysis of the assets and liabilities at each reporting period end.
Research
and Development Costs
Research
and development costs include, but are not limited to, payroll and other personnel expenses, consultants, expenses incurred under agreements
with contract research and manufacturing organizations and animal clinical investigative sites and the cost to manufacture clinical trial
materials. Costs related to research, design and development of products are charged to research and development expense as incurred.
Patents
and Licenses
Effective
April 9, 2019, the Company entered into an Amended and Restated Exclusive License Agreement dated as of March 21, 2019 (the "Amended
License Agreement") with the UCLA Technology Development Group on behalf of UC Regents ("UCLA TDG"). The Amended License
Agreement amends and restates the Amended and Restated Exclusive License Agreement, dated as of June 19, 2017 (the "2017 Agreement").
The 2017 Agreement amended and restated the Exclusive License Agreement, effective March 15, 2006, between the Company and UCLA TDG,
as amended by ten amendments. See Note 9 for commitments related to the Exclusive License Agreement. Patent expenses include costs
to acquire the license of NELL-1, which was de minimis, and costs to file patent applications related to NELL-1.
The
Company expenses the costs incurred to file patent applications, all costs related to abandoned patent applications and maintenance costs,
and these costs are included in general and administrative expenses. Costs associated with licenses acquired to be able to use products
from third parties prior to receipt of regulatory approval to market the related products are also expensed. The Company's licensed
technologies may have alternative future uses in that they are enabling (or platform) technologies that can be the basis for multiple
products that would each target a specific indication. Costs of acquisition of licenses are expensed.
F-
9
Concentration
of Credit Risk and Other Risks and Uncertainties
Cash
balances are maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced
any losses related to these balances. Federal insurance coverage is $
250,000
per depositor at each financial institution. A substantial
majority of the Company's cash balances may exceed federally insured limits at certain times.
Stock
Based Compensation
ASC
718,
Compensation – Stock Compensation
, prescribes accounting and reporting standards for all share-based payment transactions
in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options,
and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees,
including grants of employee stock options, are recognized as compensation expense in the consolidated financial statements based on their
fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award,
known as the requisite service period (usually the vesting period).
Income
Taxes
Income
taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently
due and deferred taxes resulting from timing differences in recording of transactions for tax purposes and financial reporting purposes.
The
deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or
deductible when the assets and liabilities are received or settled. Valuation allowances are established when necessary to reduce deferred
tax assets to amounts expected to be realized.
The
accounting provisions related to uncertain income tax positions require the Company to determine whether any tax position in all open
years meets a more likely than not threshold of being sustained upon examination by the applicable taxing authority. The Company did not
have any changes to its liability for uncertain tax positions as at December 31, 2021 and 2020.
The
Company's policy is to recognize interest and/or penalties related to income tax matters in income tax expense. No such amounts
are accrued as of December 31, 2021 and 2020.
The
Company recognizes the financial statement effects of a tax position when it becomes more likely than not, based upon the technical merits,
that the position will be sustained upon examination.
The
Company recognizes interest and/or penalties related to uncertain tax positions. To the extent accrued interest and penalties do not ultimately
become payable, amounts accrued will be reduced and reflected in the period that such determination is made. The interest and penalties
are recognized as other expense and not tax expense. The Company currently has no interest and penalties related to uncertain tax positions.
Collateral
Shares
The
Company accounts for the common shares issued as collateral for convertible promissory notes, whether upon original issuance or upon the
required annual adjustment, as debt issuance costs in the form of a loan processing fee, which is determined by reference to the par value
of the Company's common stock, with a corresponding charge to operations when such collateral shares are issued. The collateral
shares are subject to significant contractual restrictions limiting their sale or transfer. As these common shares have been issued to
and are held by the lender, and are contingently returnable to the Company under certain conditions, such shares are considered as issued
and outstanding on the Company's balance sheet, but are not included in earnings per share calculations for all periods presented.
In
the event of an uncured event of default, the Company will record a charge to operations to recognize that the collateral shares are no
longer owned or controlled by the Company, and such prospective charge to operations would be based on the fair market value of the collateral
shares at that time, and which would be classified as a cost of debt capital and recognized as a charge to operations. As of December
31, 2021, all previously issued collateral shares have been returned to the common.
F-
10
Loss
per Common Share
The
Company utilizes FASB ASC Topic No. 260,
Earnings per Share
. Basic loss per share is computed by dividing loss available to common
shareholders by the weighted-average number of common shares outstanding. Shares issued for collateral for outstanding loans of -
0
- and
9,361,702
at December 31, 2021 and 2020, respectively are excluded from weighted average shares outstanding. All collateral shares were
returned and cancelled on October 13, 2021 when the outstanding debt was converted. Diluted loss per share is computed similar to basic
loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding
if the potential common shares had been issued and if the additional common shares were dilutive. Diluted loss per common share reflects
the potential dilution that could occur if convertible debentures, options and warrants were to be exercised or converted or otherwise
resulted in the issuance of common stock that then shared in the earnings of the entity.
Since
the effects of outstanding options, warrants, and the conversion of convertible debt are anti-dilutive for the years ended 2021 and 2020,
shares of common stock underlying these instruments have been excluded from the computation of loss per common share.
The
following sets forth the number of shares of common stock underlying outstanding options, warrants, and convertible debt as of December
31, 2021 and 2020:
December 31,
2021
2020
Warrants
1,827,650
91,841
Stock options
241,128
226,418
Convertible promissory notes
-
4,684,872
2,068,778
5,003,131
New Accounting
Standards
In
August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts
in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU
2020-06). ASU 2020-06 simplifies the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting
models. Upon adoption of ASU 2020-06, convertible debt proceeds, unless issued with a substantial premium or an embedded conversion feature
that is not clearly and closely related to the host contract, will no longer be allocated between debt and equity components. This modification
will reduce the issue discount and result in less non-cash interest expense in financial statements. ASU 2020-06 also updates the earnings
per share calculation and requires entities to assume share settlement when the convertible debt can be settled in cash or shares. ASU
2020-06 will be effective January 1, 2024, and a cumulative-effect adjustment to the opening balance of retained earnings is required
upon adoption. Early adoption is permitted. We early adopted ASU 2020-06 on January 1, 2021, using the modified retrospective approach.
Adoption of the new standard did not affect any previously reported amounts.
Recent
accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants,
and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's
present or future consolidated financial statements.
3.
Notes Payable - Related Party
Hankey
Capital LLC (Hankey Capital)
Hankey
Capital held certain convertible notes of the Company as discussed below. Don Hankey, the CEO and Chairman of Hankey Group, is our non-independent
Chairman of the Board and a significant shareholder. Bret Hankey, the president of Hankey Capital, was a non-independent board member
through October 13, 2021. The Hankey Group is an affiliate of Hankey Capital.
F-
11
Prior
to January 1, 2019, the Company issued three convertible promissory notes in the aggregate amount of $
9,000,000
to Hankey Capital. The
Convertible Notes were to mature on
December 31, 2021
and bear interest at an annual rate of interest of the "prime rate"
plus
4.0
%, with a minimum rate of
8.5
% per annum until maturity, with interest payable monthly in arrears. Prior to the Maturity Date,
Hankey Capital has a right, in its sole discretion, to convert the Convertible Notes into shares of the Company's Common Stock,
at a conversion rate equal to $
1.00
per share. As of December 31, 2020, $
9,000,000
was outstanding under these convertible notes. The
notes were secured by
7,659,574
collateral shares.
The
Company and Hankey Capital entered into agreements under which Hankey Capital provided credit facilities in an aggregate amount of $
3,800,000
to the Company to be drawn down by the Company upon notice to Hankey Capital. The credit facility is evidenced by a convertible secured
note convertible prior to the maturity date at $
1.00
per share. All personal property and assets of the Company secure the note. The draws
bear interest at an annual rate of interest at the "prime rate" (as quoted in the "Money Rates" section of The
Wall Street Journal) plus
4.0
%, with a minimum rate of
8.5
% per annum until maturity, with interest payable monthly in arrears. At December
31, 2020, the Company had been advanced $
2,712,179
under the facilities. During the year ended December 31, 2021, the Company had made
additional borrowings of $
1,055,715
. The notes were secured by
1,702,128
collateral shares
In
connection with the October 2021 Primary Offering, Hankey Capital converted all the outstanding convertible notes and advances under
the secured credit facilities ($
12,767,894
in principal amount and $
2,054,041
of accrued interest) into shares of our common stock.
In addition,
9,361,702
collateral shares were returned to the Company and cancelled and the par value of the share has been offset
to Capital.
Note Type
Issue
Date
Maturity
Date
Interest
Rate
December 31,
2021
December 31,
2020
First Secured Convertible Note
10/24/14
12/31/21
8.5
%
$
-
$
5,000,000
Second Secured Convertible Note
5/4/15
12/31/21
8.5
%
-
2,000,000
Third Secured Convertible Note
2/24/16
12/31/21
8.5
%
-
2,000,000
First Credit Facility
7/24/18
12/31/21
8.5
%
-
2,000,000
Second Credit Facility
9/19/19
12/31/21
8.5
%
-
712,179
Notes payable
$
-
$
11,712,179
Interest
payable – related party on the above notes was $-
0
- and $
1,251,626
as December 31, 2021 and 2020, respectively. Interest expense
on the above notes was $
805,109
and $
998,076
during the years ended December 31, 2021 and 2020.
4.
Stockholders' Deficit
Preferred
Stock
The
Company's amended and restated certificate of incorporation authorizes the Company to issue a total of
20,000,000
shares of preferred
stock.
No
shares have been issued.
Common
Stock
The
Company's amended and restated certificate of incorporation authorizes the Company to issue a total of
100,000,000
shares of common
stock. As of December 31, 2021 and 2020, the Company had an aggregate of
10,350,574
and
12,273,036
shares of common stock outstanding,
respectively.
2021
On
October 15, 2021, the Company completed a public offering (the "October 2021 Primary Offering") of
1,510,455
units (the "Units").
Each Unit consists of one share of common stock of the Company, par value $
0.001
per share (the "Common Stock"), and one warrant
(a "Warrant") to purchase one share of Common Stock for $
6.30
per share. The Units were sold at a price of $
5.25
per Unit,
generating net proceeds to the Company of $
6,858,843
. The Company granted to WallachBeth Capital LLC, the underwriter in the Offering,
a 45-day option to purchase up to
226,568
additional shares of Common Stock and/or
226,568
Warrants to cover over-allotments, if any.
The underwriter has exercised its option with respect to the Warrants. WallachBeth also received
90,627
warrants as part of the October
2021 Primary Offering at an exercise price of $
6.30
per common share representing
5
% of the raise.
F-
12
During
October 2021, Hankey Capital converted all the outstanding convertible notes in accordance with the original term of the note agreements
($
12,767,894
in principal amount and $
2,054,041
of accrued interest) into
5,928,774
shares of our common stock and
9,361,702
collateral shares cancelled.
2020
During
the year ended December 31, 2020 there were no shares issued.
Common
Stock Warrants
A
summary of warrant activity for the years ended December 31, 2021 and 2020 are presented below:
Subject
to Exercise
Number of
Warrants
Weighted
Average
Exercise Price
Weighted
Average Life
(Years)
Outstanding as of December 31, 2019
204,855
$
12.64
1.40
Granted – 2020
-
-
-
Forfeited/Expired – 2020
(
113,014
)
-
-
Exercised – 2020
-
-
-
Outstanding as of December 31, 2020
91,841
$
14.88
0.34
Granted – 2021
1,827,650
6.30
5.00
Forfeited/Expired – 2021
(
91,841
)
-
-
Exercised – 2021
-
-
-
Outstanding as of December 31, 2021
1,827,650
$
6.30
4.79
As
of December 31, 2021, the Company had outstanding vested and unexercised Common Stock Warrants as follows:
Date Issued
Exercise Price
Number of
Warrants
Expiration date
October 2021
$
6.30
1,737,023
October 13, 2026
October 2021
$
6.30
90,627
October 13, 2026
Total outstanding warrants at December 31, 2021
1,827,650
Based
on a fair market value of $
3.52
per share on December 31, 2021, there were no exercisable but unexercised in-the-money common stock warrants
on that date. Accordingly, there was no intrinsic value attributed to exercisable but unexercised common stock warrants at December 31,
2021.
5.
Stock-based Compensation
2015
Equity Incentive Plan
The
Company has
560,000
shares of Common Stock authorized and reserved for issuance under our 2015 Equity Incentive Plan for option awards.
This reserve may be increased by the Board each year by up to the number of shares of stock equal to
5
% of the number of shares of stock
issued and outstanding on the immediately preceding December 31. Appropriate adjustments will be made in the number of authorized shares
and other numerical limits in our 2015 Equity Incentive Plan and in outstanding awards to prevent dilution or enlargement of participants'
rights in the event of a stock split or other change in our capital structure. Shares subject to awards granted under our 2015 Equity
Incentive Plan which expire, are repurchased or are cancelled or forfeited will again become available for issuance under our 2015 Equity
Incentive Plan. The shares available will not be reduced by awards settled in cash. Shares withheld to satisfy tax withholding obligations
will not again become available for grant. The gross number of shares issued upon the exercise of stock appreciation rights or options
exercised by means of a net exercise or by tender of previously owned shares will be deducted from the shares available under our 2015
Equity Incentive Plan.
F-
13
Awards
may be granted under our 2015 Equity Incentive Plan to our employees, including officers, director or consultants, and our present or
future affiliated entities. While we may grant incentive stock options only to employees, we may grant non-statutory stock options, stock
appreciation rights, restricted stock purchase rights or bonuses, restricted stock units, performance shares, performance units and cash-based
awards or other stock based awards to any eligible participant.
The
2015 Equity Incentive Plan is administered by our compensation committee. Subject to the provisions of our 2015 Equity Incentive Plan,
the compensation committee determines, in its discretion, the persons to whom, and the times at which, awards are granted, as well as
the size, terms and conditions of each award. All awards are evidenced by a written agreement between us and the holder of the award.
The compensation committee has the authority to construe and interpret the terms of our 2015 Equity Incentive Plan and awards granted
under our 2015 Equity Incentive Plan.
A
summary of stock option activity for the years ended December 31, 2021 and 2020 are presented below:
Subject to Exercise
Number of
Options
Weighted Average
Exercise
Price
Weighted
Average
Life (Years)
Aggregate
Intrinsic
Value
Outstanding as of December 31, 2019
226,418
$
41.08
6.56
$
-
Granted – 2020
-
-
-
-
Forfeited/Expired – 2020
-
-
-
-
Exercised – 2020
-
-
-
-
Outstanding as of December 31, 2020
226,418
$
37.00
4.65
$
-
Granted – 2021
48,847
4.24
10.00
-
Forfeited/Expired – 2021
(
34,137
)
40.48
-
-
Exercised – 2021
-
-
-
-
Outstanding as of December 31, 2021
241,128
$
32.76
5.43
$
9,445
As
of December 31, 2021, the Company had outstanding stock options as follows:
Date Issued
Exercise Price
Number of
Options
Expiration date
August 2015
$
39.75
41,624
December 27, 2025
September 2015
$
39.75
8,000
December 27, 2025
November 2015
$
39.75
48,986
December 27, 2025
December 2015
$
39.75
2,228
December 27, 2025
January 2016
$
39.75
51,032
January 9, 2026
May 2016
$
51.25
10,766
May 26, 2026
September 2016
$
51.25
3,973
May 31, 2026
January 2017
$
51.25
2,142
January 1, 2027
January 2018
$
49.25
1,566
January 1, 2028
January 2019
$
2.35
21,964
January 1, 2029
October 2021
$
5.25
48,847
October 26, 2031
Total outstanding options at December 31, 2021
241,128
The
aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (
i.e.
, the difference between our closing
stock price on the respective date and the exercise price, times the number of shares) that would have been received by the option holders
had all option holders exercised their options. There were no options exercised during the years ended December 31, 2021 and 2020, respectively.
F-
14
There
were
48,847
options granted to employees and Directors with a fair value of $
207,035
the year ended December 31, 2021. There were
no
options
granted during the year ended December 31, 2020. Vesting of options differs based on the terms of each option. The Company has valued
the options at their date of grant utilizing the Black-Scholes option pricing model. As of the issuance of these consolidated financial
statements, there was no active public market for the Company's shares. Accordingly, the fair value of the options was determined
based on the historical volatility data of similar companies, considering the industry, products and market capitalization of such other
entities. The risk-free interest rate used in the calculations is based on the implied yield available on U.S. Treasury issues with an
equivalent term approximating the expected life of the options as calculated using the simplified method. The expected life of the options
used was based on the contractual life of the option granted. Stock-based compensation is a non-cash expense because we settle these obligations
by issuing shares of our common stock from our authorized shares instead of settling such obligations with cash payments.
During
the years ended December 31, 2021 and 2020, the Company had stock-based compensation expense of $
207,035
and $-
0
-, respectively, related
to the vesting of stock options granted to the Company's employees, directors, and consultants included in our reported net loss.
Our policy is to account for forfeitures of the unvested portion of option grants when they occur; therefore, forfeitures are recorded
as a reversal to expense, which can result in a credit balance in the statement of operations.
The
Company utilized the Black-Scholes option-pricing model. The assumptions used for the years ended December 31, 2021 and 2020 are as follows:
December 31,
2021
December 31,
2020
Risk free interest rate
1.21
%
-
%
Expected life (in years)
2
-
10
-
Expected Volatility
113.93
%
-
%
Expected dividend yield
0
%
0
%
6.
Income Taxes
The
provision for income taxes consists of the following:
Year Ended
December 31,
2021
December 31,
2020
Current:
Federal
$
-
$
-
State
1,600
1,600
Total current
1,600
1,600
Deferred:
Federal
-
-
State
-
-
Total deferred
-
-
Provision for income taxes
$
1,600
$
1,600
The
components of deferred tax assets and liabilities consist of the following:
December 31,
2021
December 31,
2020
Deferred tax assets
Net operating losses
$
9,189,000
$
8,749,000
Accrued expenses
693,000
693,000
R&D credits
624,000
619,000
Stock compensation
8,287,000
8,287,000
Total
18,793,000
18,348,000
Less: Valuation allowance
(
18,793,000
)
(
18,348,000
)
$
-
$
-
F-
15
The
Company's federal and state net operating loss carryforwards at December 31, 2021 and 2020 were approximately $
29,662,000
and $
29,860,000
, respectively,
and will begin to expire in 2027 if not utilized.
The
Company reviews its deferred tax assets for realization based upon historical taxable income, prudent and feasible tax planning strategies,
the expected timing of the reversals of existing temporary differences and expected future taxable income. The Company has concluded
that it is more likely than not that the deferred tax assets will not be realized. Accordingly, the Company has recorded a valuation
allowance against the net deferred tax assets in the amount of $
18,793,000
at December 31, 2021. The net change in the valuation allowance for the year ended December 31, 2021 was $
445,000
.
The
effective tax rate differs from the statutory tax rate principally due to the change in valuation allowance, nondeductible permanent differences,
credits, and state income taxes.
A
reconciliation of the federal income tax rate to the Company's effective tax rate for the years ended December 31, 2021 and 2020
is as follows:
December 31,
2021
December 31,
2020
Statutory federal income tax rate
21.0
%
21.0
%
State taxes, net of federal tax benefit
6.2
%
6.9
%
Nondeductible permanent items
(
0.1
)%
(
0.2
)%
Deferred tax rate change
-
%
-
%
Research and development credit
0.3
%
1.2
%
Change in valuation allowance
(
27.4
)%
(
28.9
)%
Income tax provision
0.0
%
0.0
%
The
Company's effective tax rate is
0
% for income tax for the years ended December 31, 2021 and 2020. Based on the weight of available
evidence, including cumulative losses since inception and expected future losses, the Company has determined that it is more likely than
not that the deferred tax asset amount will not be realized and therefore a valuation allowance has been provided on net deferred tax
assets.
The
Company files tax returns for U.S. Federal, State of Massachusetts, and State of California. The Company is not currently subject
to any income tax examinations. Since the Company's inception, the Company had incurred losses from operations, which generally
allows all tax years to remain open.
7.
Related Party Transactions
Hankey
Capital LLC (Hankey Capital)
Hankey
Capital held certain convertible notes of the Company as discussed in Note 3. Don Hankey, the CEO and Chairman of Hankey Group,
is our non-independent Chairman of the Board and a significant shareholder. Bret Hankey, the president of Hankey Capital, was a non-independent
board member through October 13, 2021. The Hankey Group is an affiliate of Hankey Capital.
8.
Deferred
Compensation
Pursuant
to an October 2016 Note Purchase Agreement, the Company's management had agreed to defer
20
%
of earned compensation until at least $
5,000,000
has been received in cumulative funding from non-current stockholders. As of December 31, 2020, deferred compensation was $
252,500
.
During the year ended December 31, 2021, and additional $
45,000
of compensation was deferred under this agreement. In October 2021, the outstanding amount of deferred compensation of $
297,500
was forgiven by the employee due to funding limitations for product development, and a gain on forgiveness of deferred compensation
of $
297,500
was recognized
for the year ended December 31, 2021.
F-
16
As
of December 31, 2021 and 2020, deferred compensation was $-
0
- and $
252,500
, respectively.
9.
Commitments and Contingencies
UCLA
TDG Exclusive License Agreement
Effective
April 9, 2019, the Company entered into an Amended and Restated Exclusive License Agreement dated as of March 21, 2019 (as so amended the "Amended License Agreement") with the UCLA Technology Development
Group on behalf of UC Regents ("UCLA TDG"). The Amended License Agreement amends and restates the Amended and Restated
Exclusive License Agreement, dated as of June 19, 2017 (the "2017 Agreement"). The 2017 Agreement amended and restated
the Exclusive License Agreement, effective March 15, 2006, between the Company and UCLA TDG, as amended by ten amendments. Under the
terms of the Amended License Agreement, the Regents have continued to grant the Company exclusive rights to develop and
commercialize NELL-1 (the "Licensed Product") for spinal fusion, osteoporosis and trauma applications. The Licensed
Product is a recombinant human protein growth factor that is essential for normal bone development.
We
have agreed to pay an annual maintenance fee to UCLA TDG of $
10,000
as well as to pay certain royalties to UCLA TDG under the Amended
License Agreement at the rate of
3.0
% of net sales of licensed products. We must pay the royalties to UCLA TDG on a quarterly basis. Upon
a first commercial sale, we also must pay between $
50,000
and $
250,000
, depending on the calendar year that is after the first commercial
sale. If we are required to pay any third party any royalties as a result of us making use of UCLA TDG patents, then we may reduce the
royalty owed to UCLA TDG by
0.333
% for every percentage point paid to a third party. If we grant sublicense rights to a third party to
use the UCLA TDG patent, then we will pay to UCLA TDG
10
% to
20
% of the sublicensing income we receive from such sublicense.
We are obligated to make the following
milestone payments to UCLA TDG for each Licensed Product or Licensed Method:
●
$
100,000
upon enrollment of the first subject in a Feasibility Study;
●
$
250,000
upon enrollment of the first subject in a Pivotal Study:
●
$
500,000
upon Pre-Market Approval of a Licensed Product or Licensed Method; and
●
$
1,000,000
upon the First Commercial Sale of a Licensed Product or Licensed Method.
We are also obligated to pay UCLA TDG a cash milestone payment within thirty (30) days of a Liquidity Event (including a Change of Control
Transaction and a payment election by UCLA TDG exercisable after December 22, 2016, such payment to equal the greater of:
●
$
500,000
; or
●
2
% of all proceeds in connection with a Change of Control Transaction.
As of December 31, 2021, none of the above milestones has been met.
We
are obligated to diligently proceed with developing and commercializing licensed products under UCLA patents set forth in the
Amended License Agreement. UCLA TDG has the right to either terminate the license or reduce the license to a non-exclusive license
if we do not meet certain diligence milestone deadlines set forth in the Amended License Agreement.
We
must reimburse or pre-pay UCLA TDG for patent prosecution and maintenance costs incurred during the term of the Amended License Agreement.
We have the right to bring infringement actions against third party infringers of the Amended License Agreement, UCLA TDG may join voluntarily,
at its own expense, or, at our expense, be joined involuntarily to the action. We are required to indemnify UCLA TDG against any third
party claims arising out of our exercise of the rights under the Amended License Agreement or any sublicense.
F-
17
On August 13, 2020 the Company
and UCLA TDG entered into a First Amendment to the Amended and Restated License Agreement pursuant to which the due dates for certain
Development Milestones were updated to better reflect delays caused by the COVID-19 Pandemic and to address the Company's failure
to pay certain amounts with regard to patent prosecution, cost reimbursement, maintenance fees, and late fees, and in connection therewith,
a revised payment schedule was set forth.
On
June 30, 2021 the Company and UCLA TDG entered into a Second Amendment to the Amended and Restated License Agreement pursuant to which
the due dates for certain Development Milestones was updated to better reflect delays caused by the COVID-19 Pandemic.
Payments
to UCLA TDG under the Amended License Agreement for the years ended December 31, 2021 and 2020 were $
45,500
and $
102,293
, respectively.
Contingencies
The
Company is subject to claims and assessments from time to time in the ordinary course of business. The Company's management does
not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company's business,
financial condition, results of operations or cash flows.
In
July 2019, Dr. Bessie (Chia) Soo and Dr. Kang (Eric) Ting ("Plaintiffs") filed a complaint (the "Complaint") in
federal court in Massachusetts against the Company, Bruce Stroever ("Stroever"), John Booth ("Booth"), Stephen
LaNeve ("LaNeve", and together with Stroever and Booth, the "Individual Defendants"), and MTF Biologics (f/k/a
The Musculoskeletal Transplant Foundation, Inc.) ("MTF"). The Complaint alleges claims for breach of contract against the
Company and tortious interference with contract against the Individual Defendants and MTF arising from the termination of the Professional
Service Agreements, dated as of January 8, 2016, between the Company and each of the Plaintiffs. The Individual Defendants have been sued
for actions taken by them in connection with their service to the Company as directors and/or officers of the Company. As such, the Company
has certain indemnification obligations to the Individual Defendants. The Company and the Individual Defendants intend to vigorously defend
against the allegations in the Complaint. Based on the very early stage of the litigation, it is not possible to estimate the amount or
range of any possible loss arising from the expenditure of defense fees, a judgment or settlement of the matter.
10.
Subsequent Events
On
December 17, 2021, Bone Biologics Corporation (the "Company") entered into a revised Employment Agreement (the "Employment
Agreement") with Deina H. Walsh, the Company's Chief Financial Officer ("CFO) and principal accounting officer. The
Employment Agreement is effective January 3, 2022. Ms. Walsh has served as the Company's CFO since November 4, 2014.
Under
the terms of the Employment Agreement, Ms. Walsh will serve as the Company's CFO at-will and not for any specified period and may
be terminated at any time with or without cause. Her base salary will be $
200,000
. During each calendar year beginning in 2022, Ms. Walsh
shall be eligible to earn an annual target bonus of twenty-five percent (
25
%) of her base salary as in-effect for the applicable calendar
year, subject to the achievement of personal and corporate objectives or milestones to be established by the board of directors, or any
compensation committee thereof, (after considering any input or recommendations from Ms. Walsh) within sixty (60) days following the beginning
of each calendar year during Ms. Walsh's employment. In order to earn the annual bonus under this provision, the applicable objectives
must be achieved, and Ms. Walsh must be employed by Company at the time the annual bonus is distributed by Company.
The annual bonus,
if any, shall be paid on or before March 15th of the calendar year following the year in which it is considered earned. The actual annual
bonus paid may be more or less than twenty-five percent (25%) of Ms. Walsh's base salary
.
Ms.
Walsh will receive a stock option grant whereby she is entitled to
25,000
shares of Common Stock of the Company as of the date of the
grant on the condition that i) the exercise price will be the current market price on the date of the grant; and ii) the options will
be issued with a two-year maturity. Any portion of this stock option grant that is not exercised on the date of termination shall be forfeited
on such date of termination except: (i) in the case of Termination by the Company Without Cause; and (ii) upon a Change in Control (as
defined in the Equity Incentive Plan) of the Company. To allow Ms. Walsh to prevent or mitigate dilution of her equity interests in the
Company, in connection with each financing, Ms. Walsh shall be provided an opportunity to invest in the Company such that her interest,
at her option, remains undiluted or partially diluted.
On
January 1, 2022, Mr. Frelick received a stock option grant whereby he is entitled to
50,000
shares of Common Stock of the Company as of the date of the grant on the condition that i) the exercise price will be the current
market price on the date of the grant; and ii) the options will be issued with a two-year maturity. Any portion of this stock option
grant that is not exercised on the date of termination shall be forfeited on such date of termination except: (i) in the case of Termination
by the Company Without Cause; and (ii) upon a Change in Control (as defined in the Equity Incentive Plan) of the Company. To allow Mr.
Frelick to prevent or mitigate dilution of her equity interests in the Company, in connection with each financing, Mr. Frelick shall
be provided an opportunity to invest in the Company such that his interest, at his option, remains undiluted or partially
diluted.
On
January 1, 2022, pursuant to our Non-Employee Director Compensation Policy, 26,166 stock options were issued to our independent Directors.
On March 3, 2022, Bone Biologics
Corporation (the "Company") entered into a Supply and Development Support Agreement (the "Agreement") with Musculoskeletal
Transplant Foundation, Inc. ("MTF"). Under the Agreement, MTF agrees to be the exclusive supplier of demineralized bone matrix
("DBM") to the Company for use with Nell-1 and MTF will provide reasonable development support to the Company for the development
of Nell-1 with DBM as a carrier.
The Agreement is in effect
for a period of five years and may be extended for one (1) or more years upon mutual agreement of the Company and MTF.
The Agreement also includes
provisions relating to, among others, delivery, inspection procedures, warranties, quality management, compliance, forecasts, intellectual
property rights, indemnification, and confidentiality.
F-
18
Bone
Biologics Corporation
Condensed
Consolidated Balance Sheets
June 30, 2022
December 31, 2021
(unaudited)
Assets
Current assets
Cash
$
5,454,522
$
6,675,365
Prepaid expenses
204,359
-
Total assets
$
5,658,881
$
6,675,365
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued expenses
$
70,636
$
99,909
Total liabilities
70,636
99,909
Commitments and Contingencies
Stockholders' equity
Preferred Stock, $
0.001
par value per share;
20,000,000
shares authorized;
none
issued or outstanding at June 30, 2022 and December 31, 2021
-
-
Common stock, $
0.001
par value per share;
100,000,000
shares authorized;
10,350,579
and
10,350,574
shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
10,350
10,350
Additional paid-in capital
77,212,305
77,040,713
Accumulated deficit
(
71,634,410
)
(
70,475,607
)
Total stockholders' equity
5,588,245
6,575,456
Total liabilities and stockholders' equity
$
5,658,881
$
6,675,365
See
accompanying notes to unaudited condensed consolidated financial statements.
F-
19
Bone
Biologics Corporation
Condensed
Consolidated Statements of Operations
Three
Months
Ended
June 30,
2022
Three
Months
Ended
June 30,
2021
Six
Months
Ended
June 30,
2022
Six
Months
Ended
June 30,
2021
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenues
$
-
$
-
$
-
$
-
Cost of revenues
-
-
-
-
Gross profit
-
-
-
-
Operating expenses
Research and development
17,600
2,016
54,000
47,516
General and administrative
451,704
229,865
1,103,203
365,289
Total operating expenses
469,304
231,881
1,157,203
412,805
Loss from operations
(
469,304
)
(
231,881
)
(
1,157,203
)
(
412,805
)
Other expenses
Interest expense, net – related party
-
(
260,017
)
-
(
510,840
)
Loss before provision for income taxes
(
469,304
)
(
491,898
)
(
1,157,203
)
(
923,645
)
Provision for income taxes
-
-
1,600
-
Net Loss
$
(
469,304
)
$
(
491,898
)
$
(
1,158,803
)
$
(
923,645
)
Weighted average shares outstanding – basic and diluted
10,350,579
2,911,333
10,350,579
2,911,333
Loss per share – basic and diluted
$
(
0.05
)
$
(
0.17
)
$
(
0.11
)
$
(
0.32
)
See
accompanying notes to unaudited condensed consolidated financial statements.
F-
20
Bone
Biologics Corporation
Condensed Consolidated
Statement of Stockholders' Equity (Deficit)
For
the three and six months ended June 30, 2022
(unaudited)
Common Stock
Additional
Paid-in
Accumulated
Total
Stockholders'
Shares
Amount
Capital
Deficit
Equity
Balance at December 31, 2021
10,350,574
$
10,350
$
77,040,713
$
(
70,475,607
)
$
6,575,456
Fair value of vested stock options issued to employees and directors
-
-
152,844
-
152,844
Share adjustment for October 2021 stock split rounding
5
-
-
-
-
Net Loss
-
-
-
(
689,499
)
(
689,499
)
Balance at March 31, 2022
10,350,579
10,350
77,193,557
(
71,165,106
)
6,038,801
Fair value of vested stock options issued to employees and directors
-
-
18,748
-
18,748
Net Loss
-
-
-
(
469,304
)
(
469,304
)
Balance at June 30, 2022
10,350,579
$
10,350
$
77,212,305
$
(
71,634,410
)
$
5,588,245
See
accompanying notes to unaudited condensed consolidated financial statements.
F-
21
Bone
Biologics Corporation
Condensed Consolidated
Statement of Stockholders' Equity (Deficit)
For
the three and six months ended June 30, 2021
(unaudited)
Common Stock
Additional
Paid-in
Accumulated
Total
Stockholders'
Shares
Amount
Capital
Deficit
Deficit
Balance at December 31, 2020
12,273,036
$
12,273
$
55,160,339
$
(
68,864,922
)
$
(
13,692,310
)
Net Loss
-
-
-
(
431,747
)
(
431,747
)
Balance at March 31, 2021
12,273,036
12,273
55,160,339
(
69,296,669
)
(
14,124,057
)
Net Loss
-
-
-
(
491,898
)
(
491,898
)
Balance at June 30, 2021
12,273,036
$
12,273
$
55,160,339
$
(
69,788,567
)
$
(
14,615,955
)
See
accompanying notes to unaudited condensed consolidated financial statements.
F-
22
Bone
Biologics Corporation
Condensed
Consolidated Statements of Cash Flows
(unaudited)
Six Months
Ended
June 30, 2022
Six Months
Ended
June 30, 2021
(unaudited)
(unaudited)
Cash flows from operating activities
Net loss
$
(
1,158,803
)
$
(
923,645
)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation
171,592
-
Interest payable – related party
-
510,840
Changes in operating assets and liabilities:
Prepaid expenses and other current assets
(
204,359
)
-
Accounts payable and accrued expenses
(
29,273
)
(
381,159
)
Deferred compensation
-
30,000
Net cash used in operating activities
(
1,220,843
)
(
763,964
)
Cash flows from financing activities
Bank overdraft
-
(
10,609
)
Proceeds from credit facilities – related party
-
779,011
Net cash provided by financing activities
-
768,402
Net increase (decrease) in cash
(
1,220,843
)
4,438
Cash, beginning of period
6,675,365
-
Cash, end of period
$
5,454,522
$
4,438
Supplemental information
Interest paid - related party
$
-
$
-
Income taxes paid
$
1,600
$
-
See
accompanying notes to unaudited condensed consolidated financial statements.
F-
23
Bone
Biologics Corporation
Notes
to Unaudited Condensed Consolidated Financial Statements
For
the three and  six months ended June 30, 2022  and 2021
(unaudited)
1.
The Company
Bone
Biologics Corporation (the "Company") was incorporated under the laws of the State of Delaware on October 18, 2007 as AFH
Acquisition X, Inc. Pursuant to a Merger Agreement, dated September 19, 2014, by and among the Company, its wholly-owned subsidiary,
Bone Biologics Acquisition Corp., a Delaware corporation ("Merger Sub"), and Bone Biologics, Inc. Merger Sub merged with
and into Bone Biologics Inc., with Bone Biologics Inc. remaining as the surviving corporation in the merger. Upon the consummation of
the merger, the separate existence of Merger Sub ceased. On September 22, 2014, the Company officially changed its name to "Bone
Biologics Corporation" to more accurately reflect the nature of its business and Bone Biologics, Inc. became a wholly owned subsidiary
of the Company. Bone Biologics, Inc. was incorporated in California on September 9, 2004.
We
are a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein, known
as NELL-1/DBM. The NELL-1/DBM combination product is an osteostimulative recombinant protein that provides target specific
control over bone regeneration. The protein, as part of the UCB-1 technology platform, has been licensed exclusively for worldwide applications
to us through a technology transfer from UCLA Technology Development Group on behalf of UC Regents ("UCLA TDG"). UCLA TDG
and the Company received guidance from the FDA that NELL-1/DBM will be classified as a combination product with a device lead.
The
production and marketing of the Company's products and its ongoing research and development activities will be subject to extensive
regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any combination product
developed by the Company must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory approval
process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that the Company will not encounter problems
in clinical trials that will cause the Company or the FDA to delay or suspend clinical trials.
The
Company's success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and
operate without infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance
that patents issued to or licensed by the Company will not be challenged, invalidated, or circumvented, or that the rights granted thereunder
will provide proprietary protection or competitive advantages to the Company.
On
October 12, 2021, an amendment to our certificate of incorporation for a reverse split of the Company's outstanding common stock
at a ratio of 1 for 2.5 became effective.
All share and per share amounts have been retro-actively restated as of the reverse split occurred
at the beginning of the earliest period presented.
Going
Concern and Liquidity
The
Company has no significant operating history and since inception to June 30, 2022 has incurred accumulated losses of approximately
$
71.6
million. The Company will continue to incur significant expenses for development activities for its product NELL-1/DBM.
Operating expenditures for the next twelve months are estimated at $
9.5
million. The accompanying consolidated financial statements for the six months ended June 30, 2022 have been prepared assuming the
Company will continue as a going concern. As reflected in the financial statements, the Company incurred a net loss of $
1,158,803
,
and used net cash in operating activities of $
1,220,843
during the six months ended June 30, 2022. These factors raise substantial doubt about the Company's ability to continue as a
going concern within a reasonable period of time, which is considered to be one year from the issuance date of the financial
statements. In addition, our independent registered public accounting firm, in its audit report to the financial statements included
in our Annual Report for the year ended December 31, 2021, expressed substantial doubt about our ability to continue as a going
concern. The consolidated financial statements do not include any adjustments related to the recoverability and classification of
recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to
continue as a going concern.
On
October 15, 2021, the Company completed a public offering generating net proceeds to the Company of $
6,858,843
.
F-
24
The
Company will continue to attempt to raise additional debt and/or equity financing to fund future operations and to provide additional
working capital. However, there is no assurance that such financing will be consummated or obtained in sufficient amounts necessary to
meet the Company's needs. If cash resources are insufficient to satisfy the Company's on-going cash requirements, the Company
will be required to scale back or discontinue its product development programs, or obtain funds if available (although there can be no
certainties) through strategic alliances that may require the Company to relinquish rights to its technology, substantially reduce or
discontinue its operations entirely. No assurance can be given that any future financing will be available or, if available, that it
will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue
restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of equity
financing.
For
the past several years, we have depended on our relationship with Hankey Capital for working capital to fund our operations, which has
been raised in the form of both debt and equity capital. Hankey Capital, directly and indirectly, controls approximately
70
% of our issued
and outstanding shares of common stock. However, no assurance can be given that any future financing from Hankey Capital will be available
or, if available, that it will be on terms that are satisfactory to the Company. In the absence of financing from other sources, the
inability to obtain additional financing from Hankey Capital will result in the scaling back or discontinuance of our product development
programs or operations entirely.
2.
Summary of Significant Accounting Policies
Basis
of Presentation
The
interim condensed consolidated financial statements included herein reflect all material adjustments (consisting of normal recurring
adjustments and reclassifications and non-recurring adjustments) which, in the opinion of management, are ordinary and necessary for
a fair presentation of results for the interim periods. Certain information and footnote disclosures required under the accounting principles
generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to the rules and regulations
of the Securities and Exchange Commission (the "SEC"). The Company believes that the disclosures are adequate to make the
information presented not misleading. The condensed consolidated balance sheet information as of December 31, 2021 was derived from the
audited consolidated financial statements included in the Company's Annual Report on Form 10-K filed with the SEC on March 15,
2022 (the "2021 Annual Report"). These condensed consolidated financial statements should be read in conjunction with the
Company's audited financial statements for the year ended December 31, 2021 and notes thereto included in the 2021 Annual Report.
The
results of operations for the six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the entire
fiscal year ended December 31, 2022 or for any other period.
Use
of Estimates
The
preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant estimates include
the assumptions used in the accrual for potential liabilities, the valuation of stock options and warrants issued for services, and deferred
tax valuation allowances. Actual results could differ from those estimates.
Impact
of the Novel Coronavirus (COVID-19) on the Company's Business Operations
The
global outbreak of the novel coronavirus (COVID-19) has led to severe disruptions in general economic activities worldwide, as businesses
and governments have taken broad actions to mitigate this public health crisis.
In
light of the uncertain and continually evolving situation relating to the spread of COVID-19, this pandemic could pose a risk to the
Company. The extent to which the coronavirus may impact the Company's business operations will depend on future developments, which
are highly uncertain and cannot be predicted at this time. The Company intends to continue to monitor the situation and may adjust its
current business plans as more information and guidance become available.
The
coronavirus pandemic presents a challenge to medical facilities worldwide. As the Company's clinical trials will be conducted on
an outpatient basis, it is not currently possible to predict the full impact of this developing health crisis on such clinical trials,
which could include delays in and increased costs of such clinical trials. Current indications from the clinical research organizations
which will be conducting the clinical trials for the Company are that such clinical trials are being delayed or extended for several
months as a result of the coronavirus pandemic.
F-
25
There
is also significant uncertainty as to the effect that the coronavirus may have on the amount and type of financing available to the Company
in the future.
Fair
Value of Financial Instruments
The
Company's consolidated financial instruments are cash and accounts payable. The recorded values of cash and accounts payable approximate
their values based on their short-term nature.
The
Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price)
in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the
measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of
unobservable inputs. The fair value hierarchy is based on nine levels of inputs that may be used to measure fair value, of which the
first two are considered observable and the last is considered unobservable:
Level
1: Quoted prices in active markets for identical assets or liabilities.
Level
2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities;
quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for
substantially the full term of the assets or liabilities.
Level
3 assumptions: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the
assets or liabilities including liabilities resulting from embedded derivatives associated with certain warrants to purchase common stock.
Stock
Based Compensation
ASC
718,
Compensation – Stock Compensation
, prescribes accounting and reporting standards for all share-based payment transactions
in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options,
and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees,
including grants of employee stock options, are recognized as compensation expense in the consolidated financial statements based on
their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for
the award, known as the requisite service period (usually the vesting period).
Loss
per Common Share
The
Company utilizes FASB ASC Topic No. 260,
Earnings per Share
. Basic loss per share is computed by dividing loss available to common
shareholders by the weighted-average number of common shares outstanding. Shares issued for collateral for outstanding loans of -
0
- and
9,361,702
at June 30, 2022 and 2021, respectively are excluded from weighted average shares outstanding. Diluted loss per share is computed
similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would
have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted loss
per common share reflects the potential dilution that could occur if convertible debentures, options and warrants were to be exercised
or converted or otherwise resulted in the issuance of common stock that then shared in the earnings of the entity.
Since
the effects of outstanding options, warrants, and the conversion of convertible debt are anti-dilutive for the period ended June 30,
2022 and 2021, shares of common stock underlying these instruments have been excluded from the computation of loss per common share.
The
following sets forth the number of shares of common stock underlying outstanding options, warrants, and convertible debt as of June 30,
2022 and 2021:
June 30,
2022
2021
Warrants
1,827,650
33,304
Stock options
342,294
192,281
Convertible promissory notes
-
4,996,476
2,169,944
5,222,061
F-
26
New
Accounting Standards
Recent
accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants,
and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's
present or future consolidated financial statements.
3.
Stockholders' Deficit
Preferred
Stock
The
Company's amended and restated certificate of incorporation authorizes the Company to issue a total of
20,000,000
shares of preferred
stock.
No
shares have been issued.
Common
Stock
The
Company's amended and restated certificate of incorporation authorizes the Company to issue a total of
100,000,000
shares of common
stock. As of June 30, 2022 and December 31, 2021, the Company had an aggregate of
10,350,579
and
10,350,574
shares of common stock outstanding,
respectively.
Common
Stock Warrants
A
summary of warrant activity for the period ended June 30, 2022 is presented below:
Number of
Weighted
Average
Exercise
Weighted
Average
Subject to Exercise
Warrants
Price
Life (Years)
Outstanding as of December 31, 2021
1,827,650
$
6.30
4.79
Granted – 2022
-
-
-
Forfeited/Expired – 2022
-
-
-
Exercised – 2022
-
-
-
Outstanding as of June 30, 2022
1,827,650
$
6.30
4.29
As
of June 30, 2022, the Company had outstanding vested and unexercised Common Stock Warrants as follows:
Date Issued
Exercise Price
Number of
Warrants
Expiration date
October 2021
$
6.30
1,737,023
October 13, 2026
October 2021
$
6.30
90,627
October 13, 2026
Total outstanding warrants at June 30, 2022
1,827,650
Based
on a fair market value of $
1.40
per share on June 30, 2022, there were no exercisable but unexercised in-the-money common stock warrants
on that date. Accordingly, there was no intrinsic value attributed to exercisable but unexercised common stock warrants at June 30, 2022.
4.
Stock-based Compensation
2015
Equity Incentive Plan
The
Company has
560,000
shares of Common Stock authorized and reserved for issuance under our 2015 Equity Incentive Plan for option awards.
This reserve may be increased by the Board each year by up to the number of shares of stock equal to
5
%
of the number of shares of stock
issued and outstanding on the immediately preceding December 31. Appropriate adjustments will be made in the number of authorized shares
and other numerical limits in our 2015 Equity Incentive Plan and in outstanding awards to prevent dilution or enlargement of participants'
rights in the event of a stock split or other change in our capital structure. Shares subject to awards granted under our 2015 Equity
Incentive Plan which expire, are repurchased or are cancelled or forfeited will again become available for issuance under our 2015 Equity
Incentive Plan. The shares available will not be reduced by awards settled in cash. Shares withheld to satisfy tax withholding obligations
will not again become available for grant. The gross number of shares issued upon the exercise of stock appreciation rights or options
exercised by means of a net exercise or by tender of previously owned shares will be deducted from the shares available under our 2015
Equity Incentive Plan.
Awards
may be granted under our 2015 Equity Incentive Plan to our employees, including officers, director or consultants, and our present or
future affiliated entities. While we may grant incentive stock options only to employees, we may grant non-statutory stock options, stock
appreciation rights, restricted stock purchase rights or bonuses, restricted stock units, performance shares, performance units and cash-based
awards or other stock based awards to any eligible participant.
F-
27
The
2015 Equity Incentive Plan is administered by our compensation committee. Subject to the provisions of our 2015 Equity Incentive Plan,
the compensation committee determines, in its discretion, the persons to whom, and the times at which, awards are granted, as well as
the size, terms and conditions of each award. All awards are evidenced by a written agreement between us and the holder of the award.
The compensation committee has the authority to construe and interpret the terms of our 2015 Equity Incentive Plan and awards granted
under our 2015 Equity Incentive Plan.
A
summary of stock option activity for the period ended June 30, 2022, is presented below:
Number of
Weighted
Average
Exercise
Weighted
Average
Aggregate
Intrinsic
Subject to Exercise
Options
Price
Life (Years)
Value
Outstanding as of December 31, 2021
241,128
$
32.76
5.43
$
9,445
Granted – 2022
101,166
3.67
4.07
-
Forfeited/Expired – 2022
-
-
-
-
Exercised – 2022
-
-
-
-
Outstanding as of June 30, 2022
342,294
$
21.76
4.80
$
-
As
of June 30, 2022, the Company had outstanding stock options as follows:
Date Issued
Exercise Price
Number of
Options
Expiration date
August 2015
$
39.75
41,624
December 27, 2025
September 2015
$
39.75
8,000
December 27, 2025
November 2015
$
39.75
48,986
December 27, 2025
December 2015
$
39.75
2,228
December 27, 2025
January 2016
$
39.75
51,032
January 9, 2026
May 2016
$
51.25
10,766
May 26, 2026
September 2016
$
51.25
3,973
May 31, 2026
January 2017
$
51.25
2,142
January 1, 2027
January 2018
$
49.25
1,566
January 1, 2028
January 2019
$
2.35
21,964
January 1, 2029
October 2021
$
5.25
48,847
October 26, 2031
January 2022
$
3.52
26,166
January 1, 2032
January 2022
$
3.72
50,000
January 1, 2024
January 2022
$
3.72
25,000
January 3, 2024
Total outstanding options at June 30, 2022
342,294
The
aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (
i.e.
, the difference between our closing
stock price on the respective date and the exercise price, times the number of shares) that would have been received by the option holders
had all option holders exercised their options. No options were exercised and none cancelled during the period ended June 30, 2022.
There
were
101,166
options granted during the six month period ended June 30, 2022 with a fair value of $
171,592
. Vesting of options differs
based on the terms of each option. The Company has valued the options at their date of grant utilizing the Black-Scholes option pricing
model. As of the issuance of these consolidated financial statements, there was no active public market for the Company's shares.
Accordingly, the fair value of the options was determined based on the historical volatility data of similar companies, considering the
industry, products and market capitalization of such other entities. The risk-free interest rate used in the calculations is based on
the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options as calculated
using the simplified method. The expected life of the options used was based on the contractual life of the option granted. Stock-based
compensation is a non-cash expense because we settle these obligations by issuing shares of our common stock from our authorized shares
instead of settling such obligations with cash payments.
F-
28
During
the six month period ended June 30, 2022 and 2021, the Company had stock-based compensation expense of $
171,592
and $-
0
-, respectively,
related to the vesting of stock options granted to the Company's employees and directors included in our reported net loss. Our
policy is to account for forfeitures of the unvested portion of option grants when they occur; therefore, these forfeitures are recorded
as a reversal to expense, which can result in a credit balance in the statement of operations.
The
Company utilized the Black-Scholes option-pricing model. The assumptions used for the periods ended June 30, 2022 and 2021 are as follows:
June 30, 2022
June 30, 2021
Risk free interest rate
0.39
%
-
1.279
%
-
%
Expected life (in years)
1.00
-
5.37
-
Expected Volatility
96.24
%
-
112.54
%
-
%
Expected dividend yield
-
%
-
%
A
summary of the changes in the Company's non-vested options during the six month period ended June 30, 2022, is as follows:
Number of Non-
vested Options
Weighted Average
Fair Value at
Grant Date
Non-vested at December 31, 2021
-
$
-
Granted in 2022
101,166
$
1.77
Forfeited in 2022
-
$
-
Vested in 2022
(
101,166
)
$
1.77
Non-vested at June 30, 2022
-
$
-
Exercisable at June 30, 2022
342,294
$
21.81
Outstanding at June 30, 2022
342,294
$
21.81
As
of June 30, 2022, there was
no
unrecognized compensation cost related to unvested stock options.
5.
Commitments and Contingencies
UCLA
TDG Exclusive License Agreement
Effective
April 9, 2019, the Company entered into an Amended and Restated Exclusive License Agreement dated as of March 21, 2019 and amended
through three sets of amendments including a third amendment effective May 9, 2022 (as so amended the "Amended License
Agreement") with the UCLA Technology Development Group on behalf of UC Regents ("UCLA TDG"). The Amended License
Agreement amends and restates the Amended and Restated Exclusive License Agreement, dated as of June 19, 2017 (the "2017
Agreement"). The 2017 Agreement amended and restated the Exclusive License Agreement, effective March 15, 2006, between the
Company and UCLA TDG, as amended by ten amendments. Under the terms of the Amended License Agreement, UCLA TDG has continued to
grant the Company exclusive rights to develop and commercialize NELL-1 (the "Licensed Product") for spinal fusion,
osteoporosis and trauma applications. The Licensed Product is a recombinant human protein growth factor that is essential for normal
bone development.
We
have agreed to pay an annual maintenance fee to UCLA TDG of $
10,000
as well as to pay certain royalties to UCLA TDG under the Amended
License Agreement at the rate of
3.0
%
of net sales of licensed products through the life of the patents. We must pay the royalties to
UCLA TDG on a quarterly basis. Upon a first commercial sale, we also must pay between $
50,000
and $
250,000
, depending on the calendar
year which is after the first commercial sale. If we are required to pay any third party any royalties as a result of us making use of
UCLA TDG patents, then we may reduce the royalty owed to UCLA TDG by
0.333
%
for every percentage point paid to a third party. If we grant
sublicense rights to a third party to use the UCLA TDG patent, then we will pay to UCLA TDG
10
%
to
20
%
of the sublicensing income we
receive from such sublicense.
F-
29
We
are obligated to make the following milestone payments to UCLA TDG for each Licensed Product or Licensed Method:
●
$
100,000
upon enrollment
    of the first subject in a Feasibility Study;
●
$
250,000
upon enrollment
    of the first subject in a Pivotal Study:
●
$
500,000
upon Pre-Market
    Approval of a Licensed Product or Licensed Method; and
●
$
1,000,000
upon the First
    Commercial Sale of a Licensed Product or Licensed Method.
We
are also obligated pay to UCLA TDG a fee (the "Diligence Fee") of $
8,000,000
upon the sale of any Licensed Product (the "Triggering
Sale Date") in accordance with the payment schedule below:
●
Due upon cumulative Net
    Sales equaling $50,000,000 following the Triggering Sale Date - $2,000,000
;
●
Due upon cumulative Net
    Sales equaling $100,000,000 following the Triggering Sale Date - $2,000,000
; and
●
Due upon cumulative Net
    Sales equaling $200,000,000 following the Triggering Sale Date - $4,000,000
.
The
Company's obligation to pay the Diligence Fee will survive termination or expiration of the agreement and the Company is prohibited
from assigning, selling, or otherwise transferring any of its assets related to any Licensed Product unless the Company's foregoing
Diligence Fee obligation is assigned, sold, or transferred along with such assets, or unless the Company pays UCLA TDG the Diligence
Fee within ten (10) days of such assignment, sale or other transfer of such rights to any Licensed Product.
We
are also obligated to pay UCLA TDG a cash milestone payment within thirty (30) days of a Liquidity Event (including a Change of Control
Transaction and a payment election by UCLA TDG exercisable after December 22, 2016) such payment to equal the greater of:
●
$
500,000
; or
●
2
%
of all proceeds in connection
    with a Change of Control Transaction.
We
are obligated to diligently proceed with developing and commercializing licensed products under UCLA TDG patents set forth in the Amended
License Agreement. UCLA TDG has the right to either terminate the license or reduce the license to a non-exclusive license if we do not
meet certain diligence milestone deadlines set forth in the Amended License Agreement.
We
must reimburse or pre-pay UCLA TDG for patent prosecution and maintenance costs incurred during the term of the Amended License Agreement.
We have the right to bring infringement actions against third party infringers of the Amended License Agreement, UCLA TDG may join voluntarily,
at its own expense, or, at our expense, be joined involuntarily to the action. We are required to indemnify UCLA TDG against any third
party claims arising out of our exercise of the rights under the Amended License Agreement or any sublicense.
Payments
to UCLA TDG under the Amended License Agreement for the six months ended June 30, 2022 and 2021 were $
10,000
and $
45,500
, respectively.
Contingencies
The
Company is subject to claims and assessments from time to time in the ordinary course of business. The Company's management does
not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company's business,
financial condition, results of operations or cash flows.
In
July 2019, Dr. Bessie (Chia) Soo and Dr. Kang (Eric) Ting ("Plaintiffs") filed a complaint (the "Complaint")
in federal court in Massachusetts against the Company, Bruce Stroever ("Stroever"), John Booth ("Booth"), Stephen
LaNeve ("LaNeve", and together with Stroever and Booth, the "Individual Defendants"), and MTF Biologics (f/k/a
The Musculoskeletal Transplant Foundation, Inc.) ("MTF"). The Complaint alleges claims for breach of contract against the
Company and tortious interference with contract against the Individual Defendants and MTF arising from the termination of the Professional
Service Agreements, dated as of January 8, 2016, between the Company and each of the Plaintiffs. The Individual Defendants have been
sued for actions taken by them in connection with their service to the Company as directors and/or officers of the Company. As such,
the Company has certain indemnification obligations to the Individual Defendants. The Company and the Individual Defendants intend to
vigorously defend against the allegations in the Complaint. Based on the early stage of the litigation, it is not possible to estimate
the amount or range of any possible loss arising from the expenditure of defense fees, a judgment or settlement of the matter.
6.
Subsequent Events
On August 23, 2022,
the Company issued to three (3) of our non-employee independent directors each
36,845
stock options pursuant to the Non-Employee Director Compensation Policy. Mr. LaNeve has declined his independent director compensation.
F-
30
BONE
BIOLOGICS CORPORATION
Common
Stock
Series A Warrants
Series
B Warrants
Series C Warrants
Prospectus
,
2022
WallachBeth
Capital, LLC
PART
II — INFORMATION NOT REQUIRED IN PROSPECTUS
Item
13. Other Expenses of Issuance and Distribution
The
following table sets forth all expenses, other than the underwriting discounts and commissions, payable by the registrant in connection
with the sale of the securities being registered. All the amounts shown are estimates except the SEC registration fee and the FINRA filing
fee.
Amount
    to be paid
SEC
    registration fee
$
*
FINRA
    filing fee
$
*
Transfer
    agent and registrar fees
$
*
Accounting
    fees and expenses
$
*
Legal
    fees and expenses
$
*
Printing
    and engraving expenses
$
*
Miscellaneous
$
*
Total
$
*
To be provided by amendment
II-
1
Item
14. Indemnification of Directors and Officers
Section
102 of the DGCL permits a corporation to eliminate the personal liability of directors of a corporation to the corporation or its stockholders
for monetary damages for a breach of fiduciary duty as a director, except where the director breached his duty of loyalty, failed to
act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a
stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our Amended and Restated Certificate
of Incorporation provides that no director of the Company shall be personally liable to it or its stockholders for monetary damages for
any breach of fiduciary duty as a director, notwithstanding any provision of law imposing such liability, except to the extent that the
DGCL prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty.
Section
145 of the DGCL provides that a corporation has the power to indemnify a director, officer, employee, or agent of the corporation, or
a person serving at the request of the corporation for another corporation, partnership, joint venture, trust or other enterprise in
related capacities against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with an action, suit or proceeding to which he was or is a party or is threatened to be made a party
to any threatened, ending or completed action, suit or proceeding by reason of such position, if such person acted in good faith and
in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action or proceeding,
had no reasonable cause to believe his conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation,
no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable
to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the
adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity
for such expenses which the Court of Chancery or such other court shall deem proper.
Our
Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provide indemnification for our directors and officers
to the fullest extent permitted by the DGCL. We will indemnify each person who was or is a party or threatened to be made a party to
any threatened, pending or completed action, suit or proceeding (other than an action by or in the right of us) by reason of the fact
that he or she is or was, or has agreed to become, a director or officer, or is or was serving, or has agreed to serve, at our request
as a director, officer, partner, employee or trustee of, or in a similar capacity with, another corporation, partnership, joint venture,
trust or other enterprise (all such persons being referred to as an "Indemnitee"), or by reason of any action alleged to
have been taken or omitted in such capacity, against all expenses (including attorneys' fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred in connection with such action, suit or proceeding and any appeal therefrom, if such Indemnitee
acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, our best interests, and, with respect
to any criminal action or proceeding, he or she had no reasonable cause to believe his or her conduct was unlawful. Our Certificate of
Incorporation and Amended and Restated Bylaws provide that we will indemnify any Indemnitee who was or is a party to an action or suit
by or in the right of us to procure a judgment in our favor by reason of the fact that the Indemnitee is or was, or has agreed to become,
a director or officer, or is or was serving, or has agreed to serve, at our request as a director, officer, partner, employee or trustee
of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action
alleged to have been taken or omitted in such capacity, against all expenses (including attorneys' fees) and, to the extent permitted
by law, amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding, and any appeal
therefrom, if the Indemnitee acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, our best
interests, except that no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have
been adjudged to be liable to us, unless a court determines that, despite such adjudication but in view of all of the circumstances,
he or she is entitled to indemnification of such expenses. Notwithstanding the foregoing, to the extent that any Indemnitee has been
successful, on the merits or otherwise, he or she will be indemnified by us against all expenses (including attorneys' fees) actually
and reasonably incurred in connection therewith. Expenses must be advanced to an Indemnitee under certain circumstances.
II-
2
As
of the date of this prospectus, we have entered into separate indemnification agreements with each of our directors and executive officers.
Each indemnification agreement provides, among other things, for indemnification to the fullest extent permitted by law and our Certificate
of Incorporation against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification
agreements provide for the advancement or payment of all expenses to the indemnitee and for the reimbursement to us if it is found that
such indemnitee is not entitled to such indemnification.
In
addition, upon consummation of this offering, we intend to obtain a general liability insurance policy that covers certain liabilities
of directors and officers of our corporation arising out of claims based on acts or omissions in their capacities as directors or officers.
In
any underwriting agreement we enter into in connection with the sale of common stock being registered hereby, the underwriters will agree
to indemnify, under certain conditions, us, our directors, our officers and persons who control us within the meaning of the Securities
Act against certain liabilities.
Item
15. Recent Sales of Unregistered Securities
None.
II-
3
Item
16. Exhibits and Financial Statement Schedules
EXHIBIT
INDEX
Exhibit
    No.
Description
1.1*
Underwriting Agreement
2.1
Agreement and Plan of Merger, dated as of September 19, 2014, by and among AFH Acquisition X, Inc., Bone Biologics Acquisition Corp., and Bone Biologics, Inc. (incorporated herein by reference to Exhibit 2.1 to current report on Form 8-K, File No. 000-53078, filed September 25, 2014)
2.2
Certificate of Merger as filed with the California Secretary of State effective September 19, 2014 (incorporated herein by reference to Exhibit 2.2 to current report on Form 8-K, File No. 000-53078, filed September 25, 2014)
3.1
Amended and Restated Articles of Incorporation, of Bone Biologics Corporation, as filed with the Delaware Secretary of State on July 28, 2014 (incorporated herein by reference to Exhibit 3.1(i) to current report on Form 8-K, File No. 000-53078, filed September 25, 2014)
3.2
Certificate of Amendment as filed with the Delaware Secretary of State on October 18, 2021 (incorporated herein by reference to Exhibit 3.1 to current report on Form 8-K, File No. 000-53078, filed October 15, 2021)
3.3
Amended and Restated Bylaws of Bone Biologics Corporation (incorporated herein by reference to Exhibit 3.1 to current report on Form 8-K, File No. 000-53078, filed March 8, 2022)
4.1
Warrant Agent Agreement including Form of Warrant between the Company and Equiniti (incorporated  by reference to Exhibit 10.42 to current report on Form S-1, File No. 000-53078, filed October 15, 2021)
4.2*
Warrant Agent Agreement including Form of Series A Warrant, Form of Series
B Warrant and Form of Series C Warrant between the Company and Equiniti
5.1**
Opinion of TroyGould PC
10.1
Director Offer Letter, dated July 1, 2014, by and between Bruce Stroever and Bone Biologics Corporation (incorporated herein by reference to Exhibit 10.4 to current report on Form 8-K, File No. 000-53078, filed September 25, 2014)
10.2
Chief Operating Officer Employment agreement, dated June 8, 2015, by and between Bone Biologics Corporation and Jeffrey Frelick (incorporated herein by reference to Exhibit 10.2 to current report on Form 10-Q, File No. 000-53078, filed August 14, 2015)
II-
4
10.3
Letter Agreement, dated October 2, 2015, by and between the Company and the Founders (incorporated herein by reference to Exhibit 10.1 to current report on Form 8-K, File No. 000-53078, filed October 08, 2015)
10.4
Bone Biologics Corporation Non-Employee Director Compensation Policy (incorporated herein by reference to Exhibit 10.1 to current report on Form 8-K, File No. 000-53078, filed January 4, 2016)
10.5
Bone Biologics Corporation 2015 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.3 to current report on Form 8-K, File No. 000-53078, filed January 4, 2016)
10.6
Form of Stock Award Grant Notice and Stock Award Agreement for the Bone Biologics Corporation 2015 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.4 to current report on Form 8-K, File No. 000-53078, filed January 4, 2016)
10.7
Form of Restricted Stock Unit Award (incorporated herein by reference to Exhibit 10.5 to current report on Form 8-K, File No. 000-53078, filed January 4, 2016)
10.8
Option Agreement for the Distribution and Supply of Sygnal™ dated as of February 24, 2016 (incorporated herein by reference to Exhibit 10.3 to current report on Form 8-K, File No. 000-53078, filed February 26, 2016)
10.9
Form of Indemnification Agreement (incorporated herein by reference to Exhibit 10.17 to current report on Form 8-K, File No. 000-53078, filed September 25, 2014)
10.10
Amended and Restated Exclusive License Agreement, dated as of March 21, 2019, by and between the Company and The Regents of the University of California (incorporated herein by reference to Exhibit 10.1 to current report on Form 8-K, File No. 000-53078, filed April 16, 2019)
10.11
Independent Contractor Agreement dated as of June 28, 2019 between the Company and Stephen LaNeve. (incorporated herein by reference to Exhibit 10.1 to current report on Form 8-K, File No. 000-53078, filed June 28, 2019)
10.12
First Amendment to the Amended License Agreement dated August 13, 2020 between the Company and the Regents of the University of California (incorporated herein by reference to Exhibit 10.40 to current report on Form S-1/A, File No. 000-53078, filed October 7, 2021)
10.13
Employment Agreement dated December 17, 2021 between the Company and Deina Walsh (incorporated herein by reference to Exhibit 10.1 to current report on Form 8-K, File No. 000-53078, filed December 22, 2021)
10.14
Supply and Development Support Agreement dated March 3, 2022 between the Company and Musculoskeletal Transplant Foundation, Inc. (incorporated herein by reference to Exhibit 10.30 to current report on Form 10-K, File No. 000-53078, filed March 15, 2022)
10.15
Third Amendment to the Amended License Agreement dated June 8, 2022 between the Company and the Regents of the University of California (incorporated herein by reference to Exhibit 10.1 to current report on Form 8-K, File No. 000-53078, filed June 9, 2022)
21.1
List
    of Subsidiaries (incorporated herein by reference to Exhibit 21.1 to current report on Form 8-K, File No. 000-53078, filed September
    25, 2014)
23.1*
Consent of Weinberg & Company
23.2
Consent
    of TroyGould PC (included in Exhibit 5.1)
24.1
Power
    of Attorney (included on the signature page for the initial filing)
107*
Filing Fees Exhibit
*
Filed Herewith
**
To be filed by amendment
II-
5
Financial
Statement Schedules
Schedules
have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements
or notes thereto.
Item
17. Undertakings
(a)
The
    undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates
    in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.
(b)
Insofar
    as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
    of Bone Biologics Corporation pursuant to the foregoing provisions, or otherwise, Bone Biologics Corporation has been advised that
    in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
    In the event that a claim for indemnification against such liabilities (other than the payment by Bone Biologics Corporation of expenses
    incurred or paid by a director, officer or controlling person of Bone Biologics Corporation 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,
    Bone Biologics Corporation 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 and will be governed by the final adjudication of such issue.
(c)
The
    undersigned hereby further undertakes that:
(1)
For
    purposes of determining any liability under the Securities Act the information omitted from the form of prospectus filed as part
    of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by Bone Biologics Corporation
    pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as
    of the time it was declared effective.
(2)
For
    the purpose of determining any liability under the Securities Act each post-effective amendment that contains a form of prospectus
    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.
II-
6
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement on Form S-1
to be signed on its behalf by the undersigned, thereunto duly authorized in the Town of Burlington, State of Massachusetts, on the 23rd
day of September, 2022.
BONE
    BIOLOGICS CORPORATION
By:
/s/
    Jeffrey Frelick
Name:
Jeffrey
    Frelick
Title:
Chief
    Executive Officer
II-
7
POWER
OF ATTORNEY
KNOW
ALL PERSONS BY THESE PRESENTS
, that each person whose signature appears below constitutes and appoints Jeffrey Frelick and Deina
H. Walsh, and each of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,
for him and in his name, place, and stead, in any and all capacities, to sign any and all amendments to this Registration Statement on
Form S-1 and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents and each of them, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in connection therewith as fully to all intents and purposes as he might or could do
in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1934, this S-1 has been signed by the following persons in the capacities and on the dates
indicated.
Signature
Title
Date
/s/
    Jeffrey Frelick
Chief
    Executive Officer (Principal Executive Officer)
Jeffrey
    Frelick
September 23, 2022
/s/
    Deina H. Walsh
Chief
    Financial Officer (Principal Financial Officer and
Deina
    H. Walsh
Principal Accounting Officer)
September 23, 2022
/s/
    Don R. Hankey
Director
Don
    R. Hankey
September 23, 2022
/s/
    Bruce Stroever
Director
Bruce
    Stroever
September 23, 2022
/s/
    Stephen R. LaNeve
Director
Stephen
    R. LaNeve
September 23, 2022
/s/
    Erick Lucera
Director
Erick
    Lucera
September 23, 2022
/s/
    Siddhesh Angle
Director
Siddhesh
    Angle
September 23, 2022
II-
8