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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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
filed with the U.S. Securities and Exchange Commission on <span>May 27, 2022.</span></b></span></p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"></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: 18pt"><b>UNITED
STATES</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: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</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: 12pt"><b>WASHINGTON,
D.C. 20549</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: 18pt"><b>FORM
<span id="xdx_90C_edei--DocumentType_c20220101__20220331_zgGddFuZZWs7"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:DocumentType">S-1</ix:nonNumeric></span></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"><b>REGISTRATION
STATEMENT</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"><b>UNDER
THE SECURITIES ACT OF 1933</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: 18pt"><b><span id="xdx_908_edei--EntityRegistrantName_c20220101__20220331_zvPytUntxTPb"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityRegistrantName">IMMIX
BIOPHARMA, INC.</ix:nonNumeric></span></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">(Exact
Name of Registrant as Specified in its Charter)</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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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                                            or other jurisdiction of</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">incorporation
    or organization)</span></p></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><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">(Primary
                                            Standard Industrial</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">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: 0pt 0; text-align: center"><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: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification
    Number)</span></p></td></tr>
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_edei--EntityAddressAddressLine1_c20220101__20220331_ztBvhPrWWpC6"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressAddressLine1">11400
West Olympic Blvd.</ix:nonNumeric></span>, <span id="xdx_90D_edei--EntityAddressAddressLine2_c20220101__20220331_z7ThoJ17c9Oi"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressAddressLine2">Suite 200</ix:nonNumeric></span></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"><b><span id="xdx_909_edei--EntityAddressCityOrTown_c20220101__20220331_zN6OEvy2qm5b"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressCityOrTown">Los
Angeles</ix:nonNumeric></span>, <span id="xdx_906_edei--EntityAddressStateOrProvince_c20220101__20220331_zfrDDbqeD2Fd"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressStateOrProvince">CA</ix:nonNumeric></span> <span id="xdx_901_edei--EntityAddressPostalZipCode_c20220101__20220331_zj9UnWionj53"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressPostalZipCode">90064</ix:nonNumeric></span></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"><b><span id="xdx_900_edei--CityAreaCode_c20220101__20220331_zOUn9OOlWP1"><span><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:CityAreaCode">(310)</ix:nonNumeric></span>
<span id="xdx_907_edei--LocalPhoneNumber_c20220101__20220331_zC5nPP7pvBte"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:LocalPhoneNumber">651-8041</ix:nonNumeric></span></span></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">(Address,
including zip code, and telephone number, including area code, of Registrant&#8217;s principal executive offices)</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ilya
Rachman, MD PhD</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"><b><span id="xdx_904_edei--EntityAddressAddressLine1_c20220101__20220331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zCUyOuQbVsN1"><ix:nonNumeric contextRef="From2022-01-012022-03-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1">Chief
Executive Officer</ix:nonNumeric></span></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"><b><span id="xdx_90C_edei--EntityAddressAddressLine2_c20220101__20220331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zPZ3QY8XNZVh"><ix:nonNumeric contextRef="From2022-01-012022-03-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine2">11400
West Olympic Blvd.</ix:nonNumeric></span>, <span id="xdx_90B_edei--EntityAddressAddressLine3_c20220101__20220331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zgSK6Zqkbqj2"><ix:nonNumeric contextRef="From2022-01-012022-03-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine3">Suite 200</ix:nonNumeric></span></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"><b><span id="xdx_90E_edei--EntityAddressCityOrTown_c20220101__20220331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zFNawTyYAOve"><ix:nonNumeric contextRef="From2022-01-012022-03-31_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">Los
Angeles</ix:nonNumeric></span>, <span id="xdx_907_edei--EntityAddressStateOrProvince_c20220101__20220331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zE0ipEjzyRu6"><ix:nonNumeric contextRef="From2022-01-012022-03-31_dei_BusinessContactMember" name="dei:EntityAddressStateOrProvince">CA</ix:nonNumeric></span> <span id="xdx_909_edei--EntityAddressPostalZipCode_c20220101__20220331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zOXooD8J0p42"><ix:nonNumeric contextRef="From2022-01-012022-03-31_dei_BusinessContactMember" name="dei:EntityAddressPostalZipCode">90064</ix:nonNumeric></span></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"><b><span><span><span id="xdx_90C_edei--CityAreaCode_c20220101__20220331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zFaWGSpyoa81"><ix:nonNumeric contextRef="From2022-01-012022-03-31_dei_BusinessContactMember" name="dei:CityAreaCode">(310)</ix:nonNumeric></span>
<span id="xdx_902_edei--LocalPhoneNumber_c20220101__20220331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zsG3PO9Jeaz8"><ix:nonNumeric contextRef="From2022-01-012022-03-31_dei_BusinessContactMember" name="dei:LocalPhoneNumber">651-8041</ix:nonNumeric></span></span></span></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">(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: 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>Copies
to:</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>

<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: 32%"><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>Jeffrey
                                            J. Fessler, Esq.</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"><b>Nazia
    J. Khan, Esq.</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"><b>Sheppard,
    Mullin, Richter &amp; Hampton LLP</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"><b>30
    Rockefeller Plaza</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"><b>New
    York, NY 10112-0015</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"><b>Tel.:
    (212) 653-8700</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"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%"><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>Gabriel
                                            Morris</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"><b>Chief
    Financial Officer</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"><b>11400
    West Olympic Blvd., Suite 200</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"><b>Los
    Angeles, CA 90064</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"><b>Tel.:
    (310) 651-8041</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></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: 32%"><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>Anthony
                                            J. Marsico, Esq.</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"><b>Anthony
    Epps, Esq.</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"><b>Dorsey
    &amp; Whitney LLP</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"><b>51
    West 52<sup>nd</sup> Street</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"><b>New
    York, NY 10019-6119</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"><b>Tel.:
    (212) 415-9200</b></span></p></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;<b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>Approximate
date of commencement of proposed sale to the public:</b> As soon as practicable after the effective date hereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24pt"><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: &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24pt"><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: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24pt"><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 earliest effective registration statement for the same offering. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24pt"><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 earliest effective registration statement for the same offering. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24pt"><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: 0pt 0; 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: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer &#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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--EntityFilerCategory_c20220101__20220331_znxDj0WcxbW3"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span> &#9746;</span></td>
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    reporting company <span id="xdx_90D_edei--EntitySmallBusiness_c20220101__20220331_zo3e2sTxfB18"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleantrue" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span></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: 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24pt"><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. <span id="xdx_904_edei--EntityExTransitionPeriod_c20220101__20220331_zVmbfCASrkZ3"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleanfalse" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

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

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

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


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    <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="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<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; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
information contained 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 these securities
and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</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>

<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: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><b>PRELIMINARY
    PROSPECTUS</b></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; color: red">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><b>SUBJECT
    TO COMPLETION</b></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; color: red">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><b>DATED
    MAY 27, 2022</b></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>

<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: 14pt"><b>1,683,502
</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt"><b>Shares</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: 14pt"><b>Common
Stock</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><img src="forms-1_001.jpg" alt="" style="height: 73px; width: 250px" /></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>Immix
Biopharma, Inc.</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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></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">We
are offering 1,683,502 shares of our common stock at an assumed public offering price of $2.97 per share, the last reported
sale price of our common stock as reported on The Nasdaq Capital Market on May 26, 2022. The actual public offering price per
share of common stock will be determined between us and the underwriters at the time of pricing and may be at a discount to this assumed
offering price. Therefore, the assumed public offering price used throughout this prospectus may not be indicative of the final offering
price.</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">Our
common stock is listed on The Nasdaq Capital Market under the symbol &#8220;IMMX.&#8221;</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">We
are an &#8220;emerging growth company&#8221; as that term is used in the Jumpstart Our Business Startups Act of 2012 and, as such, have
elected to comply with certain reduced public company reporting requirements.</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>Investing
in our common stock is highly speculative and involves a high degree of risk. See &#8220;<i>Risk Factors</i>&#8221; beginning on
page 14 of this prospectus for a discussion of information that should be considered in connection with an investment in our common
stock.</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"><i>&#160;</i></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>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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></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>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Per Share</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Price to the public</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Underwriting discounts and commissions</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</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="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds to us (before expenses)<sup>(1)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</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: 0.25in"><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">Underwriting
    discounts and commissions do not include a non-accountable expense allowance equal to 0.75% of the public offering price payable
    to the underwriters. We refer you to &#8220;Underwriting&#8221; beginning on page 121 of this prospectus for additional information
    regarding underwriting compensation.</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>

<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">We
have granted the underwriters a 45-day option to purchase up to 252,525 additional shares of common stock from us at the offering
price, less the underwriting discount to cover over-allotments, if any, assuming a public offering price of $2.97 per share, the
last reported sale price of our common stock as reported on The Nasdaq Capital Market on May 26, 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>

<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">The
underwriters expect to deliver our shares in the offering on or about &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022.</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: 18pt"><b>ThinkEquity</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">The
date of this prospectus is &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022</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"></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">&#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">TABLE
OF CONTENTS</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>

<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; vertical-align: top"><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; width: 0.5in; text-align: center"><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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_001">PROSPECTUS SUMMARY</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">4</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: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_002">RISK FACTORS</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">14</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_003">INFORMATION REGARDING FORWARD-LOOKING STATEMENTS</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">42</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: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_004">INDUSTRY AND MARKET DATA</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">43</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_005">USE OF PROCEEDS</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">43</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: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_006">DIVIDEND POLICY</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">44</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_007">CAPITALIZATION</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">44</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: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_008">DILUTION</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">45</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_009">MANAGEMENT&#8217;S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</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">47</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: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_010">BUSINESS</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">54</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_011">MANAGEMENT</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">100</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: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_012">EXECUTIVE AND DIRECTOR COMPENSATION</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">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_013">CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</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">112</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: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_014">PRINCIPAL STOCKHOLDERS</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">114</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_015">DESCRIPTION OF CAPITAL STOCK</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">115</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: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_016">MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF OUR COMMON STOCK</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">118</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_017">UNDERWRITING</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">121</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: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_018">LEGAL MATTERS</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">125</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_019">EXPERTS</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">125</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: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_020">WHERE YOU CAN FIND MORE INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fc_001">INDEX TO FINANCIAL STATEMENTS</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">F-1</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>

<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>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: 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>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 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: 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>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: 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">&#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 id="a_001"></span><b>PROSPECTUS
SUMMARY</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"><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 consolidated 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;IMMX&#8221; &#8220;ImmixBio&#8221; &#8220;Immix
Biopharma,&#8221; or &#8220;the Company&#8221; refer to Immix Biopharma, Inc. and its subsidiary.</i></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"><i>&#160;</i></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>Overview</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a clinical-stage biopharmaceutical company developing a novel class of Tissue-Specific Therapeutics (&#8220;TSTx&#8221;)<sup>TM </sup>in
oncology and inflammation. Our lead asset, IMX-110, is currently in Phase 1b/2a clinical trials for solid tumors in the United States
and Australia. IMX-110 is a negatively-charged TSTx that simultaneously disables resistance pathways with a poly-kinase inhibitor (which
inhibits multiple kinases simultaneously), and induces tumor cell death with an apoptosis inducer (which activates apoptosis, a non-inflammatory
programmed cell death pathway), leveraging our TME Normalization<sup>TM</sup> Technology, delivered deep into the tumor micro-environment
(&#8220;TME&#8221;). Our proprietary System Multi-Action RegulaTors SMAR<sub>x</sub>T Tissue-Specific<sup>TM</sup> Platform produces
drugs that accumulate at intended therapeutic sites at 3-5 times the rate of conventional medicines. Our TME Normalization&#8482; Technology
allows our drug candidates to circulate in the bloodstream, exit through tumor blood vessels and simultaneously attack all components
of the TME. As of the date of this prospectus, we have not generated any revenues. Since inception, we have devoted substantially all
of our resources to developing product and technology rights, conducting research and development, organizing and staffing our Company,
business planning and raising capital.</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>Our
Lead Product Candidate</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMX-110,
currently in Phase 1b/2a clinical trials, is a Tissue-Specific Therapeutic<sup>TM</sup> with TME Normalization<sup>TM</sup>, a technology
that we are developing initially for soft tissue sarcoma (&#8220;STS&#8221;). Tumor growth is sustained by hypoxia (low oxygen concentration)
and acidosis (an excessively acidic condition) which produce recurring waves of activation of multiple kinases that upregulate NF-&#954;B,
STAT3 and other key transcriptional factors which cause recurrent inflammation. This inflammatory environment activates the TME to provide
metabolic and structural support to the tumor and to recruit Treg T-cells (immune cells suppressing immune response) to suppress anti-tumor
immune response. IMX-110&#8217;s poly-kinase inhibitor polyphenol curcuminoid complex (&#8220;PCC&#8221;), halts this fundamental tumor-sustaining
inflammation by blocking multiple kinases and interfering with NF-&#954;B and STAT3 activation, interrupting the positive feedback loop
underlying the inflammatory cycle. With tumor-sustaining inflammation halted, IMX-110&#8217;s apoptosis inducer (Polyethylene glycol
&#8211; phosphatidylethanolamine (&#8220;PEG-PE&#8221;)-doxorubicin complex) is then able to induce tumor cell death where conventional
therapies have been hampered by resistance caused by NF-&#954;B and STAT3 activation.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 2022, we have treated 14 patients in our ongoing Phase 1b/2a clinical trial in the United States and Australia. 100%
of these patients received between 3 and 13 lines of therapy prior to IMX-110. Zero drug-related serious adverse events and zero dose
interruptions due to toxicity have been observed in our Phase 1b/2a clinical trial to date. In our trial, we observed radiological progression-free-survival
of 6 months in 50% of our STS patients, with a 4-month median progression free survival (&#8220;mPFS&#8221;) across all STS patients.
mPFS is the time that patients live without their cancer progressing. The trial includes patients with leiomyosarcoma, carcinosarcoma,
poorly differentiated soft tissue sarcoma, cholangiocarcinoma, colorectal cancer, prostate cancer, pancreatic cancer, esophageal cancer,
breast cancer, and nasopharyngeal cancer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2021, we entered into a Clinical Collaboration and Supply Agreement with BeiGene Ltd. (&#8220;BeiGene&#8221;) for a combination
Phase 1b clinical trial in solid tumors of IMX-110 and anti-PD-1 Tislelizumab (the subject of a collaboration and license agreement among
BeiGene and Novartis). In genetic mouse models of pancreatic cancer, IMX-110 has demonstrated an immunomodulation effect, turning &#8220;cold&#8221;
tumors &#8220;hot,&#8221; and, in combination with murine anti-PD-1, IMX-110 produced extended survival versus multi-drug combinations.
The goal of this study is to demonstrate the potential for TSTx to be an integral component of combination therapies for a wide range
of advanced solid tumors.</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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<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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2021, the United States Food and Drug Administration (&#8220;FDA&#8221;) granted Orphan Drug Designation (&#8220;ODD&#8221;)
to IMX-110 for the treatment of soft tissue sarcoma. If a product that has ODD subsequently receives the first FDA approval for the disease
for which it has such designation, the product is entitled to orphan drug exclusive approval (or exclusivity), which means that the FDA
may not approve any other applications to market the same drug for the same indication for 7 years (except in limited circumstances,
such as a showing of clinical superiority to the product with orphan drug exclusivity).</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>Our
Other Candidates</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
SMAR<sub>x</sub>T Tissue-Specific<sup>TM</sup> Platform has produced additional drug candidates which share design and chemistry, manufacturing
and controls (&#8220;CMC&#8221;) processes with our lead candidate, resulting in tolerability profiles that may be similar to our lead
product candidate, as well as regulatory agency familiarity, and a consistent multi-target therapeutic approach.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMX-111
is a Tissue-Specific Biologic<sup>TM</sup> built on our TME Normalization<sup>TM</sup> Technology with proprietary GLUT1 antibody biomarker
targeting coupled with our poly-kinase inhibitor / apoptosis inducer. IMX-111 takes advantage of the fact that GLUT1 is an essential
cancer biomarker that is overexpressed on 92% of colorectal cancer cells and other tumor types. Furthermore, the degree of its overexpression
correlates with more advanced stages of tumor progression. Building on the well-tolerated profile of our lead candidate from our ongoing
clinical trial, IMX-111 is the first cancer therapeutic to take advantage of GLUT1 overexpression in cancer.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMX-120
is a Tissue-Specific Biologic<sup>TM</sup> built on our Immune Normalization Technology<sup>TM</sup> for inflammatory bowel disease with
proprietary GLUT1 antibody biomarker targeting coupled with polyphenol poly-kinase inhibitors. IMX-120 takes advantage of the fact that
overexpression and activation of GLUT1 on overactive immune cells has been shown to be widely present in patients with inflammatory bowel
diseases (&#8220;IBD&#8221;). Similar to tumor growth, the inflammatory processes active in IBD are caused by recurring waves of activation
of multiple kinases that upregulate NF-&#954;B, STAT3 and other key transcriptional factors. IMX-120&#8217;s polyphenol poly-kinase
inhibitors block upstream kinase signal transduction systems that activate NF-&#954;B and STAT3. GLUT1 presents an ideal targeting moiety
(component of a drug) for these overactive immune cells, allowing for tissue-specific delivery of IMX-120.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than IMX-110, the FDA has not given any indication as to whether any of our other product candidates will receive ODD.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
1: Our Pipeline</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</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;<img src="forms-1_002.jpg" alt="" style="height: 365px; width: 650px" /></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>&#160;</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: justify"><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"><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>Our
Platform and Technologies</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
SMAR<sub>x</sub>T Tissue-Specific Platform consists of 3 pillars: first, System-Tissue Biology Model Development, which allows us to
develop robust mechanisms of action in complex pathologies; second, Purpose-Built Physical Biochemistry Engine, which allows us to generate
actionable drug candidates; and third, Predictive Valuation Framework, which allows us to conduct highly predictive Investigational New
Drug (&#8220;IND&#8221;)-enabling activities. The application of this platform in oncology is TME Normalization<sup>TM</sup> Technology,
and in inflammation is Immune Normalization<sup>TM</sup> Technology.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
TME is made up of a tightly packed mass of: 1) cancer associated fibroblasts (&#8220;CAFs&#8221;), 2) tumor-associated macrophages/immune
cells (&#8220;TAMs&#8221;), and 3) cancer itself. The TME&#8217;s biophysical properties include regions of varying degrees of hypoxia,
acidosis and an immunosuppressive milieu. As cancer cells outgrow their blood supply, the resulting hypoxia and acidosis shift their
metabolism towards glycolysis, lactate and lipids. This, in turn, shapes the responses of proximal fibroblasts and resident immune cells.
Fibroblasts begin to secrete lactate that is taken up by nearby cancer cells and consumed as fuel. Lactate in the TME reprograms the
macrophages toward the M2 &#8220;tolerant&#8221; pro-inflammatory phenotype that drives immunosuppression. At the same time, the TME
hypoxia produces increased levels of reactive oxygen species that enhance tumorigenicity (tendency to form tumors) and immunosuppressive
functions of Treg T-cells, as well as resistance to immune drugs such as PD-1/PD-L1 inhibitors. Our TME Normalization<sup>TM </sup>Technology
reverses the hypoxia- and acidosis-activated genetic programs in every cellular component of the TME, &#8220;normalizing&#8221; the TME,
and reactivating apoptosis cell death pathways. This technology offers an attractive opportunity to reshape the pathological niche that
is the TME and overcome the critical factors that have hampered available treatments to date.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
TME Normalization<sup>TM </sup>Technology causes tumor apoptosis, a non-inflammatory tumor-cell death (instead of necroptosis, which
results in repeat reignition of the inflammatory cascade leading to tumor progression). Thus, when the inflammatory cascade is inhibited,
tumor resistance can be suppressed, enabling tumor cell apoptosis by ImmixBio therapies.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
2: TME Normalization<sup>TM</sup> Technology</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;<img src="forms-1_003.jpg" alt="" style="height: 363px; width: 650px" /></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"></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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<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>Our
Strategy</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
strategy is to capitalize on the clinical progress already made to-date by our lead drug candidate and extend the SMAR<sub>x</sub>T Tissue-Specific<sup>TM
</sup>Platform to capture market share across multiple indications, initially in oncology and inflammation.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to treat an additional 30 STS patients in our Phase 2a trial with IMX-110 as a first-line therapy. We expect our Phase 2a trial
to require around 24 months after the first patient is dosed in 2022. Our rationale for IMX-110 as a first-line therapy in STS is the
following:</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; width: 0.75in"><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">encouraging
    clinical trial mPFS (4 month mPFS) data and tolerability data in our IMX-110 Phase 1b dose escalation 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">&#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 identified precedent FDA clinical trial design for a first-line treatment; 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">&#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">interest
    from leading STS principal investigators (&#8220;PIs&#8221;).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
IMX-110&#8217;s novel feature of co-delivery of a resistance-suppressing poly-kinase inhibitor with an apoptosis inducer, we believe
IMX-110 can be used for treatment-resistant STS and other advanced, treatment-resistant cancers.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe IMX-110 can become a first-line therapy in STS and multiple other solid tumors, improving tolerability and progression free survival,
while providing an alternative to conventional doxorubicin, a current first-line therapy initially approved for medical use in the United
States in 1974.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
IMX-110 represents a paradigm shift away from a focus on cytotoxic or targeted therapies alone which, while produce initial tumor shrinkage,
simultaneously activate pathways that lead to cancer relapse and treatment resistance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
pursuant to our Clinical Collaboration and Supply Agreement with BeiGene, we plan to conduct an up to 30-patient combination Phase 1b
clinical trial in solid tumors of IMX-110 and anti-PD-1 Tislelizumab (the subject of a collaboration and license agreement among BeiGene
and Novartis). We plan to dose the first patient in this trial in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to our additional 2 drug candidates, we plan to conduct IND-enabling studies for IMX-111 by mid-2022, pursuing advanced colorectal
cancer as the initial indication. We anticipate filing an IND for IMX-111 in 2023. We plan to conduct IND-enabling studies for IMX-120
by mid-2022, pursuing ulcerative colitis and severe Crohn&#8217;s disease indications. We anticipate filing an IND for IMX-120 in 2023.</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>Our
Market Opportunity</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">STS
is a rare cancer that begins in the tissues that connect, support, and surround the body structures. These tissues include muscle, fat,
blood vessels, tendons, nerves and joint linings. The global STS market is estimated to reach approximately $6.5 billion by 2030 from
the estimated $2.9 billion in 2019. Globally, there are roughly 116,000 new cases of STSs each year, of which 21,500 are in the European
Union and 40,500 are in China. According to the American Cancer Society, there were roughly 13,000 new cases of STS in the United States
during 2020. Approximately 160,000 people live with soft tissue cancers in the United States.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colorectal
cancers are cancers that arise from the colon, rectum and anus. The colorectal cancer market is estimated to reach approximately $31.2
billion by 2025 from the estimated $26.3 billion in 2019. According to the American Cancer Society, there were roughly 149,500 new cases
of colorectal cancer in the United States. Globally, there are roughly 1,930,000 new cases of colorectal cancer each year, of which 519,500
are in Europe, 148,500 are in Japan, 20,500 are in Australia and New Zealand, and 555,000 are in China.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inflammatory
bowel disease is a complex disease with many contributing factors, primarily caused by an overactive immune system. Ulcerative colitis
and Crohn&#8217;s disease are two of the most common forms of inflammatory bowel disease. The inflammatory bowel disease market is expected
to reach $21.4 billion by 2024 from the existing $18.4 billion in 2019. Inflammatory bowel disease is estimated to affect over 2,000,000
people in the United States and over 5,000,000 people globally.</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>Our
Team</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have assembled an outstanding management team to develop Tissue-Specific Therapeutics (&#8220;TSTx&#8221;) <sup>TM</sup> for patients
with cancer and inflammatory diseases. Members of our management team have experience leading organizations that have run clinical trials,
raised significant capital, been involved in several multimillion-dollar strategic transactions, and advanced multiple oncology therapeutics
from early-stage research to clinical trials, ultimately to regulatory approval and commercialization. Our team&#8217;s select accomplishments
include:</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; text-align: justify; 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; text-align: justify; width: 0.25in"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    Chief Executive Officer is a MD/PhD physician/scientist who co-founded ImmixBio in 2012 after serving as a clinical investigator
    for drugs produced by GlaxoSmithKline and Eli Lilly. At ImmixBio, he raised funding from family offices and venture capital funds,
    recruited our team and designed and oversaw 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">-</span></td>
    <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
    Chief Medical Officer and Head of Clinical Development is an experienced pharmaceutical physician executive with a successful track
    record at Roche/Genentech, AstraZeneca, and GlaxoSmithKline of development and post-marketing activities of a number of cancer therapeutics,
    including pertuzumab in breast cancer indications (marketed as PERJETA&#174; by Roche) and other therapeutics.</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">-</span></td>
    <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
    Chief Financial Officer previously raised $81 million as the interim Chief Financial Officer of Zap Surgical Systems, a brain radiosurgery
    company. Prior, he participated in greater than $50 billion in completed transactions, responsible for cross-border mergers and acquisitions
    transactions at Goldman Sachs &amp; Co. and other global investment banks.</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">-</span></td>
    <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
    Head of Chemistry, Manufacturing, and Control was previously VP - Manufacturing and Supply Chain Operations for Jazz Pharmaceuticals,
    Zosano Pharma, Talon Therapeutics, Connetics Pharmaceuticals, and ALZA Corp, and is a pharmaceutical executive with extensive CMC
    experience in organizations ranging from start-ups to large pharmaceutical companies.</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">-</span></td>
    <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
    Scientific Co-founder is University Distinguished Professor of Pharmaceutical Sciences and Director, Center for Pharmaceutical Biotechnology
    and Nanomedicine, Northeastern University, Boston, and prior Massachusetts General Hospital/Harvard Medical School Head of Chemistry
    Program, Center for Imaging and Pharmaceutical Research. In 2011, Times Higher Education ranked him number 2 among top world scientists
    in pharmacology for the period of 2000-2010.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are supported by our advisors who are leading experts in oncology and inflammation, including Larry Norton, MD, Senior Vice President,
Office of the President; Medical Director, Evelyn H. Lauder Breast Center, Memorial Sloan Kettering Cancer Center, and Professor of Medicine,
Weill-Cornell Medical College; Galit Lahav, PhD, Novartis Professor of Systems Biology and Department Chair, Systems Biology at Harvard
Medical School; and George W. Sledge, MD, Professor and former Chief of Medical Oncology at Stanford University Medical Center. Our arrangements
with these individuals do not entitle us to any of their existing or future intellectual property derived from their independent research
or research with other third parties.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors includes Magda Marquet, PhD who co-founded Althea Technologies and guided Althea to acquisition by Ajinomoto, a global
Japanese company and leader in amino acid technology, Jane Buchan, PhD, who co-founded PAAMCO in 2000 which under her leadership grew
to $32 billion in assets under management, and Carey Ng, PhD, a Managing Director of Mesa Verde Venture Partners and Member of the Investment
Committee, whose invested portfolio companies have been acquired by Merck &amp; Co., Abbvie, Takeda, Supernus, and Exact Sciences.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: 0; text-align: justify; text-indent: 31.5pt">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><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; text-align: justify; text-indent: 31.5pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 30, 2021, we announced that FDA has granted ODD for IMX-110 for the treatment of connective tissue
cancer Soft Tissue Sarcoma. ODD provides certain benefits, including financial incentives, to support clinical development and the potential
for up to 7 years of market exclusivity in the U.S. upon regulatory approval.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><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; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 20, 2021, we completed our initial public offering and sold 4,200,000 shares of our common stock for gross proceeds of $21 million
and on January 5, 2022 we sold an additional 630,000 shares of our common stock for gross proceeds of $3.15 million (the &#8220;IPO&#8221;)
upon exercise of the over-allotment option by ThinkEquity LLC, our underwriter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><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: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 3, 2022, we announced that the FDA has granted Rare Pediatric Disease (&#8220;RPDD&#8221;) designation for IMX-110 for
the treatment of a life-threatening form of pediatric cancer in children, rhabdomyosarcoma. RPDD qualifies us to receive fast track review
and a priority review voucher (&#8220;PRV&#8221;) at the time of marketing approval of IMX-110.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><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: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 12, 2022, we announced that IMX-110 produced 50% positive response rate in First-Line-Therapy-Resistant Cancer, surpassing the
standard of care in mice study. IMX-110 produced a 50% response rate after 1 cycle of treatment as a monotherapy in first-line-therapy-resistant
cancer &#8211; soft tissue sarcoma (STS) mice study, surpassing standard of care doxorubicin&#8217;s response rate of 0% after 1 cycle
of treatment in the same study.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><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: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 19, 2022, we announced that 100% of patients treated with IMX-110 completed planned treatment cycles without drug-related interruptions
in its ongoing Phase 1b/2a clinical trial. Historically, 43-67% of patients have completed planned treatment cycles with approved drugs
used to treat STS according to Demetri et al., 2016, and Sch&#246;ffski et al., 2016.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><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: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 25, 2022, we announced that IMX-110 + anti-PD-1 combination produced extended median survival in a genetic pancreatic cancer
mouse model. IMX-110 + anti-PD-1 produced 63-day median survival in a genetic (&#8220;KPC&#8221;) pancreatic cancer mouse model
in which mice develop their own pancreatic cancer and have an intact immune system Historically, 42-days is the median survival produced
by a 4-drug combination of 2 chemotherapies and 2 immunotherapies in the same genetic pancreatic cancer mouse model according to Winograd
et al., 2015.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><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: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 31, 2022, we announced initiation of IMX-110 Good Manufacturing Practice (GMP) Manufacturing Scale-Up.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><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: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 22, 2022, we announced initiation of GMP Manufacturing of IMX-120, a biologic for inflammatory bowel disease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><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: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 9, 2022, we authorized a share repurchase program to acquire up to $1 million of our common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><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: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 20, 2022, we announced that IMX-110 demonstrated improved survival over U.S. FDA approved drug Trabectedin (sold as YONDELIS &#174;
by Janssen, a Johnson &amp; Johnson company) in connective tissue cancer soft tissue sarcoma mice study. One cycle of IMX-110 produced
75% survival vs. 0% survival for Trabectedin.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><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: 0; text-align: justify; text-indent: 31.5pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Summary
of Risk Factors</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: 31.5pt"><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. These risks are discussed
more fully in the &#8220;<i>Risk Factors</i>&#8221; section of this prospectus immediately following this prospectus summary. Some of
these risks include the following:</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">
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    <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;
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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">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; 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">We
    need significant additional financing to fund our operations and complete the development and, if approved, the commercialization
    of our product candidates. If we are unable to raise capital when needed, we could be forced to delay, reduce or eliminate our product
    development programs 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; 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">Raising
    additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to
    our product candidates on unfavorable terms to us.</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>
    <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 a limited number of product candidates, all which are still in early clinical or pre-clinical development. If we do not obtain
    regulatory approval of one or more of our product candidates, or experience significant delays in doing so, our business will be
    materially adversely affected.</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">Clinical
    trials are expensive, time consuming, difficult to design and implement, and involve uncertain outcomes. Results of previous pre-clinical
    studies and clinical trials may not be predictive of future results, and the results of our current and planned clinical trials may
    not satisfy the 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; 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">We
    may find it difficult to enroll patients in our clinical trials given the limited number of patients who have the diseases for which
    our product candidates are being studied which could delay or prevent the start of clinical trials for our product candidates.</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>
    <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
    product candidates may have undesirable side effects that may delay or prevent marketing approval or, if approval is received, require
    them to be taken off the market, require them to include safety warnings or otherwise limit their sales.</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">We
    are dependent on third parties for manufacturing and marketing of our product candidates. If we are not able to secure favorable
    arrangements with such third parties or the third parties upon whom we rely do not perform, including failure to perform to our specifications
    or comply with applicable regulations, our business and financial condition could be harmed.</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">If
    any of our product candidates receive regulatory approval, the approved products may not achieve broad market acceptance among physicians,
    patients, the medical community and third-party payors, in which case revenue generated from their sales would be limited.</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">Even
    if we receive regulatory approval to commercialize any of the product candidates that we develop, we will be subject to ongoing regulatory
    obligations and continued regulatory review, which may result in significant additional expense.</span></td></tr>
</table>

<p style="margin: 0">&#160;</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>

<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">If
    any product liability lawsuits are successfully brought against us, we may incur substantial liabilities and may be required to limit
    commercialization of our product candidates.</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">Current
    and future legislation may increase the difficulty and cost for us to obtain marketing approval of and commercialize our product
    candidates and affect the prices we may obtain for such product candidates. If we fail to comply with regulations, we could face
    substantial enforcement actions, including civil and criminal penalties and our business, operations and financial condition could
    be adversely affected.</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>
    <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
    the market opportunities for our current and potential future product candidates are smaller than we believe they are, our ability
    to generate product revenue may be adversely affected and our business may suffer.</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
    products will face significant competition, and if they are unable to compete successfully, our business will suffer.</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
    international operations we undertake may subject us to risks inherent with operations outside of the United States.</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">We
    may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed alleged trade
    secrets.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<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">&#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
                                            intellectual property may not be sufficient to protect our product candidates from competition,
                                            which may negatively affect our business. We may incur substantial costs as a result of litigation
                                            or other proceedings relating to patents and other intellectual property rights.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            are currently listed on The Nasdaq Capital Market. If we are unable to maintain listing of
                                            our securities on Nasdaq or any stock exchange, our stock price could be adversely affected
                                            and the liquidity of our stock and our ability to obtain financing could be impaired and
                                            it may be more difficult for our stockholders to sell their securities.</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">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Substantial
                                            amounts of our outstanding shares may be sold into the market when lock-up or market standoff
                                            periods end. If there are substantial sales of shares of our common stock, the price of our
                                            common stock could decline.</td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">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.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.6pt; text-align: justify"><span 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>Corporate
Information</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated as a California limited liability company in 2012 and converted to a Delaware corporation in January 2014. In August
2016, we established a wholly-owned Australian subsidiary, Immix Biopharma Australia Pty Ltd., in order to conduct various pre-clinical
and clinical activities for the development of our product candidates. Our principal executive offices are located at 11400 West Olympic
Blvd., Suite 200, Los Angeles, CA 90064 and our telephone number is (310) 651-8041. Our website address is <i>www.immixbio.com</i>. 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 purchase our common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Implications
of Being an Emerging Growth Company and a Smaller Reporting Company</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a company with less than $1.07 billion in revenues during our last fiscal year, we qualify as an emerging growth company as defined in
the JOBS Act. As an emerging growth company, we expect to take advantage of reduced reporting requirements that are otherwise applicable
to public companies. These provisions include, but are not limited to:</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; 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">being
    permitted to present only two years of audited financial statements, in addition to any required unaudited interim financial statements,
    with correspondingly reduced &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221;
    disclosure in this prospectus;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">not
    being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended (&#8220;Sarbanes-Oxley
    Act&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">reduced
    disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">exemptions
    from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute
    payments not previously approved; and</span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</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>

<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
    exemption from compliance with the requirements of the Public Company Accounting Oversight Board regarding the communication of critical
    audit matters in the auditor&#8217;s report on financial statements.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may use these provisions until the last day of our fiscal year following the fifth anniversary of the completion of our IPO. However,
if certain events occur prior to the end of such five-year period, including if we become a &#8220;large accelerated filer,&#8221; our
annual gross revenues exceed $1.07 billion or we issue more than $1.0 billion of non-convertible debt in any three-year period, we will
cease to be an emerging growth company prior to the end of such five-year period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised
accounting standards. As an emerging growth company, we intend to take advantage of an extended transition period for complying with
new or revised accounting standards as permitted by the JOBS Act. As a result of the accounting standards election, we will not be subject
to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies,
which may make comparison of our financial statements to those of other public companies more difficult.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that we continue to qualify as a &#8220;smaller reporting company,&#8221; as such term is defined in Rule 12b-2 under the
Securities Exchange Act of 1934, as amended (&#8220;Exchange Act&#8221;), after we cease to qualify as an emerging growth company, certain
of the exemptions available to us as an emerging growth company may continue to be available to us as a smaller reporting company, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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">not
    being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes Oxley Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">scaled
    executive compensation disclosures; 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
    requirement to provide only two years of audited financial statements, instead of three years.</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">&#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>THE
OFFERING</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>

<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: 26%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares
    being offered</b></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: 72%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,683,502
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock at an assumed
    public offering price of $2.97 per share, the last reported sale price of our common stock as reported on The Nasdaq Capital
    Market on May 26, 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"><b>Underwriters&#8217;
    over-allotment option</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>
    <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 granted the underwriters a 45 day option from the date of this prospectus to purchase up to an additional 252,525 shares
    of common stock (15% of the total number of shares of common stock to be offered by us 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"><b>Number
    of shares of common stock to be outstanding after this offering (1)</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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,568,506
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares (or 15,821,031 shares if the underwriters
    exercise the option to purchase additional shares in full).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"><b>Use
    of proceeds</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>
    <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 receive net proceeds, after deducting underwriting discounts and commissions and estimated expenses payable by us, of approximately
    $4.3 million (or approximately $5.0 million if the underwriters exercise their option to purchase additional shares
    in full), assuming a public offering price of $2.97 per share, the last reported sale price of our common stock on The Nasdaq
    Capital Market on May 26, 2022. We intend to use the net proceeds from this offering to fund additional patients enrolled
    into our planned IMX-110 Phase 2a clinical trial in STS and additional patients across various solid tumors enrolled into our IMX-110
    + tislelizumab Phase 1b combination trial, and for working capital and other general corporate purposes. We may also use a portion
    of the net proceeds to in-license, acquire or invest in complementary businesses or products, however, we have no current commitments
    or obligations to do so. See &#8220;Use of Proceeds&#8221; for a more complete description of the intended use of proceeds from 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"><b>Risk
    factors</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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
    in our common stock involves a high degree of risk. See &#8220;Risk Factors&#8221; beginning on page 14, and the other information
    included in this prospectus for a discussion of factors you should consider carefully before deciding to invest in our 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"><b>Nasdaq
    Capital Market Symbol</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>
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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">&#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">(1</span>)
The number of shares of our common stock to be outstanding after this offering is based on 13,885,004 shares of our common stock outstanding
as of May 26, 2022, and excludes as of that date:</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 0pt 0.5in; text-align: justify; text-indent: -0.25in"><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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stock options at a weighted-average exercise price of $1.57 per 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">&#160;</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">
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  <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: 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">Unless
otherwise indicated, all information in this prospectus assumes:</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">
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  <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: 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">&#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>Summary
Financial Data</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"><i>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 consolidated financial statements included
elsewhere in this prospectus. The summary statement of operations data for the three months ended March 31, 2022
and 2021 and the summary balance sheet data as of March 31, 2022 have been derived from our unaudited consolidated
financial statements included elsewhere in this prospectus. The following summary financial data should be read with &#8220;Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations&#8221; and our consolidated 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 three months ended March 31, 2022 are not necessarily indicative of
the results that may be expected for the full fiscal year.</i></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"><i>&#160;</i></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>Statement
of Operations Data:</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>

<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)">
    <td style="text-align: left; padding-bottom: 2.5pt">Net loss per share, basic and diluted </td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">$<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.10</span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Weighted-average shares used in computing net loss per common share, basic
    and diluted </td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,672,611</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">3,375,000</p></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,830,374</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">3,375,000</p></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</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"><b>Balance
Sheet Data:</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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                                            of March 31, 2022</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(unaudited)</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Actual</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Pro
    Forma (1)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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                                            Forma As</b></span></p> Adjusted (2)</td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif">Cash</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">19,060,684</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">19,001,277</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,284,493</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Working capital</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">19,647,337</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">19,647,337</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,930,553</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">20,017,498</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">19,958,091</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,241,307</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Note payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">50,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total stockholders&#8217; equity</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">19,652,412</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">19,652,412</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,935,628</span></td><td style="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: 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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The Pro forma balance sheet gives
effect to the repayment on May 26, 2022 of the outstanding note payable and related accrued interest in the amount of $59,407  as of March 31, 2022.</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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The pro forma as adjusted balance sheet data
gives further effect to our sale of 1,683,502 shares of common stock in this offering assuming a public offering price
of $2.97 per share, the last reported sale price of our common stock on The Nasdaq Capital Market on May 26, 2022,
after deducting underwriting discounts and commissions and estimated offering expenses payable by us. The pro forma as adjusted
balance sheet data is illustrative only and will change based on the actual public offering price and other terms of this offering determined
at pricing.</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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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_002"></span>RISK
FACTORS</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"><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: 0pt 0; text-align: justify"><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 0; text-align: justify"><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: 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><i>We
have incurred substantial losses since our inception and anticipate that we will continue to incur substantial and increasing losses
for the foreseeable future.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a clinical-stage biopharmaceutical company focused on developing a novel class of TSTx in oncology and inflammation. Investment in
biopharmaceutical product development is highly speculative because it entails substantial upfront capital expenditures and significant
risk that a product candidate will fail to prove effective, gain regulatory approval or become commercially viable. We do not have any
products approved by regulatory authorities and have not generated any revenues from collaboration or licensing agreements or product
sales to date, and have incurred significant research, development and other expenses related to our ongoing operations and expect to
continue to incur such expenses. As a result, we have not been profitable and have incurred significant operating losses since our inception.
For the years ended December 31, 2021 and 2020, we reported net losses of $24,383,879 and $1,147,863, respectively. For the three
months ended March 31, 2022, we reported a net loss of $1,332,048. As of December 31, 2021 and March 31, 2022, we had an accumulated
deficit of $29,755,534 and $31,087,582, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not expect to generate revenues for many years, if at all. We expect to continue to incur significant expenses and operating losses
for the foreseeable future. We anticipate these losses to increase as we continue to research, develop and seek regulatory approvals
for our current product candidates and any additional product candidates we may acquire, and potentially begin to commercialize product
candidates that may achieve regulatory approval. We may also encounter unforeseen expenses, difficulties, complications, delays and other
unknown factors that may adversely affect our business. The size of our future net losses will depend, in part, on the rate of future
growth of our expenses and our ability to generate revenues. Our expenses will further increase as we:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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">conduct
    pre-clinical and clinical trials of 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">in-license
    or acquire the rights to, and pursue development of, other products, product candidates or 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">hire
    additional clinical, manufacturing, quality control, quality assurance and scientific 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">seek
    marketing approval for any product candidates that successfully complete 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;
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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">establish
    sales, marketing and distribution capabilities, if we receive, or expect to receive, marketing approval for any 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>
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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;
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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">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;
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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">add
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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>

<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>We
need significant additional financing to fund our operations and complete the development and, if approved, the commercialization of
our product candidates. If we are unable to raise capital when needed, we could be forced to delay, reduce or eliminate our product development
programs or commercialization efforts.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the net proceeds of this offering, together with our existing cash, will be sufficient to meet our cash, operational and liquidity
requirements for at least 12 months after the date of this prospectus; however, such cash will not be sufficient to complete development
and obtain regulatory approval for our product candidates, and we will need to raise significant additional capital to help us do so.
In addition, our operating plan may change as a result of many factors currently unknown to us, and we may need additional funds sooner
than planned.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#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; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect to expend substantial resources for the foreseeable future to continue the clinical development and manufacturing of our product
candidates. These expenditures will include costs associated with research and development, potentially acquiring new product candidates
or technologies, conducting pre-clinical studies and clinical trials and potentially obtaining regulatory approvals and manufacturing
products, as well as marketing and selling products approved for sale, if any.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
funds may not be available when we need them on terms that are acceptable to us, or at all. We have no committed source of additional
capital. If adequate funds are not available to us on a timely basis, we may not be able to continue as a going concern or we may be
required to delay, limit, reduce or terminate pre-clinical studies, clinical trials or other development activities for our product candidates
or target indications, or delay, limit, reduce or terminate our establishment of sales and marketing capabilities or other activities
that may be necessary to commercialize our product candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Raising
additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our
product candidates on unfavorable terms to us.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may seek additional capital through a variety of means, including through private and public equity offerings and debt financings, collaborations,
strategic alliances and marketing, distribution or licensing arrangements. To the extent that we raise additional capital through the
sale of equity or convertible debt securities, or through the issuance of shares under management or other types of contracts, or upon
the exercise or conversion of outstanding derivative securities, the ownership interests of our stockholders will be diluted, and the
terms of such financings may include liquidation or other preferences, anti-dilution rights, conversion and exercise price adjustments
and other provisions that adversely affect the rights of our stockholders, including rights, preferences and privileges that are senior
to those of our holders of common stock in the event of a liquidation. In addition, debt financing, if available, could include covenants
limiting or restricting our ability to take certain actions, such as incurring additional debt, making capital expenditures, entering
into licensing arrangements, or declaring dividends and may require us to grant security interests in our assets, including our intellectual
property. If we raise additional funds through collaborations, strategic alliances, or marketing, distribution or licensing arrangements
with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, products or product candidates
or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings
when needed, we may need to curtail or cease our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt">&#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"><b><i>We
currently have no source of revenues. We may never generate revenues or achieve profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
we do not generate any revenues from product sales or otherwise. Even if we are able to successfully achieve regulatory approval for
our product candidates, we do not know when we will generate revenues or become profitable, if at all. Our ability to generate revenues
from product sales and achieve profitability will depend on our ability to successfully commercialize products, including our current
product candidates and other product candidates that we may develop, in-license or acquire in the future. Our ability to generate revenues
and achieve profitability also depends on a number of additional factors, including our ability to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><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"><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">
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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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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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: 0pt 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: 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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">achieve
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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">attract,
    hire and retain qualified personnel; 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">protect
    our intellectual property rights.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenues for any product candidates for which regulatory approval is obtained will be dependent, in part, upon the size of the markets
in the territories for which it gains regulatory approval, the accepted price for the products, the ability to get reimbursement at any
price, and whether we own the commercial rights for that territory. If the number of our addressable disease patients is not as significant
as our estimates, the indication approved by regulatory authorities is narrower than we expect, or the reasonably accepted population
for treatment is narrowed by competition, physician choice or treatment guidelines, we may not generate significant revenues from sales
of such products, even if approved. In addition, we anticipate incurring significant costs associated with commercializing any approved
product candidates. As a result, even if we generate revenues, we may not become profitable and may need to obtain additional funding
to continue operations. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be
unable to continue our operations at planned levels and may be forced to reduce our operations.</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><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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 $1,875,000. 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: 0pt 0; text-align: justify">&#160;</p>

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

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

<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>Risks
Relating to the Development and Regulatory Approval of Our Product Candidates</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have a limited number of product candidates, all which are still in early clinical or pre-clinical development. If we do not obtain regulatory
approval of one or more of our product candidates, or experience significant delays in doing so, our business will be materially adversely
affected.</i></b></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We
currently have no products approved for sale or marketing in any country, and may never be able to obtain regulatory approval for any
of our product candidates. As a result, we are not currently permitted to market any of our product candidates in the United States or
in any other country until we obtain regulatory approval from the FDA or regulatory authorities outside the United States. Our product
candidates are in early stages of development and we have not submitted an application, or received marketing approval, for any of our
product candidates.<span style="font: 10pt Times New Roman, Times, Serif"> Obtaining
regulatory approval of our product candidates will depend on many factors, including, but not limited to, the following:</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"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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">successfully
    completing formulation and process development 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">completing
    clinical trials that demonstrate the efficacy and safety of 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">receiving
    marketing approval from applicable 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">establishing
    commercial manufacturing capabilities; 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">launching
    commercial sales, marketing and distribution operations.</span></td></tr>
  </table>
<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">&#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">Many
of these factors are wholly or partially beyond our control, including clinical advancement, the regulatory submission process and changes
in the competitive landscape. If we do not achieve one or more of these targets in a timely manner, we could experience significant delays
or may be unable to develop our product candidates at all, which may have a material adverse effect on our business and results of operations.</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><i>Clinical
trials are expensive, time consuming, difficult to design and implement, and involve uncertain outcomes. Results of previous pre-clinical
studies and clinical trials may not be predictive of future results, and the results of our current and planned clinical trials may not
satisfy the requirements of the FDA or other regulatory authorities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Positive
or timely results from pre-clinical or early-stage trials do not ensure positive or timely results in late-stage clinical trials or product
approval by the FDA or comparable foreign regulatory authorities. We will be required to demonstrate with substantial evidence through
well-controlled clinical trials that our product candidates are safe and effective for use in a diverse population before we can seek
regulatory approvals for their commercialization. Our planned clinical trials may produce negative or inconclusive results, and we or
any of our current and future strategic partners may decide, or regulators may require us, to conduct additional clinical or pre-clinical
testing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Success
in pre-clinical studies or early-stage clinical trials does not mean that future clinical trials or registration clinical trials will
be successful because product candidates in later-stage clinical trials may fail to demonstrate sufficient safety and efficacy to the
satisfaction of the FDA and foreign regulatory authorities, despite having progressed through pre-clinical studies and initial clinical
trials. Product candidates that have shown promising results in early clinical trials may still suffer significant setbacks in subsequent
clinical trials or registration clinical trials. For example, a number of companies in the biopharmaceutical industry, including those
with greater resources and experience than us, have suffered significant setbacks in advanced clinical trials, even after obtaining promising
results in earlier clinical trials. Similarly, pre-clinical interim results of a clinical trial are not necessarily predictive of final
results.</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: 10pt Times New Roman, Times, Serif"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></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><i>If
clinical trials for our product candidates are prolonged, delayed or stopped, we may be unable to obtain regulatory approval and commercialize
our product candidates on a timely basis, or at all, which would require us to incur additional costs and delay our receipt of any product
revenue.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.8pt; text-align: justify; text-indent: 31.5pt"><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-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may experience delays in our ongoing or future pre-clinical studies or clinical trials, and we do not know whether future pre-clinical
studies or clinical trials will begin on time, need to be redesigned, enroll an adequate number of patients or be completed on schedule,
if at all. The commencement or completion of these planned clinical trials could be substantially delayed or prevented by many factors,
including, but not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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">discussions
    with the FDA or other regulatory agencies regarding the scope or design 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    limited number of, and competition for, suitable sites to conduct our clinical trials, many of which may already be engaged in other
    clinical trial programs, including some that may be for the same indication as 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">any
    delay or failure to obtain approval or agreement to commence a clinical trial in any of the countries where enrollment is planned;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">inability
    to obtain sufficient funds required for a 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>
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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">
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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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    or failure to reach agreement on acceptable clinical trial agreement terms or clinical trial protocols with prospective sites or
    clinical research organizations (&#8220;CROs&#8221;), the terms of which can be subject to extensive negotiation and may vary significantly
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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">
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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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">slower
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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>
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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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    safety issues, including severe or unexpected drug-related adverse effects experienced by patients, including possible deaths;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability
    to monitor patients adequately during or after 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">clinical
    study sites failing to comply with regulatory requirements or meet their contractual obligations to us in a timely manner, or at
    all, deviating from the protocol or dropping out of a 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">inability
    to address any non-compliance with regulatory requirements or safety concerns that arise during the course of a 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">the
    need to repeat or terminate clinical trials as a result of inconclusive or negative results or unforeseen complications in testing;
    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
    clinical trials may be suspended or terminated upon a breach or pursuant to the terms of any agreement with, or for any other reason
    by, current or future strategic partners that have responsibility for the clinical development of any of our product candidates.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -10.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in regulatory requirements, policies and guidelines may also occur and we may need to significantly amend clinical trial protocols to
reflect these changes with appropriate regulatory authorities. These changes may require us to renegotiate terms with CROs or resubmit
clinical trial protocols to IRBs for re-examination, which may impact the costs, timing or successful completion of a clinical trial.
Our clinical trials may be suspended or terminated at any time by the FDA, other regulatory authorities, the IRB overseeing the clinical
trial at issue, any of our clinical trial sites with respect to that site, or us. Any failure or significant delay in commencing or completing
clinical trials for our product candidates may adversely affect our ability to obtain regulatory approval and our commercial prospects
and our ability to generate product revenue will be diminished.</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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<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><i>&#160;</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"><b><i>The
design or our execution of clinical trials may not support regulatory approval.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
design or execution of a clinical trial can determine whether its results will support regulatory approval and flaws in the design or
execution of a clinical trial may not become apparent until the clinical trial is well advanced. In some instances, there can be significant
variability in safety or efficacy results between different trials of the same product candidate due to numerous factors, including changes
in trial protocols, differences in size and type of the patient populations, adherence to the dosing regimen and other trial protocols
and the rate of dropout among clinical trial participants. We do not know whether any clinical trials we may conduct will demonstrate
consistent or adequate efficacy and safety to obtain regulatory approval to market our product candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
the FDA and comparable foreign regulatory authorities have substantial discretion in the approval process and in determining when or
whether regulatory approval will be obtained for any of our product candidates. Our product candidates may not be approved even if they
achieve their primary endpoints in future clinical trials. The FDA or foreign regulatory authorities may disagree with our trial design
and our interpretation of data from pre-clinical studies and clinical trials. In addition, any of these regulatory authorities may change
requirements for the approval of a product candidate even after reviewing and providing comments or advice on a protocol for clinical
trial that has the potential to result in FDA or other agencies&#8217; approval. In addition, such regulatory authorities may also approve
a product candidate for fewer or more limited indications than we request or may grant approval contingent on the performance of costly
post-marketing clinical trials. The FDA or foreign regulatory authorities may not approve the labeling claims that we believe would be
necessary or desirable for the successful commercialization of our product candidates which may have a material adverse effect on our
business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify"><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 given the limited number of patients who have the diseases for which
our product candidates are being studied which could delay or prevent the start of clinical trials for our product candidates.</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: 31.5pt"><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 candidates, 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 candidates will most likely be delayed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><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">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; 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">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; 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">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; 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">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, including any new drugs that may be approved for the indications we are investigating;</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
    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; 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">pendency
    of other trials underway in the same 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; 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">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; 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">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; 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">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; 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">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; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 CROs and/or with other vendors that handle our clinical trials.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 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; text-indent: 31.5pt"><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 indications, 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 candidates 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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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 candidates, the commercial prospects
of our product candidates could be harmed, and our ability to generate product revenue from any of our product candidates 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: 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><i>Our
product candidates may have undesirable side effects that may delay or prevent marketing approval or, if approval is received, require
them to be taken off the market, require them to include safety warnings or otherwise limit their sales; no regulatory agency has made
any such determination that any of our product candidates are safe or effective for use by the general public for any indication.</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: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our product candidates are still in pre-clinical or early clinical development. Additionally, all of our product candidates are required
to undergo ongoing safety testing in humans as part of clinical trials. Consequently, not all adverse effects of drugs can be predicted
or anticipated. Unforeseen side effects from any of our product candidates could arise either during clinical development or, if approved
by regulatory authorities, after the approved product has been marketed. Therefore, the results from clinical trials may not demonstrate
a favorable safety profile in humans. The results of future clinical trials may show that our product candidates cause undesirable or
unacceptable side effects, which could interrupt, delay or halt clinical trials, and result in delay of, or failure to obtain, marketing
approval from the FDA or foreign regulatory authorities, or result in marketing approval from the FDA or foreign regulatory authorities
with restrictive label warnings, limited patient populations or potential product liability claims. Even if we believe that our clinical
trial and pre-clinical studies demonstrate the safety and efficacy of our product candidates, only the FDA and other comparable regulatory
agencies may ultimately make such determination. No regulatory agency has made a determination that any of our product candidates are
safe or effective for any indication.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt"><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: 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of our product candidates receive marketing approval and we or others later identify undesirable or unacceptable side effects caused
by such products:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt"><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">regulatory
    authorities may require us to take our approved product off the market;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">regulatory
    authorities may require the addition of labeling statements, specific warnings, and/or a contraindication or field alerts to physicians
    and pharmacies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 required to change the way the product is administered, conduct additional clinical trials or change the labeling of the 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">we
    may be subject to limitations on how we may promote the 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">sales
    of the product may decrease significantly;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 subject to litigation or product liability claims; 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
    reputation may suffer.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -10.2pt"><span 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: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these events could prevent us from achieving or maintaining market acceptance of the affected product or could substantially increase
commercialization costs and expenses, which in turn could delay or prevent us from generating revenue from the sale of any future products.</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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<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><i>&#160;</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"><b><i>We
are dependent on third parties for manufacturing and marketing of our product candidates. If we are not able to secure favorable arrangements
with such third parties, our business and financial condition could be harmed.</i></b></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will not manufacture any of our product candidates for commercial sale nor do we have the resources necessary to do so. In addition,
we currently do not have the capability to market our drug products ourselves. In addition to our internal sales force efforts, we have
contracted with and intend to continue to contract with specialized manufacturing companies to manufacture our product candidates. In
connection with our efforts to commercialize our product candidates, we will seek to secure favorable arrangements with third parties
to distribute, promote, market and sell our product candidates. If our internal sales force is unable to successfully distribute, market
and promote our product candidates and we are not able to secure favorable commercial terms or arrangements with third parties for the
distribution, marketing, promotion and sales of our product candidates, we may have to retain promotional and marketing rights and seek
to develop the commercial resources necessary to promote or co-promote or co-market certain or all of our drug candidates to the appropriate
channels of distribution in order to reach the specific medical market that we are targeting. We may not be able to enter into any partnering
arrangements on this or any other basis. If we are not able to secure favorable partnering arrangements, or are unable to develop the
appropriate resources necessary for the commercialization of our product candidates, our business and financial condition could be harmed.</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we, or our potential commercial partners, may not successfully introduce our product candidates or such candidates may not
achieve acceptance by patients, health care providers and insurance companies. Further, it is possible that we may not be able to secure
arrangements to manufacture, market, distribute, promote and sell our proposed product candidates at favorable commercial terms that
would permit us to make a profit. To the extent that corporate partners conduct clinical trials, we may not be able to control the design
and conduct of these clinical trials.</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><i>If
a third-party contract manufacturing organization (&#8220;CMO&#8221;) upon whom we rely to formulate and manufacture our product candidates
does not perform, fails to manufacture according to our specifications or fails to comply with strict regulations, our pre-clinical studies
or clinical trials could be adversely affected and the development of our product candidates could be delayed or terminated or we could
incur significant additional expenses.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not own or operate any manufacturing facilities. We rely on and intend to continue to rely on CMOs to formulate and manufacture our
pre-clinical and clinical materials. Our reliance on a CMO exposes us to a number of risks, any of which could delay or prevent the completion
of our pre-clinical studies or clinical trials, or the regulatory approval or commercialization of our product candidates, result in
higher costs, or deprive us of potential product revenues. Some of these risks include:</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; 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">our
    CMO failing to develop an acceptable formulation to support later-stage clinical trials for, or the commercialization of, 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">our
    CMO failing to manufacture our product candidate according to our specifications, the FDA&#8217;s current good manufacturing practice
    (&#8220;cGMP&#8221;) requirements, or otherwise manufacturing material that we, the FDA or other regulatory agencies may deem to
    be unsuitable 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">our
    CMO being unable to increase the scale of, increase the capacity for, or reformulate the form of our product candidates. We may experience
    a shortage in supply, or the cost to manufacture our products may increase to the point where it may adversely affect the cost of
    our product candidates. We cannot assure you that our CMO will be able to manufacture our product candidates at a suitable scale,
    or we will be able to find alternative manufacturers acceptable to us that can do so;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    CMO placing a priority on the manufacture of their own products, or other customers&#8217; products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    CMO failing to perform as agreed upon or not remain in 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">our
    CMO&#8217;s plants being closed as a result of regulatory sanctions, natural disasters, health epidemics or otherwise.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturers
of pharmaceutical products are subject to ongoing periodic inspections by the FDA, the U.S. Drug Enforcement Administration and corresponding
state and foreign agencies to ensure strict compliance with FDA mandated cGMP, other government regulations and corresponding foreign
standards. While we are obligated to audit their performance, we do not have control over our CMO&#8217;s compliance with these regulations
and standards. Failure by any of our CMOs, or us, to comply with applicable regulations could result in sanctions being imposed on us
or the CMOs. These sanctions may include fines, injunctions, civil penalties, failure of the government to grant pre-market approval
of drugs, delays, suspension or withdrawal of approvals, seizures or recalls of product, operating restrictions and criminal prosecutions,
any of which could significantly and adversely affect our business.</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">&#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"><b><i>&#160;</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"><b><i>In
the event that we need to change our CMOs, our pre-clinical studies, clinical trials or the commercialization of our product candidates
could be delayed, adversely affected or terminated, or such a change may result in significantly higher costs.</i></b></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various
steps in the manufacture of our product candidates may need to be sole-sourced. In accordance with cGMP, changing manufacturers may require
the re-validation of manufacturing processes and procedures, and may require further pre-clinical studies or clinical trials to show
comparability between the materials produced by different manufacturers. Changing our current or future CMOs may be difficult for us
and could be costly, which could result in our inability to manufacture our product candidates for an extended period of time and therefore
a delay in the development of our product candidates. Further, in order to maintain our development time lines in the event of a change
in our CMOs, we may incur significantly higher costs to manufacture our product candidates.</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><i>We
may have conflicts with our future partners that could delay or prevent the development or commercialization of our product candidates.</i></b></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may have conflicts with our future partners, such as conflicts concerning the interpretation of pre-clinical or clinical data, the achievement
of milestones, the interpretation of contractual obligations, payments for services, development obligations or the ownership of intellectual
property developed during our collaboration. If any conflicts arise with any of our partners, such partner may act in a manner that is
adverse to our best interests. Any such disagreement could result in one or more of the following, each of which could delay or prevent
the development or commercialization of our product candidates, and in turn prevent us from generating revenues: unwillingness on the
part of a partner to pay us milestone payments or royalties we believe are due to us under a collaboration; uncertainty regarding ownership
of intellectual property rights arising from our collaborative activities, which could prevent us from entering into additional collaborations;
unwillingness by the partner to cooperate in the development or manufacture of the product, including providing us with product data
or materials; unwillingness on the part of a partner to keep us informed regarding the progress of its development and commercialization
activities or to permit public disclosure of the results of those activities; initiating of litigation or alternative dispute resolution
options by either party to resolve the dispute; or attempts by either party to terminate the agreement.</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><i>We
may not be able to conduct, or contract others to conduct, animal testing in the future, which could harm our research and development
activities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
laws and regulations relating to drug development require us to test our drug candidates on animals before initiating clinical trials
involving humans. Animal testing activities have been the subject of controversy and adverse publicity. Animal rights groups and other
organizations and individuals have attempted to stop animal testing activities by pressing for legislation and regulation in these areas
and by disrupting these activities through protests and other means. To the extent the activities of these groups are successful, our
research and development activities may be interrupted or delayed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.05pt"><span 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: 32.05pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.05pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.05pt"><span style="font: 10pt Times New Roman, Times, Serif">&#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><i>If
any of our product candidates receive regulatory approval, the approved products may not achieve broad market acceptance among physicians,
patients, the medical community and third-party payors, in which case revenue generated from their sales would be limited.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt"><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: 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
commercial success of our product candidates will depend upon their acceptance among physicians, patients and the medical community.
The degree of market acceptance of our product candidates will depend on a number of factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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">limitations
    or warnings contained in the approved labeling for a 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#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">
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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">
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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></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>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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>
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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">availability
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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">
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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></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>
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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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  <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">
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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">
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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">convenience
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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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">potential
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: -10.2pt"><span 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: 21.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of our product candidates are approved, but do not achieve an adequate level of acceptance by physicians, patients and the medical
community, we may not generate sufficient revenue from these products, and we may not become or remain profitable. In addition, efforts
to educate the medical community and third-party payors on the benefits of our product candidates may require significant resources and
may never be successful.</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><i>Even
if we receive regulatory approval to commercialize any of the product candidates that we develop, we will be subject to ongoing regulatory
obligations and continued regulatory review, which may result in significant additional expense.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
regulatory approvals that we receive for our product candidates may be subject to limitations on the approved indicated uses for which
the product may be marketed or subject to certain conditions of approval, and may contain requirements for potentially costly post-approval
trials, including Phase 4 clinical trials, and surveillance to monitor the safety and efficacy of the marketed product.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
any approved product, we will be subject to ongoing regulatory obligations and extensive oversight by regulatory authorities, including
with respect to manufacturing processes, labeling, packaging, distribution, adverse event reporting, storage, advertising, promotion
and recordkeeping for the product. These requirements include submissions of safety and other post-approval information and reports,
as well as continued compliance with cGMP and current good clinical practice (&#8220;cGCP&#8221;) for any clinical trials that we conduct
post- approval. Later discovery of previously unknown problems with a product, including adverse events of unanticipated severity or
frequency, or with third-party manufacturers or manufacturing processes, or failure to comply with regulatory requirements, may result
in, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</table>
<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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 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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    <td style="font: 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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    seizure or detention, or refusal to permit the import or export of 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">injunctions
    or the imposition of civil or criminal penalties.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Occurrence
of any of the foregoing could have a material and adverse effect on our business and results of operations. Further, the FDA&#8217;s
or other regulatory authority&#8217;s policies may change and additional government regulations may be enacted that could prevent, limit
or delay regulatory approval of our product candidates. If we are slow or unable to adapt to changes in existing requirements or the
adoption of new requirements or policies, or if we are not able to maintain regulatory compliance, we may lose any marketing approval
that we may have obtained, which could adversely affect our business, prospects and ability to achieve or sustain profitability.</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><i>If
any product liability lawsuits are successfully brought against us, we may incur substantial liabilities and may be required to limit
commercialization of our product candidates.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face an inherent risk of product liability lawsuits related to the testing of our product candidates in seriously ill patients, and will
face an even greater risk if product candidates are approved by regulatory authorities and commercialized. Product liability claims may
be brought against us by participants enrolled in our clinical trials, patients, health care providers or others using, administering
or selling any of our future approved products. If we cannot successfully defend ourselves against any such claims, we may incur substantial
liabilities. Regardless of their merit or eventual outcome, liability claims may result in:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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; 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">decreased
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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>
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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
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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>
    <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 or costly settlement with patients or other claimants;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    recalls or a change in the indications for which products may be used;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">loss
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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">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; 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
    inability to commercialize our product candidates.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of our product candidates are approved for commercial sale, we will be highly dependent upon consumer perceptions of us and the safety
and quality of our products. We could be adversely affected if we are subject to negative publicity. We could also be adversely affected
if any of our products or any similar products distributed by other companies prove to be, or are asserted to be, harmful to patients.
Because of our dependence upon consumer perceptions, any adverse publicity associated with illness or other adverse effects resulting
from patients&#8217; use or misuse of our products or any similar products distributed by other companies could have a material adverse
impact on our financial condition or results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 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; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance
coverage is becoming increasingly expensive. As a result, we may be unable to maintain or obtain sufficient insurance at a reasonable
cost to protect us against losses that could have a material adverse effect on our business. A successful product liability claim or
series of claims brought against us, particularly if judgments exceed any insurance coverage we may have, could decrease our cash resources
and adversely affect our business, financial condition and results of operation.</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><i>Current
and future legislation may increase the difficulty and cost for us to obtain marketing approval of and commercialize our product candidates
and affect the prices we may obtain for such product candidates.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the United States and some foreign jurisdictions, there have been a number of legislative and regulatory changes and proposed changes
regarding the healthcare system that could prevent or delay marketing approval for our product candidates, restrict or regulate post-approval
activities and affect our ability to profitably sell our product candidates. Legislative and regulatory proposals have been made to expand
post-approval requirements and restrict sales and promotional activities for pharmaceutical products. We do not know whether additional
legislative changes will be enacted, or whether the FDA regulations, guidance or interpretations will be changed, or what the impact
of such changes on the marketing approvals of our product candidates, if any, may be. In addition, increased scrutiny by the U.S. Congress
of the FDA&#8217;s approval process may significantly delay or prevent marketing approval, as well as subject us to more stringent product
labeling and post-marketing testing and other requirements.</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the United States, the Medicare Modernization Act (&#8220;MMA&#8221;) changed the way Medicare covers and pays for pharmaceutical products.
The legislation expanded Medicare coverage for drug purchases by the elderly and introduced a new reimbursement methodology based on
average sales prices for drugs. In addition, this legislation authorized Medicare Part D prescription drug plans to use formularies where
they can limit the number of drugs that will be covered in any therapeutic class. As a result of this legislation and the expansion of
federal coverage of drug products, we expect that there will be additional pressure to contain and reduce costs. These cost reduction
initiatives and other provisions of this legislation could decrease the coverage and price that we receive for our product candidates
and could seriously harm our business. While the MMA applies only to drug benefits for Medicare beneficiaries, private payors often follow
Medicare coverage policy and payment limitations in setting their own reimbursement rates, and any reduction in reimbursement that results
from the MMA may result in a similar reduction in payments from private payors.</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Patient Protection and Affordable Care Act, as amended by the Health Care and Education Affordability Reconciliation Act of 2010 (collectively,
the &#8220;Health Care Reform Law&#8221;) is a sweeping law intended to broaden access to health insurance, reduce or constrain the growth
of healthcare spending, enhance remedies against fraud and abuse, add new transparency requirements for healthcare and health insurance
industries, impose new taxes and fees on the health industry and impose additional health policy reforms. The Health Care Reform Law
revised the definition of &#8220;average manufacturer price&#8221; for reporting purposes, which could increase the amount of Medicaid
drug rebates to states. Further, the law imposed a significant annual fee on companies that manufacture or import branded prescription
drug products.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Health Care Reform Law remains subject to legislative efforts to repeal, modify or delay the implementation of the law. However, if the
Health Care Reform Law is repealed or modified, or if implementation of certain aspects of the Health Care Reform Law are delayed, such
repeal, modification or delay may materially adversely impact our business, strategies, prospects, operating results or financial condition.
We are unable to predict the full impact of any repeal, modification or delay in the implementation of the Health Care Reform Law on
us at this time. Due to the substantial regulatory changes that will need to be implemented by the Centers for Medicare &amp; Medicaid
Services and others, and the numerous processes required to implement these reforms, we cannot predict which healthcare initiatives will
be implemented at the federal or state level, the timing of any such reforms, or the effect such reforms or any other future legislation
or regulation will have on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, other legislative changes have been proposed and adopted in the United States since the Health Care Reform Law was enacted.
We expect that additional federal healthcare reform measures will be adopted in the future, any of which could limit the amounts that
federal and state governments will pay for healthcare products and services, and in turn could significantly reduce the projected value
of certain development projects and reduce or eliminate our profitability.</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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<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><i>&#160;</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"><b><i>If
we fail to comply with healthcare regulations, we could face substantial enforcement actions, including civil and criminal penalties
and our business, operations and financial condition could be adversely affected.</i></b></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a company involved in the healthcare industry, our business activities are subject to substantial governmental regulation. There are
significant costs involved in complying with these laws and regulations. If we are found to have violated any applicable laws or regulations,
we could be subject to civil or criminal damages, fines, sanctions or penalties, including exclusion from participation in government
healthcare programs, such as Medicare, and we may be required to change our method of operations and business strategy. A federal, state,
local or foreign government could determine that we are not operating in accordance with the law, or whether, when or how the laws, or
the interpretation thereof, will change in the future and impact our business, financial condition, cash flows and results of operations.
Any of these possibilities, if they occur, could adversely affect us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
laws to which we will be subject and which could impact our business activities include the following.</span></p>

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<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">federal
    and state healthcare program anti-kickback laws (including the federal Anti-Kickback Statute and Civil Monetary Penalties Law) prohibit
    among other things, persons from soliciting, receiving or providing remuneration, directly or indirectly, to induce either the referral
    of an individual, for an item or service or the purchasing or ordering of a good or service, for which payment may be made under
    federal healthcare programs such as the Medicare and Medicaid programs. Such anti-kickback laws can be implicated by, among other
    activities, marketing arrangements with ordering providers, discount or rebate programs or other inducements to purchase our products.
    Violation of these laws can result in criminal prosecution and imposition of criminal penalties and fines, as well civil monetary
    penalties and multiple damage judgments, and exclusion from participation in federal healthcare 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">the
    Omnibus Budget Reconciliation Act of 1993 (42 U.S.C. &#167; 1395nn) (the &#8220;Stark Law&#8221;) prohibit referrals by ordering
    by a physician of &#8220;designated health services&#8221; which include pharmaceuticals and drugs that are payable, in whole or
    in part, by Medicare or Medicaid, to an entity in which the physician or the physician&#8217;s immediate family member has an investment
    interest or other financial relationship, subject to several exceptions. Financial relationships that are implicated by the Stark
    Law can include arrangements ranging from marketing arrangements and consulting agreements to medical director agreements with physicians
    who order our products. The Stark Law also prohibits billing for services rendered pursuant to a prohibited referral. Several states
    have enacted laws similar to the Stark Law. These state laws may cover all (not just Medicare and Medicaid) patients. Many federal
    healthcare reform proposals in the past few years have attempted to expand the Stark Law to cover all patients as well. If we violate
    the Stark Law, our financial results and operations could be adversely affected. Penalties for violations include denial of payment
    for the services, significant civil monetary penalties, and exclusion from the Medicare and Medicaid 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">federal
    false claims laws which prohibit, among other things, individuals or entities from knowingly presenting, or causing to be presented,
    claims for payment from Medicare, Medicaid, or other third-party payers that are false or fraudulent, and which may apply to entities
    like us which provide coding and billing information to customers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    federal Health Insurance Portability and Accountability Act of 1996, the Health Information and Technology for Economic and Clinical
    Health Act and their implementing regulations at 45 C.F.R. Parts 160, 162 and 164, as amended (&#8220;HIPAA&#8221;) which imposes
    certain requirements relating to the privacy, security and transmission of protected health information which includes individually
    identifiable health information, demographic data, medical histories and test results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    Federal Food, Drug and Cosmetic Act which among other things, strictly regulates drug manufacturing and product marketing, prohibits
    manufacturers from marketing drug products for off-label use and regulates the distribution of drug samples; 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">state
    law equivalents of each of the above federal laws, such as, Stark Law, anti-kickback and false claims laws which may apply to items
    or services reimbursed by any third-party payer, including commercial insurers, and state laws governing the privacy and security
    of health information in certain circumstances, many of which differ from each other in significant ways and often are not preempted
    by federal laws, thus complicating compliance efforts.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our operations are found to be in violation of any of the laws described above or any governmental regulations that apply to us, we may
be subject to penalties, including civil and criminal penalties, damages, fines and the curtailment or restructuring of our operations.
Any penalties, damages, fines, curtailment or restructuring of our operations could adversely affect our ability to operate our business
and our financial results. Although compliance programs can mitigate the risk of investigation and prosecution for violations of these
laws, the risks cannot be entirely eliminated. Any action against us for violation of these laws, even if we successfully defend against
it, could cause us to incur significant legal expenses and divert management&#8217;s attention from the operation of our business. Moreover,
achieving and sustaining compliance with applicable federal and state privacy, security and fraud laws may prove costly.</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: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to effectively adapt to changes in the healthcare industry, our business may be harmed.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal,
state and local legislative bodies frequently pass legislation and promulgate regulations relating to healthcare reform or that affect
the healthcare industry. As has been the trend in recent years, it is reasonable to assume that there will continue to be increased government
oversight and regulation of the healthcare industry in the future. We cannot predict the ultimate content, timing or effect of any new
healthcare legislation or regulations, nor is it possible at this time to estimate the impact of potential new legislation or regulations
on our business. It is possible that future legislation enacted by Congress or state legislatures, or regulations promulgated by regulatory
authorities at the federal or state level, could adversely affect our business. It is also possible that the changes to federal healthcare
program reimbursements to providers who purchase our products may serve as precedent to possible changes in other payors&#8217; reimbursement
policies in a manner adverse to us. Similarly, changes in private payor reimbursements could lead to adverse changes in federal healthcare
programs, which could have a material adverse effect on our business, financial condition, cash flows and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><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: 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: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that we will be able to successfully address changes in the current regulatory environment. Some of the healthcare
laws and regulations applicable to us are subject to limited or evolving interpretations, and a review of our business or operations
by a court, law enforcement or a regulatory authority might result in a determination that could have a material adverse effect on us.
Furthermore, the healthcare laws and regulations applicable to us may be amended or interpreted in a manner that could have a material
adverse effect on our business, financial condition, cash flows and results of operations.</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"><b>Risks
Relating to our Business and Operations</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"><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 and fail to capitalize on product candidates that may be more
profitable or for which there is a greater likelihood of success.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we have limited financial and managerial resources, we intend to prioritize our efforts on specific research and development programs,
including clinical development of IMX-110, IMX-111 and IMX-120 or other future product candidates. As a result, we may forgo or delay
pursuit of other opportunities, including with potential future product candidates that later prove to have greater commercial potential.
Our resource allocation decisions may cause us to fail to capitalize on viable commercial products or profitable market opportunities.
Our spending on current and future research and development programs and product candidates for specific indications may not yield any
commercially viable drug candidates. If we do not accurately evaluate the commercial potential or target market for a particular product
candidate, we may relinquish valuable rights to that product candidate through partnership, licensing or other royalty arrangements in
cases in which it would have been more advantageous for us to retain sole development and commercialization rights to such product candidate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the market opportunities for our current and potential future product candidates are smaller than we believe they are, our ability to
generate product revenue may be adversely affected and our business may suffer.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
understanding of the number of people who suffer from certain types of cancers and inflammatory diseases as well as ulcerative colitis
and Crohn&#8217;s disease that our product candidates may have the potential to treat is based on estimates. These estimates may prove
to be incorrect, and new studies may demonstrate or suggest a lower estimated incidence or prevalence of such diseases. The number of
patients in the United States or elsewhere may turn out to be lower than expected, may not be otherwise amenable to treatment with our
current or potential future product candidates or patients may become increasingly difficult to identify and access, all of which would
adversely affect our business prospects and financial condition.</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"><b><i>&#160;</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"><b><i>Our
products will face significant competition, and if they are unable to compete successfully, our business will suffer.</i></b></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
compete in an industry that is characterized by: (i) rapid technological change, (ii) evolving industry standards, (iii) emerging competition,
(iv) new product introductions and (v) an emphasis on proprietary and novel products and product candidates. Our competitors, some of
which include larger pharmaceutical companies, biotechnology companies, and academic institutions, have and may develop products and
technologies that will compete with our products and technologies. Specifically, we face competition from companies developing therapies
for both oncology and inflammation some of which include Kymera Therapeutics Inc., Morphic Holding Inc., and RAPT Therapeutics Inc. In
addition, we face competition from companies developing therapies for IBD (including UC and CD) some of which include Arena Pharmaceuticals
Inc., Landos Biopharma Inc., and Seres Therapeutics Inc. Moreover, companies with approved therapies and that are developing therapies
for soft tissue sarcoma include, but are not limited to, BioAtla Inc., Epizyme Inc., Nanobiotix SA, C4 Therapeutics, Inc., Adaptimmune
Therapeutics plc, Eisai, Novartis, and Janssen/Johnson &amp; Johnson, and a company developing multi-kinase inhibitors is Mirati Therapeutics,
Inc. We also compete with these organizations to recruit management, scientists and clinical development personnel, which could negatively
affect our level of expertise and our ability to execute our business plan. We will also face competition in establishing clinical trial
sites, enrolling subjects for clinical trials and in identifying new product candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.05pt"><span 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">We
believe that a significant number of products are currently under development, and may become commercially available in the future, for
the treatment of conditions for which we may attempt to develop product candidates. In addition, our products may need to compete with
drugs physicians use off-label to treat the indications for which we seek approval. This may make it difficult for us to replace existing
therapies with our products.</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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
commercial opportunity could be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective,
have fewer side effects, are more convenient, have a broader label, are marketed more effectively, are more widely reimbursed or are
less expensive than any products that we may develop. Our competitors also may obtain marketing approval from the FDA or other comparable
foreign regulatory authorities 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. Even if the product candidates we develop achieve marketing
approval, they may be priced at a significant premium over competitive products if any have been approved by then, resulting in reduced
competitiveness. Technological advances or products developed by our competitors may render our technologies or product candidates obsolete,
less competitive or not economical.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.05pt"><span 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
several competing companies and institutions have greater financial resources than us, they may be able to: (i) provide broader services
and product lines, (ii) make greater investments in research and development and (iii) carry on larger research and development initiatives.
Our competitors also have greater development capabilities than we do and have substantially greater experience in undertaking pre-clinical
and clinical testing of products, obtaining regulatory approvals, and manufacturing and marketing pharmaceutical products. They may also
have greater name recognition and better access to customers than us.</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><i>Security
breaches, loss of data and other disruptions could compromise sensitive information related to our business or protected health information
or prevent us from accessing critical information and expose us to liability, which could adversely affect our business and our reputation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the ordinary course of our business, we may collect and store sensitive data, including legally protected health information, personally
identifiable information, intellectual property and proprietary business information. We manage and maintain our applications and data
by utilizing cloud-based data center systems. These applications and data may encompass a wide variety of business-critical information,
including research and development information, commercial information and business and financial information. We face risks relative
to protecting this critical information, including loss of access risk, inappropriate disclosure risk, inappropriate modification risk
and the risk of being unable to adequately monitor our controls.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
information technology and infrastructure may be vulnerable to attacks by hackers or viruses or breached due to employee error, malfeasance
or other disruptions. Any such breach or interruption could compromise our networks and the information stored there could be accessed
by unauthorized parties, publicly disclosed, lost or stolen. Any such access, disclosure or other loss of information could result in
legal claims or proceedings, liability under laws that protect the privacy of personal information, such as the federal privacy rules
for health information promulgated under HIPAA and regulatory penalties. There is no guarantee that we can continue to protect our systems
from breach. Unauthorized access, loss or dissemination could also disrupt our operations, including our ability to conduct our analyses,
provide test results, bill payors or providers, process claims and appeals, conduct research and development activities, collect, process
and prepare company financial information, provide information about any future products, manage the administrative aspects of our business
and damage our reputation, any of which could adversely affect our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. Office of Civil Rights in the Department of Health and Human Services enforces the HIPAA privacy and security rules and may impose
penalties for failure to comply with requirements of HIPAA. Penalties vary significantly depending on factors such as whether failure
to comply was due to willful neglect. These penalties include civil monetary penalties of $100 to $50,000 per violation, up to an annual
cap of $1,500,000 for identical violations. A person who knowingly obtains or discloses individually identifiable health information
in violation of HIPAA may face a criminal penalty of up to $50,000 per violation and up to one-year imprisonment. The criminal penalties
increase to $100,000 per violation and up to five-years imprisonment if the wrongful conduct involves false pretenses, and to $250,000
per violation and up to 10-years imprisonment if the wrongful conduct involves the intent to sell, transfer, or use identifiable health
information for commercial advantage, personal gain, or malicious harm. The U.S. Department of Justice is responsible for criminal prosecutions
under HIPAA. Furthermore, in the event of a breach as defined by HIPAA, there are reporting requirements to the Office of Civil Rights
under the HIPAA regulations as well as to affected individuals, and there may also be additional reporting requirements to other state
and federal regulators, including the Federal Trade Commission, and to the media. Issuing such notifications can be costly, time and
resource intensive, and can generate significant negative publicity. Breaches of HIPAA may also constitute contractual violations that
could lead to contractual damages or terminations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the interpretation and application of consumer, health-related and data protection laws in the United States, the European
Union, or EU, and elsewhere are often uncertain, contradictory and in flux. It is possible that these laws may be interpreted and applied
in a manner that is inconsistent with our practices. If so, this could result in government-imposed fines or orders requiring that we
change our practices, which could adversely affect our business. In addition, these data protection laws vary between states, may differ
from country to country, and may vary based on whether testing is performed in the United States or in another country. Complying with
these various laws could cause us to incur substantial costs or require us to change our business practices and compliance procedures
in a manner adverse to our business. For example, we may be subject to privacy laws and regulations such as the European Union&#8217;s
General Data Protection Regulation (&#8220;GDPR&#8221;) and the California Consumer Privacy Act (&#8220;CCPA&#8221;). These laws mandate
that companies satisfy requirements regarding the handling of personal and sensitive data, including its use, protection, and the ability
of persons whose data is stored to correct or delete such data about themselves. Failure to comply with GDPR requirements could result
in penalties of up to 4% of worldwide revenue. The GDPR, CCPA, and other similar laws and regulations, as well as any associated inquiries
or investigations or any other government actions, may be costly to comply with, increase our operating costs, require significant management
time and attention, and subject us to remedies that may harm our business, including fines, negative publicity, or demands or orders
that we modify or cease existing business practices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
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. Likewise, we rely on other third parties for the manufacture of our
product candidates and to conduct clinical trials, and similar events relating to their computer systems could have a material adverse
effect on our business.</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;&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
outbreak of COVID-19, or a similar pandemic, epidemic or outbreak of an infectious disease in the United States or elsewhere, could have
a material adverse impact on our business, financial condition and results of operations, including the execution of our pre-clinical
studies and clinical trials and the use and sufficiency of our existing cash.</i></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outbreak of COVID-19 evolved into a global pandemic. The extent to which COVID-19 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
COVID-19, including new variants, and the actions to contain the virus or treat its impact, among others. Many countries around the world
have imposed quarantines and restrictions on travel and mass gatherings to slow the spread of the virus.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
spread of an infectious disease, including COVID-19, may also result in the inability of our suppliers to deliver supplies to us on a
timely basis. We currently utilize third parties to, among other things, manufacture components of our product candidates and, in the
future, intend to utilize third parties to conduct our pre-clinical studies and clinical trials. If either we or 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 COVID-19 pandemic, our supply chain may be disrupted, limiting our ability to manufacture our product candidates for our pre-clinical
studies and clinical trials.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 pandemic could also potentially affect the business of the FDA or other health authorities, which could result in delays in
meetings related to current and planned clinical trials and ultimately of reviews and approvals of our product candidates. Infections
and deaths related to COVID-19 are disrupting certain healthcare and healthcare regulatory systems worldwide. The effects of COVID-19
may also slow potential enrollment of current and planned clinical trials, reduce the number of eligible patients for our current and
planned clinical trials, create difficulties in recruiting clinical site investigators and staff, divert healthcare resources away from
the conduct of clinical trials, delay receiving approval from local authorities to initiate our current and planned clinical trials,
delay necessary interactions with local regulators, ethics committees and other important agencies and contractors due to limitations
in employee resources or forced furlough of government employees, interrupt key clinical trial activities (like site monitoring) due
to travel limitations imposed by authorities, and create difficulties in data collection and analysis, among other things. It is unknown
how long these disruptions could continue, were they to occur. Any elongation or de-prioritization of our pre-clinical or clinical studies
or delay in regulatory review resulting from such disruptions could materially affect the development and study of our product candidates.
Any delays to our current and planned timelines could also impact the use and sufficiency of our existing cash reserves, and we may be
required to raise additional capital earlier than we had previously planned. We may be unable to raise additional capital if and when
needed, which may result in further delays or suspension of our development plans. If we are able to raise additional capital, challenging
and uncertain economic conditions can make capital raising costly and dilutive.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
spread of COVID-19, 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. In addition, a recession, depression or other sustained adverse market event resulting from the
global effort to control COVID-19 infections 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: 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 pandemic and mitigation measures also have had, and may continue to have, an adverse impact on global economic conditions
which could have an adverse effect on our business and financial condition, including impairing our ability to raise capital when
needed. The extent to which the COVID-19 pandemic impacts our business and operations will depend on future developments that are
highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of the virus and the
actions to contain its impact. </span>Such events may result in a period of business disruption, and in reduced operations, any of
which could materially affect our business, financial condition and results of operations. We do not yet know the full extent of
potential delays or impacts on our business, our pre-clinical studies and clinical trials, 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.</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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<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><i>&#160;</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"><b><i>Any
international operations we undertake may subject us to risks inherent with operations outside of the United States.</i></b></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to obtain market clearance for our product candidates in foreign markets; however, even with the cooperation of a commercialization
partner, conducting drug development in foreign countries involves inherent risks, including, but not limited to: difficulties in staffing,
funding and managing foreign operations; unexpected changes in regulatory requirements; export restrictions; tariffs and other trade
barriers; difficulties in protecting, acquiring, enforcing and litigating intellectual property rights; fluctuations in currency exchange
rates; and potentially adverse tax consequences. If we were to experience any of the difficulties listed above, or any other difficulties,
our international development activities and our overall financial condition may suffer and cause us to reduce or discontinue our international
development and registration efforts.</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">&#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><i>We
may not be successful in hiring and retaining key employees, including executive officers.</i></b></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future operations and successes depend in large part upon the strength of our management team. We rely heavily on the continued service
of each member of our management team. Accordingly, if any member of our management team were to terminate their employment with us,
such departure may have a material adverse effect on our business. In addition, our future success depends on our ability to identify,
attract, hire or engage, retain and motivate other well-qualified financial, managerial, technical, clinical and regulatory personnel.
There can be no assurance that these professionals will be available in the market, or that we will be able to retain existing professionals
or to meet or to continue to meet their compensation requirements. Furthermore, the cost base in relation to such compensation, which
may include equity compensation, may increase significantly, which could have a material adverse effect on us. Failure to establish and
maintain an effective management team and work force could adversely affect our ability to operate, grow and manage our business.</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><i>Our
employees, independent contractors, consultants, commercial partners and vendors may engage in misconduct or other improper activities,
including non-compliance with regulatory standards and requirements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to the risk of employee fraud or other illegal activity by our employees, independent contractors, consultants, commercial
partners and vendors. Misconduct by these parties could include intentional, reckless and/or negligent conduct that fails to comply with
FDA or other regulations, provide true, complete and accurate information to the FDA and other similar foreign regulatory bodies, comply
with manufacturing standards we may establish, comply with healthcare fraud and abuse laws and regulations, report financial information
or data accurately or disclose unauthorized activities to us. If we obtain approval of any of our product candidates from the FDA or
any other foreign regulatory agency and begin commercializing those products in the United States or elsewhere, our potential exposure
under these laws will increase significantly, and our costs associated with compliance with these laws are likely to increase. In particular,
sales, marketing and business arrangements in the healthcare industry are subject to extensive laws and regulations intended to prevent
fraud, kickbacks, self-dealing and other abusive practices. These laws and regulations may restrict or prohibit a wide range of pricing,
discounting, marketing and promotion, sales commission, customer incentive programs and other business arrangements. 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. Additionally, we are subject to the risk that a person could allege such fraud or other misconduct,
even if none occurred. 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 comply 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 material
and adverse effect on our business, financial condition, results of operations and prospects, including the imposition of significant
civil, criminal and administrative penalties, damages, fines, disgorgement, imprisonment, the curtailment or restructuring of our operations,
loss of eligibility to obtain approvals from the FDA or other regulatory agencies, exclusion from participation in government contracting,
healthcare reimbursement or other government programs, including Medicare and Medicaid, integrity oversight and reporting obligations,
or reputational harm.</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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<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>Risks
Relating to our Intellectual Property</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>It
is difficult and costly to protect our proprietary rights, and we may not be able to ensure their protection. If our patent position
does not adequately protect our product candidates, others could compete against us, which may have a material adverse effect on our
business.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
commercial success will depend in part on obtaining and maintaining patent protection and trade secret protection of our current and
future product candidates, the processes used to manufacture them and the methods for using them, as well as successfully defending such
patents against third-party challenges. Our ability to stop third parties from making, using, selling, offering to sell or importing
our product candidates is dependent upon the extent to which we have rights under valid and enforceable patents or trade secrets that
cover these activities.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
patent positions of biotechnology and pharmaceutical companies can be highly uncertain and involve complex legal and factual questions
for which important legal principles remain unresolved. No consistent policy regarding the breadth of claims allowed in pharmaceutical
patents has emerged to date in the U.S. or in foreign jurisdictions outside of the U.S. Changes in either the patent laws or interpretations
of patent laws in the U.S. and other countries may diminish the value of our intellectual property. Accordingly, we cannot predict the
breadth of claims that may be enforced in the patents that may be issued from the applications we currently or may in the future own
or license from third parties. Further, if any patents we obtain or license are deemed invalid and unenforceable, our ability to commercialize
or license our products or technologies could be adversely affected.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others
have filed, and in the future are likely to file, patent applications covering products and technologies that are similar, identical
or competitive to ours or important to our business. We cannot be certain that any patent application owned by a third party will not
have priority over patent applications filed or in-licensed by us, or that we or our future licensors will not be involved in interference,
opposition, reexamination, review, reissue, post grant review or invalidity proceedings before U.S. or non-U.S. patent offices.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
degree of future protection for our proprietary rights is uncertain because legal means afford only limited protection and may not adequately
protect our rights or permit us to gain or keep our competitive advantage. For example:</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; 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">others
    may be able to make compounds that are similar to our product candidates, but that are not covered by the claims of our patents;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    might not have been the first to make the inventions covered by our pending 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
    might not have been the first to file patent applications for these inventions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    pending patent applications may not result in issued patents;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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
    claims of our issued patents or patent applications when issued may not cover our products or 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">any
    patents that we may obtain from licensing or otherwise may not provide us with any competitive advantages;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    granted patents that we rely upon may be held invalid or unenforceable as a result of legal challenges by third parties; 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
    patents of others may have an adverse effect on our business.</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>

<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>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 potential 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: 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be required to enter into intellectual property license agreements that are important to our business. These license agreements may
impose various diligence, milestone payment, royalty and other obligations on us. For example, we may enter into exclusive license agreements
with various 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 milestone and royalty payment obligations.
If we fail to comply with any obligations under any potential agreements with any of these licensors, we may be subject to termination
of the license agreement 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 agreement will be impaired.</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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<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">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: 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">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 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 terms of certain of our license agreements,
    we may be required to sublicense rights in that area to a 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>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
disputes over intellectual property that we have licensed prevent or impair our ability to maintain our future licensing arrangements
on acceptable terms, we may be unable to successfully develop and commercialize our product candidates.</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: 31.5pt"><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 or 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 our product candidates, which could harm our business significantly.</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><i>We
may incur substantial costs as a result of litigation or other proceedings relating to patents and other intellectual property rights.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we choose to commence a proceeding or litigation to prevent another party from infringing our patents, that party will have the right
to ask the examiner or court to rule that such patents are invalid or should not be enforced against them. There is a risk that the examiner
or court will decide that our patents are not valid and that we do not have the right to stop the other party from using the related
inventions. There is also the risk that, even if the validity of such patents is upheld, the examiner or court will refuse to stop the
other party on the ground that such other party&#8217;s activities do not infringe our rights. In addition, the U.S. Supreme Court has
recently modified some tests used by the U.S. Patent and Trademark Office (&#8220;USPTO&#8221;) in granting patents over the past 20
years, which may decrease the likelihood that we will be able to obtain patents and increase the likelihood of challenge to any patents
we obtain or may, in the future, license. Any proceedings or litigation to enforce our intellectual property rights or defend ourselves
against claims of infringement of third-party intellectual property rights could be costly and divert the attention of managerial and
scientific personnel, regardless of whether such litigation is ultimately resolved in our favor. We may not have sufficient resources
to bring these actions to a successful conclusion. Moreover, if we are unable to successfully defend against claims that we have infringed
the intellectual property rights of others, we may be prevented from using certain intellectual property and may be liable for damages,
which in turn could materially adversely affect our business, financial condition or results of operations.</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><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: 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: 31.5pt"><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 product candidates, or manufacture or use of our 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. 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 around the patent
and may need to halt commercialization of our product candidates. 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. The pharmaceutical 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 of use. 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: 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>

<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: 31.5pt"><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 product candidates or methods either do not infringe the patent
claims of the relevant patent or that the patent claims are invalid, and we may not be able to do this. Proving invalidity is difficult.
For example, in the U.S., 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, defend an infringement action or challenge
the validity of the patents 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, develop or obtain non-infringing technology, fail to
defend an infringement action successfully or have infringed patents declared invalid, 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: 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: 31.5pt"><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 are the
first to invent the technology, because:</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; 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;
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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">patent
    applications in the U.S. 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
    in the scientific literature often lag behind actual discoveries.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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 products and technology similar to ours. Any such
patent application may have priority over our patent applications, which could require us to obtain rights to issued patents covering
such products or technologies. If another party has filed U.S. patent applications on inventions similar to us 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
by the USPTO to determine priority of invention in the U.S. 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 inventions, resulting in a loss of our U.S.
patent position with respect to such inventions which could in turn have a material adverse effect on our operations. Other countries
have similar laws that permit secrecy of patent applications, and may be entitled to priority over our applications in such jurisdictions.</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: 31.5pt"><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 us 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: 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><i>If
we are not able to adequately prevent disclosure of trade secrets and other proprietary information, the value of our technology and
products could be significantly diminished.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also rely on trade secrets to protect our proprietary products and technologies, especially where we do not believe patent protection
is appropriate or obtainable. However, trade secrets are difficult to protect. We rely in part on confidentiality agreements with our
employees, consultants and other advisors to protect our trade secrets and other proprietary information. These agreements may not effectively
prevent disclosure of confidential information and may not provide an adequate remedy in the event of unauthorized disclosure of confidential
information. In addition, others may independently discover our trade secrets and proprietary information. Costly and time-consuming
litigation could be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain trade secret
protection could adversely affect our business.</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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<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><i>&#160;</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"><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: 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
is common in the biotechnology and pharmaceutical industries, we employ individuals who were previously employed at other 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: 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><i>Our
intellectual property may not be sufficient to protect our product candidates from competition, which may negatively affect our business.</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: 31.5pt"><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 own or in the future may license. We can give no assurances
that our intellectual property claims will be sufficient to prevent third parties from designing around patents we own or may in the
future 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 product candidates.</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: 31.5pt"><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 from a third party. 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: 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">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">&#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;&#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
    trial, and commercialization activities, due to a potential deterioration of our financial condition or market competitiveness.</span></td></tr>
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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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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 own or in the future
may license; and, the result of these challenges may narrow the scope or claims of or invalidate patents that are integral to our product
candidates. There can be no assurance that we will be able to successfully defend patents we own or may license 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: 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual
property rights and enforcement may be less extensive in jurisdictions outside of the U.S.; thus, we may not be able to protect our intellectual
property and third parties may be able to market competitive products that may use some or all of our intellectual property.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
to patent law, including 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, may substantially change the regulations and procedures surrounding patent applications, issuance of patents,
and prosecution of patents. We can give no assurances that our patents 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: 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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 USPTO, courts and foreign government patent agencies, and our patent protection could
be reduced or eliminated for non-compliance with these requirements which may have a material adverse effect on our business.</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><i>We
conduct certain research and development operations through our Australian wholly-owned subsidiary. If we lose our ability to operate
in Australia, or if our subsidiary is unable to receive the research and development tax credit allowed by Australian regulations, our
business and results of operations could suffer.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2016, we formed a wholly-owned Australian subsidiary, Immix Biopharma Australia Pty Ltd (&#8220;IBAPL&#8221;), to conduct various
pre-clinical and clinical activities for our product and development candidates in Australia. Due to the geographical distance and lack
of employees currently in Australia, as well as our lack of experience operating in Australia, we may not be able to efficiently or successfully
monitor, develop and commercialize our lead products in Australia, including conducting clinical trials. Furthermore, we have no assurance
that the results of any clinical trials that we conduct for our product candidates in Australia will be accepted by the FDA or foreign
regulatory authorities for development and commercialization approvals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, current Australian tax regulations provide for a refundable research and development tax credit equal to 43.5% of qualified
expenditures. If we lose our ability to operate IBAPL in Australia, or if we are ineligible or unable to receive the research and development
tax credit, or the Australian government significantly reduces or eliminates the tax credit, our business and results of operation may
be adversely affected.</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>Risks
Related to Owning our Common Stock and this Offering</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
active trading market for our common stock may not develop, and you may not be able to sell your common stock at or above the public
offering price.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
active trading market for shares of our common stock may never develop or be sustained. If an active trading market does not develop,
you may have difficulty selling your shares of common stock at an attractive price, or at all. The price for our common stock in this
offering was determined by negotiations between us and the underwriters, and it may not be indicative of prices that will prevail in
the open market following this offering. Consequently, you may not be able to sell your common stock at or above the public offering
price or at any other price or at the time that you would like to sell. An inactive market may also impair our ability to raise capital
by selling our common stock, and it may impair our ability to attract and motivate our employees through equity incentive awards and
our ability to acquire other companies, products or technologies by using our common stock as consideration.</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><i>The
price of our common stock may fluctuate substantially.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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 common stock 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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><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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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales
    of our common stock by our stockholders, executives, and directors;</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>
    <td style="font: 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>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    ability to obtain financing to conduct and complete research and development activities including, but not limited to, our clinical
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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">
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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></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">the
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  </table>
<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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<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">
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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">
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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">
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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">
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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">
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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">
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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>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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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    <td style="font: 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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
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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">
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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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  <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></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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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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    <td style="font: 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></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></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">
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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">
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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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 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; text-indent: 31.5pt"><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: 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><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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 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: 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><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 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><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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,
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: 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><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
this offering, our directors, executive officers and principal stockholders, and their respective affiliates, will beneficially own approximately
59.0% of our outstanding shares of common stock. As a result, these stockholders, acting together, 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, these stockholders, acting together, 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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><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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<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"><b><i>&#160;</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"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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. After
giving effect to our sale of 1,683,502 shares of our common stock in this offering at an assumed public offering price of $2.97
per share, which was the last reported sale price of our common stock on The Nasdaq Capital Market on May 26, 2022, and our
net tangible book value as of March 31, 2022, if you purchase shares of common stock in this offering, you will suffer immediate
and substantial dilution of $1.43 per share with respect to the net tangible book value of the common stock. See the section entitled
&#8220;Dilution&#8221; elsewhere in this prospectus for a more detailed discussion of the dilution you will incur if you purchase common
stock in this offering. 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: 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><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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 products, 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: 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><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 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><i>We
are an &#8220;emerging growth company&#8221; and will be able to avail ourselves of reduced disclosure requirements applicable to emerging
growth companies, which could make our common stock less attractive to investors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company,&#8221; as defined in the JOBS Act and we intend to take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not &#8220;emerging growth companies&#8221; including not
being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations
regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding
advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. In addition,
pursuant to Section 107 of the JOBS Act, as an &#8220;emerging growth company&#8221; we intend to take advantage of the extended transition
period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, for complying with new
or revised accounting standards. In other words, an &#8220;emerging growth company&#8221; can delay the adoption of certain accounting
standards until those standards would otherwise apply to private companies. We cannot predict if investors will find our common stock
less attractive because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may
be a less active trading market for our common stock and our stock price may be more volatile. We may take advantage of these reporting
exemptions until we are no longer an &#8220;emerging growth company.&#8221; We will remain an &#8220;emerging growth company&#8221; until
the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.07 billion or more; (ii) the last
day of our fiscal year following the fifth anniversary of the date of the completion of our initial public offering; (iii) the date on
which we have issued more than $1 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed
to be a large accelerated filer under the rules of the Securities and Exchange Commission, or SEC.</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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<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><i>&#160;</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"><b><i>We
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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, 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: 0pt 0; text-align: justify; text-indent: 0.15in"><span 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><i>Our
third amended and restated certificate of incorporation (&#8220;Amended and Restated Certificate of Incorporation&#8221;) and our amended
and restated bylaws (the &#8220;Amended and Restated Bylaws&#8221;) 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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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 10 million 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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
of our Amended and Restated 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, our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and Delaware law,
as applicable, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><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">provide
    the board of directors with the ability to alter our Amended and Restated Bylaws without stockholder 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">place
    limitations on the removal of directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">establish
    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</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">provide
    that vacancies on the board of directors may be filled by a majority of directors in office, although less than a quorum.</span></td></tr>
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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">&#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><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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 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 Nasdaq Capital Market. 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; or a &#8220;smaller reporting company.&#8221; 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: 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"><b><i></i></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"></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><i>Our
Amended and Restated Certificate of Incorporation provides that the Court of Chancery of the State of Delaware will be the sole and exclusive
forum for substantially all disputes between us and our stockholders, which could limit stockholders&#8217; ability to obtain a favorable
judicial forum for disputes with the us or our directors, officers or employees.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Amended and Restated Certificate of Incorporation provides that unless we consent in writing to the selection of an alternative forum,
the State of Delaware is the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of us, (ii) any
action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of our Company to us or our stockholders,
(iii) any action asserting a claim against us, our directors, officers or employees arising pursuant to any provision of the Delaware
General Corporation Law (the &#8220;DGCL&#8221;) or our Amended and Restated Certificate of Incorporation or our Amended and Restated
Bylaws, or (iv) any action asserting a claim against us, our directors, officers, employees or agents governed by the internal affairs
doctrine, except for, as to each of (i) through (iv) above, any claim as to which the Court of Chancery determines that there is an indispensable
party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction
of the Court of Chancery within ten days following such determination), which is vested in the exclusive jurisdiction of a court or forum
other than the Court of Chancery, or for which the Court of Chancery does not have subject matter jurisdiction. This exclusive forum
provision would not apply to suits brought to enforce any liability or duty created by the Securities Act of 1933, as amended (&#8220;Securities
Act&#8221;), or the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. To the extent that any
such claims may be based upon federal law claims, Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits
brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability
created by the Securities Act or the rules and regulations thereunder. However, our Amended and Restated Certificate of Incorporation
contains a federal forum provision which provides that unless we consent in writing to the selection of an alternative forum, the federal
district courts of the United States of America will be the exclusive forum for the resolution of any complaint asserting a cause of
action arising under the Securities Act. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital
stock are deemed to have notice of and consented to this provision.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.15in"><span 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
choice of forum provisions may limit a stockholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes
with us or our directors, officers or other employees and may result in increased costs to our stockholders, which may discourage such
lawsuits against us and our directors, officers and other employees. Alternatively, if a court were to find our choice of forum provisions
contained in our Amended and Restated Certificate of Incorporation to be inapplicable or unenforceable in an action, we may incur additional
costs associated with resolving such action in other jurisdictions, which could harm our business, results of operations, and financial
condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to maintain effective internal controls could cause our investors to lose confidence in us and adversely affect the market price of our
common stock. If our internal controls are not effective, we may not be able to accurately report our financial results or prevent fraud.</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: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
internal control over financial reporting is necessary for us to provide reliable financial reports in a timely manner. Our management
concluded there was a material weakness in our internal control over financial reporting as of December 31, 2021 as, due to our small
size, and our limited number of personnel, we did not have in place an effective internal control environment with formal processes and
procedures, including journal entry processing and review, to allow for a detailed review of accounting transactions that would identify
errors in a timely manner. A material weakness is a significant deficiency, or a combination of significant deficiencies, in internal
control over financial reporting such that it is reasonably possible that a material misstatement of the annual or interim financial
statements will not be prevented or detected on a timely basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><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: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we have implemented additional review procedures including addition of accounting consultants to remediate such weakness, the material
weakness cannot be considered remediated until the controls operate for a sufficient period of time and management concludes that our
internal controls are operating effectively. While we believe that our remediation efforts will resolve the identified material weakness,
there is no assurance that such efforts will be sufficient or that additional actions will not be necessary, which may undermine our
ability to provide accurate, timely and reliable reports on our financial and operating results. Furthermore, if we remediate our current
material weakness but identify new material weaknesses in our internal control over financial reporting in the future, investors may
lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock may be negatively
affected. As a result of such failures, we could also become subject to investigations by Nasdaq, the SEC, or other regulatory authorities,
and become subject to litigation from investors and stockholders, which could harm our reputation, financial condition or divert financial
and management resources from our business.</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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<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"><i>&#160;</i></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 id="a_003"></span><b>INFORMATION
REGARDING FORWARD-LOOKING STATEMENTS</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; text-indent: 31.5pt"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><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">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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>
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    ability to continue as a going concern;</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>
    <td style="font: 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">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">
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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">
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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">
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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>
  <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">
    <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">
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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">
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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">
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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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  <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">
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    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
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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">
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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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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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    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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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 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 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">market
    acceptance of our product candidates, the size and growth of the potential markets for our current product candidates and any future
    product candidates we may seek to develop, and our ability to serve those markets; and</span></td></tr>
  </table>
<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: 0.25in"><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
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 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; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_004"></span>INDUSTRY
AND MARKET DATA</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; text-indent: 31.5pt"><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 for which we may be liable. 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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_005"></span>USE
OF PROCEEDS</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; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that the net proceeds from our issuance and sale of shares of our common stock in this offering will be approximately $4.3
million, assuming a public offering price of $2.97 per share, which was the last reported sale price of our common stock on
The Nasdaq Capital Market on May 26, 2022, after deducting estimated underwriting discounts and commissions and estimated
offering expenses payable by us. If the underwriters exercise their option to purchase additional shares in full, we estimate that the
net proceeds from this offering will be approximately $5.0 million, after deducting estimated underwriting discounts and commissions
and estimated offering expenses payable by us.</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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">intend to use approximately $4.0 million
of the net proceeds from this offering to fund additional patients enrolled into our planned IMX-110 Phase 2a STS clinical trial
and additional patients across various solid tumors enrolled into our IMX-110 + tislelizumab Phase 1b combination trial.
The balance of the net proceeds is expected to be used for general working capital purposes. We may also use a portion of the net proceeds to in-license, acquire or
invest in complementary businesses or products, however, we have no current commitments or obligations to do so.</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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<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; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the net proceeds from this offering and our existing cash will be sufficient to fund our current operations for at least
12 months from the date of this prospectus. We have based this estimate on assumptions that may prove to be wrong, and we could use our
available capital resources sooner than we currently expect.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Predicting
the cost necessary to develop product candidates 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 candidates 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: 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: 31.5pt"><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: 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: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_006"></span>DIVIDEND
POLICY</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; text-indent: 31.5pt"><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: 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: center"><span id="a_007"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CAPITALIZATION</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">The
following table sets forth our cash and our capitalization as of March 31, 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><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">on
    an actual basis;</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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On a pro forma basis, giving effect to the repayment
    on May 26, 2022 of the outstanding note payable and related accrued interest in the amount of $59,407 as of March 31, 2022.</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">&#160;</span></td>
    <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">on
    a pro forma as adjusted basis, giving further effect to the sale and issuance by us of 1,683,502 shares of common
    stock in this offering at an assumed public offering price of $2.97 per share, which was the last reported sale price of our
    common stock on The Nasdaq Capital Market on May 26, 2022, after deducting underwriting discounts and commissions and
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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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information in this table is unaudited and is illustrative only and our capitalization following the completion of this offering will
be adjusted based on the actual public offering price and other terms of this offering determined at pricing. You should read this table
in conjunction with the information contained in &#8220;Use of Proceeds,&#8221; &#8220;Summary Financial Data&#8221; and &#8220;Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations,&#8221; as well as the consolidated financial statements and
the notes included elsewhere in this prospectus.</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Adjusted</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td><td style="width: 2%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note payable</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-size: 10pt; 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-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders&#8217;
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
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    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,386</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,554</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
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    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,597,613</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,597,613</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54,880,661</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    other comprehensive income</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140,995</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140,995</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    deficit</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; 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-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31,087,582</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    stockholders&#8217; equity</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; 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-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,652,412</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; 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-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,652,412</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; 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-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,935,628</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    capitalization</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,702,412</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,652,412</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; 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-size: 10pt; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">23,935,628</p></td><td style="font-size: 10pt; 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: 0pt; text-align: justify; text-indent: 24pt">&#160;</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: 0; text-align: justify">The number of shares of our common stock to be outstanding
after this offering is based on 13,858,689 shares of our common stock outstanding as of March 31, 2022, assumes no exercise by
the underwriters of their over-allotment option and excludes:</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"><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">1,332,234
                                            shares of common stock issuable upon exercise of stock options at a weighted-average
                                            exercise price of $1.57 per share;</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">397,500
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock issuable upon exercise
    of warrants at a weighted-average exercise price of $4.11 per 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">1,328,886
shares of common stock reserved for future issuance under our 2016 and 2021 Equity Incentive Plans; </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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">26,315 shares of restricted common stock issued on April
    14, 2022 to an investor relations firm; and</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"></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></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">42,088
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock (or 48,401 shares
    if the representative exercises its over-allotment option in full) issuable upon exercise of warrants to be issued to the representative
    of the underwriters as part of this offering at an exercise price of $3.71 (assuming a public offering price of $2.97
    per share, which was the last reported sale price of our common stock on The Nasdaq Capital Market on May 26, 2022).</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>

<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="a_008"></span>DILUTION</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"><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">If
you invest in our common stock in this offering, your ownership interest will be diluted to the extent of the difference between the
offering price per share of our common stock and the pro forma as adjusted net tangible book value per share of our common stock immediately
after the offering. Historical net tangible book value  per share represents the amount of our total tangible assets less total
liabilities, divided by the number of shares of our common stock outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 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: 0; text-align: justify">The historical net tangible book value of our common stock as of March 31, 2022 was approximately $19.7 million or $1.42 per share based on 13,858,689
shares of common stock outstanding on such date. Historical net tangible book value per share represents the amount of our
total tangible assets reduced by the amount of our total liabilities, divided by the total number of shares of common stock outstanding.</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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
giving effect to the repayment on May 26, 2022 of the outstanding note payable and related accrued interest in the amount of $59,407
as of March 31, 2022, our pro forma net tangible book value as of March 31, 2022 was approximately $19.7 million, or $1.42 per
share of common stock.</span><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"><span 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">After
giving further effect to the sale of the 1,683,502 shares offered in this offering at an assumed public offering price
of $2.97 per share, <span style="background-color: white">which was the last reported sale price of our common stock on The Nasdaq
Capital Market on May 26, 2022,</span> after deducting estimated underwriting discounts and commissions and our estimated offering
expenses, our pro forma as adjusted net tangible book value as of March 31, 2022, would have been approximately $23.9
million or $1.54 per share. This represents an immediate increase in net tangible book value of $0.12 per share to
our existing stockholders, and an immediate dilution in net tangible book value of $1.43 per share to new investors. The following
table illustrates this per share dilution:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; text-indent: 24pt"></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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumed
    public offering price per share</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: 16%; text-align: right"></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>
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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; padding-left: 10pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Pro
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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"></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)">
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    <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; text-align: right"></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
    forma as</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> adjusted net tangible book value after
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    <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; 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><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>
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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: 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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution
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    <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; 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: 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">1.43</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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the underwriters&#8217; over-allotment option to purchase additional shares from us is exercised in full, and based on an assumed public
offering price of $2.97 per share, <span style="background-color: white">the last reported sale price of our common stock on The
Nasdaq Capital Market on May 26, 2022,</span> the pro forma as adjusted net tangible book value per share after
this offering would be $1.56 per share, the increase in pro forma as adjusted net tangible book value per share to existing
stockholders would be $0.14 per share and the dilution to new investors purchasing shares in this offering would be $1.41
per share.</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: 31.5pt"><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 equity incentive plan, or we issue additional
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: 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">The
number of shares of our common stock to be outstanding after this offering is based on 13,858,689 shares of our common stock outstanding
as of  March 31, 2022, assumes no exercise by the underwriters of their over-allotment option and excludes:</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">
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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>
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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>
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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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    of warrants at a weighted-average exercise price of $4.11 per 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">&#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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</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>
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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">&#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">1,328,886
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    <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>
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    if the representative exercises its over-allotment option in full) issuable upon exercise of warrants to be issued to the representative
    of the underwriters as part of this offering at an exercise price of $3.71 (assuming a public offering price of $2.97
    per share, which was the last reported sale price of our common stock on The Nasdaq Capital Market on May 26, 2022).</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"><b>&#160;</b></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"><b>&#160;</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"><b><span id="a_009"></span>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF</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"><b>OPERATIONS</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"><i>You
should read the following discussion and analysis of our financial condition and plan of operations together with our consolidated financial
statements and the related notes appearing elsewhere in this prospectus. In addition to historical information, this discussion and analysis
contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from
those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below,
and those discussed in the section titled &#8220;Risk Factors&#8221; included elsewhere in this prospectus. All amounts in this report
are in U.S. dollars, unless otherwise noted.</i></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>Overview</b></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">&#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">We
are a clinical-stage pharmaceutical company focused on the development of safe and effective therapies for patients with cancer and inflammatory
diseases. In August 2016, we established a wholly-owned Australian subsidiary, Immix Biopharma Australia Pty Ltd., in order to conduct
various pre-clinical and clinical activities for the development of our product candidates.</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">&#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">Since
inception, we have devoted substantially all of our resources to developing product and technology rights, conducting research and development,
organizing and staffing our Company, business planning and raising capital. We operate as one business segment and have incurred recurring
losses, the majority of which are attributable to research and development activities and negative cash flows from operations. We have
funded our operations primarily through the sale of convertible debt. Currently, our primary use of cash is to fund operating expenses,
which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. We
expect to continue to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates
through all stages of development and clinical trials and, ultimately, seek regulatory approval. In addition, if we obtain regulatory
approval for any of our product candidates, we expect to incur significant commercialization expenses related to product manufacturing,
marketing, sales and distribution. Furthermore, we expect to incur additional costs associated with operating as a public company, including
significant legal, accounting, investor relations and other expenses. Our net losses may fluctuate significantly from quarter-to-quarter
and year-to-year, depending on the timing of our clinical trials and our expenses on other research and development activities.</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">&#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>AxioMx
Master Services Agreement</b></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">&#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">On
December 22, 2014, we entered into the Master Service Agreement (&#8220;MSA&#8221;) with AxioMx, Inc. (&#8220;AxioMx&#8221;) which is
in the business of developing and supplying custom affinity reagents. We entered into the MSA to serve as a master agreement governing
multiple sets of projects as may be agreed upon us and AxioMx from time to time. Pursuant to the MSA, we granted AxioMx a non-exclusive,
royalty-free, worldwide, non-transferable license to certain of our intellectual property to perform services pursuant to the MSA, and
AxioMx granted us an exclusive product assignment option (&#8220;Option&#8221;) which granted us an exclusive, royalty-bearing right,
with the right to sublicense, under the Deliverable (as defined in the MSA) to further research, develop, use, sell, offer for sale,
import and export one or more assigned products pursuant to the MSA. We exercised the Option in 2017. Pursuant to the MSA, AxioMx is
entitled to royalties on the sale of any Deliverable that is used for diagnostic, prognostic or therapeutic purposes, in humans or animals,
or for microbiology testing, including food safety testing or environmental monitoring. Specifically, we shall pay AxioMx a royalty of
3.5% of Net Sales (as defined in the MSA) of assigned products for each Deliverable used in licensed products for therapeutic purposes.
In addition, we shall pay AxioMx a royalty of 1.5% of Net Sales of assigned products for each Deliverable used in licensed products for
diagnostic or prognostic purposes; provided, however, if three Deliverables are used in an assigned product for diagnostic or prognostic
purposes, the royalty shall be 4.5%. Subject to certain exceptions, the MSA shall continue for a period of five years from the effective
date, unless extended by us and AxioMx. The MSA may be terminated by either party upon a material breach of the MSA, which breach remains
uncured for 30 days after written notice thereof. In addition, we may also terminate the MSA at any time upon 30 days prior written notice
to AxioMx. As of the date of this prospectus, the MSA has not been amended or extended; however, the royalty obligations described
in this paragraph survive the termination of the MSA.</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"><b>The
COVID-19 Pandemic and its Impacts on Our Business</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. This pandemic could result in difficulty
securing clinical trial site locations, CROs, and/or trial monitors and other critical vendors and consultants supporting our trial.
These situations, or others associated with COVID-19, could cause delays in our clinical trial plans and could increase expected costs,
all of which could have a material adverse effect on our business and financial condition. At the current time, we are unable to quantify
the potential effects of this pandemic on our future consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><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: 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>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><span 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"><b><i>Three</i></b><b><i> Months Ended
March 31, 2022 compared to the Three Months Ended March 31, 2021</i></b></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"><i>&#160;</i></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"><i>General
and Administrative Expense</i></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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expense was $700,507 for the three months ended March 31, 2022 compared to $137,680 for the three months ended
March 31, 2021.</span></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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
expenses incurred in both periods were related to salaries, patent maintenance costs and general accounting and other general consulting
expenses, which were higher for the three months ended March 31, 2022 due to increased professional services, officer salaries and stock-based
compensation as a result of the IPO closing.</span></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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
and Development Expense</i></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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development expense was $629,531 for the three months ended March 31, 2022 compared to $24,840 for the three months ended March 31,
2021.</span></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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increased research and development expenses during the three months ended March 31, 2022 as compared to the three months ended March
31, 2021 were related to our ongoing Phase 1b/2a clinical trial, including but not limited to CRO and related costs for maintaining and
treating patients in the clinical trial. We were able to increase spending on research and development as the result of closing the IPO
in December 2021. We expect to incur increased research and development costs in the future as our product development activities expand.</span></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: 0; 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: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense was $388 for the three months ended March 31, 2022 compared to $27,544 for the three months ended March 31, 2021. Interest expense
in the prior period was related to interest accrued on our convertible notes payable bearing interest at rates from the applicable federal
rate to 6% per annum, which were converted to shares of our common stock in connection with our IPO in December 2021.</span></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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Change
in fair value of derivative liability</i></span></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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
change in fair value of derivative liability was $0 for the three months ended March 31, 2022 compared to $825,000 for the three months
ended March 31, 2021. The change in fair value during the three months ended March 31, 2021, was related to an increased probability
of a &#8220;Qualified Financing&#8221; as defined in our convertible notes at March 31, 2021.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provision
for Income Taxes</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><span 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
for income taxes for the three months ended March 31, 2022 was $1,622 compared to $1,591 for the three months ended March 31, 2021, due
to withholding taxes relating to our Australian subsidiary.</span></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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
Loss</i></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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
loss for the three months ended March 31, 2022 was $1,332,048 compared to $1,016,655 for the three months ended March 31, 2021, which
increase was due primarily to the increase in general and administrative expenses and research and development, offset by the change
in fair value of derivative liability.</span></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: 0; 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: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
and Administrative Expense</i></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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expense was $1,225,487 for the year ended December 31, 2021 compared to $205,703 in the year ended December 31, 2020.</span></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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
expenses incurred in both periods were related to salaries, patent maintenance costs and general accounting and other general consulting
expenses, which were higher for the year ended December 31, 2021 due to preparation for our IPO.</span></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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
and Development Expense</i></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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development expense was $126,527 for the year ended December 31, 2021 compared to $248,149 for the year ended December 31, 2020.</span></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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decreased research and development expenses during the year ended December 31, 2021 as compared to the year ended December 31, 2020 were
related to our funding situation, ongoing Phase 1b/2a clinical trial, including, but not limited to, CRO and related costs for maintaining
and treating patients in the clinical trial. We expect to incur increased research and development costs in the future as our product
development activities expand.</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; text-align: justify"><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: 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"><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: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense was $179,853 for the year ended December 31, 2021 compared to $101,976 for the year ended December 31, 2020, related to interest
accrued on our convertible notes payable bearing interest at rates from the applicable federal rate to 6% per annum.</span></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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Change
in fair value of derivative liability</i></span></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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
change in fair value of derivative liability was $22,759,829 for the year ended December 31, 2021 compared to $575,000 for the year ended
December 31, 2020, primarily related to an increased probability of a &#8220;Qualified Financing&#8221; as defined in our convertible
notes which occurred on December 20, 2021.</span></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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Loss
on Debt Extinguishment</i></span></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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021, in connection with our IPO, our convertible notes along with the corresponding accrued interest, were automatically converted
into an aggregate of 5,633,689 shares of our common stock. As a result of the conversion, we recorded a loss on debt extinguishment of
$86,170.</span></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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provision
for Income Taxes</i></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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
for income taxes for the year ended December 31, 2021 was $6,013 compared to $17,547 for the year ended December 31, 2020, due to withholding
taxes relating to our Australian subsidiary.</span></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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
Loss</i></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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
loss for the year ended December 31, 2021 was $24,383,879 compared to $1,147,863 for the year ended December 31, 2020, primarily due
to the change in fair value of derivative liability and increase in expenses in preparation for our initial public offering.</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>

<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: 0; text-align: justify"><b>Liquidity and Capital Resources</b></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></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
primary use of cash is to fund operating expenses, which consist of research and development expenditures and various general and
administrative expenses. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected
in the change in our outstanding accounts payable, accrued expenses and prepaid expenses. </span>As of March 31, 2022, we had
cash of $19,060,684.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><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: 24.5pt"><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: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of the numerous risks and uncertainties associated with research, development and commercialization of pharmaceutical products, we are
unable to estimate the exact amount of our operating capital requirements. Our future funding requirements will depend on many factors,
including, but not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><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; 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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    scope, timing, progress and results of discovery, pre-clinical development, laboratory testing and clinical trials for our product
    candidates;</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>

<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; 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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    costs of manufacturing our product candidates for clinical trials and in preparation for regulatory approval and commercialization;</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; vertical-align: top; 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; vertical-align: top; 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; text-align: justify"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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">
    <td style="font: 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; vertical-align: top; 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; vertical-align: top; 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; 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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revenue,
    if any, received from commercial sales of our product candidates, should any of our product candidates receive regulatory approval.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will need additional funds to meet our operational needs and capital requirements for clinical trials, other research and development
expenditures, and general and administrative expenses. We currently have no credit facility or committed sources of capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
such time, if ever, as we can generate substantial product revenue, we expect to finance our operations through a combination of equity
offerings, debt financings, government or other third-party funding, commercialization, marketing and distribution arrangements, other
collaborations, strategic alliances and licensing arrangements. To the extent that we raise additional capital through the sale of equity
or convertible debt securities, your ownership interest will be diluted, and the terms of these securities may include liquidation or
other preferences that adversely affect your rights as a common stockholder. If we raise additional funds through collaborations, strategic
alliances or marketing, distribution or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies,
future revenue streams, research programs or product candidates, or grant licenses on terms that may not be favorable to us. If we are
unable to raise additional funds through equity or debt financings or other arrangements when needed, we may be required to delay, limit,
reduce or terminate our research, product development or future commercialization efforts, or grant rights to develop and market product
candidates that we would otherwise prefer to develop and market ourselves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0; text-align: justify"><i>Cash used in operating activities</i></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">Net cash used in operating
activities was $1,494,822 for the three months ended March 31, 2022, and $266,446 for the three months ended March 31, 2021 and primarily
included general and administrative, CRO, clinical site costs and related logistics expenses.</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"><i>Cash used in investing activities</i></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">Net cash used in investing
activities was $0 for the three months ended March 31, 2022, and $802 for the three months ended March 31, 2021. We purchased equipment
during the three months ended March 31, 2021.</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"><i>Cash provided by financing activities</i></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">Net cash provided by financing
activities was $2,913,750 for the three months ended March 31, 2022, and $65,000 for the three months ended March 31, 2021. We received
$2,913,750 in net proceeds from the issuance of shares of our common stock pursuant to the exercise of the underwriter&#8217;s overallotment
option pursuant to the initial public offering completed in December 2021.</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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<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: 0; text-align: justify; text-indent: 0.5in">Our continuation as a going
concern is dependent upon our ability to obtain continued financial support from our stockholders, necessary equity financing to continue
operations and the attainment of profitable operations. As of March 31, 2022, we have incurred an accumulated deficit of $31,087,582
and have not yet generated any revenue from operations. Management anticipates that our cash on hand will be sufficient to fund
planned operations for at least 12 months from the filing date of this Prospectus.</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">We will have additional capital
requirements going forward and may need to seek additional financing, which may or may not be available to us.</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>Critical
Accounting Policies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
management&#8217;s discussion and analysis of our financial condition and results of operations is based on our consolidated financial
statements, which have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;). The preparation
of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities,
and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements. On an ongoing basis, we
evaluate our estimates and judgments, including those related to prepaid/accrued research and development expenses, stock-based compensation,
value of deferred tax assets and related valuation allowances, and fair value of the embedded derivative financial instrument related
to our convertible promissory notes. We base our estimates on historical experience, known trends and events, and various other factors
that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under
different assumptions or conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
our significant accounting policies are described in more detail in Note 2 to our audited consolidated financial statements included
elsewhere in this prospectus, we believe the following accounting policies are the most critical to the judgments and estimates used
in the preparation of our consolidated financial statements.</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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
and Development Costs</i> <b>-</b> Research and development costs consist primarily of clinical research fees paid to consultants and
outside service providers, and other expenses relating to design, development and testing of the Company&#8217;s therapy candidates.
Research and development costs are expensed as incurred.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clinical
trial costs are a component of research and development expenses. The Company estimates expenses incurred for clinical trials that are
in process based on services performed under contractual agreements with CROs and actual clinical investigators. Included in the estimates
are (1) the fee per patient enrolled as specified in the clinical trial contract with each institution participating in the clinical
trial and (2) progressive data on patient enrollments obtained from participating clinical trial sites and the actual services performed.
Changes in clinical trial assumptions, such as the length of time estimated to enroll all patients, rate of screening failures, patient
drop-out rates, number and nature of adverse event reports, and the total number of patients enrolled can impact the average and expected
cost per patient and the overall cost of the clinical trial. The Company monitors the progress of the trials and their related activities
and adjusts expense accruals, when applicable. Adjustments to accruals are charged to expense in the period in which the facts give rise
to the adjustments become known.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivative
Instruments</i> - The Company evaluated its convertible notes to determine if those contracts or embedded components of those contracts
qualified as derivatives to be separately accounted for in accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 815,
<i>Derivatives and Hedging</i>. The result of this accounting treatment is that the fair value of the embedded derivative is marked to
market each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in
fair value is recorded in the statements of operations and comprehensive loss as other income or expense. Upon conversion or exercise
of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to
equity.</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"></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other
embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments
are accounted for as a single, compound derivative instrument.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
determined that the convertible notes contain embedded features that provide the noteholders with multiple settlement alternatives. Certain
of these settlement features provide the noteholders the right to receive cash or a variable number of shares upon the completion of
a capital raising transaction, change of control or default by us, which are referred to as &#8220;redemption features.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income
Taxes</i> <b>-</b> We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities
are determined based on the differences between the financial reporting and the tax bases of reported assets and liabilities and are
measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We must then assess
the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than
not that some portion or all of a deferred tax asset will not be realized.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
account for uncertain tax positions in accordance with the provisions of ASC 740-10 which prescribes a recognition threshold and measurement
attribute for financial statement disclosure of tax positions taken, or expected to be taken, on its tax return. We evaluate and record
any uncertain tax positions based on the amount that management deems is more likely than not to be sustained upon examination and ultimate
settlement with the tax authorities in the tax jurisdictions in which it operates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock-Based
Compensation -</i> We measure all stock-based awards granted based on their estimated fair value on the date of the grant and recognize
the corresponding compensation expense for those awarded to employees and directors over the requisite service period, which is generally
the vesting period of the respective award, and for those awarded to nonemployees over the period during which services are rendered
by nonemployees until completed. We have typically issued stock options with service-based vesting conditions and we record the expense
for these awards using the straight-line method.</span></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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate the fair value of each stock option grant using the Black-Scholes option-pricing model, which uses as inputs the fair value
of our common stock and assumptions we make for the volatility of our common stock, the expected term of our stock options, the risk-free
interest rate for a period that approximates the expected term of our stock options and our expected dividend yield.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt"><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"><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: 31.5pt"><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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
establishing a public market for the trading of our common stock and due to a lack of company-specific historical and implied volatility
data, we based the estimate of expected stock price volatility on the historical volatility of a representative group of publicly traded
companies for which historical information was available. The historical volatility was generally calculated based on a period of time
commensurate with the expected term assumption. We used the contractual term for the expected term for options granted to employees and
directors. We did not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term
and used the contractual term since the stock options were not issued at-the-money. For options granted to non-employees, we utilized
the contractual term. The risk-free interest rate was based on a U.S. treasury instrument whose term was consistent with the expected
term of the stock options. The expected dividend yield was assumed to be zero, as we had never paid dividends and did not have plans
to pay any dividends on our common stock.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair
Value of Common Stock</i></span></p>

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<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">Prior
to establishing a public market for our common stock, the estimated fair value of our common stock had been determined by our board of
directors as of the date of each option grant, with input from management, considering our most recently available third-party valuations
of common stock, and our board of directors&#8217; assessment of additional objective and subjective factors that it believed were relevant
and which may have changed from the date of the most recent valuation through the date of the grant.</span></p>

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<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">Third-party
valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants&#8217; Accounting
and Valuation Guide, <i>Valuation of Privately-Held-Company Equity Securities Issued as Compensation</i>. Our common stock valuations
were prepared using a hybrid method that incorporates elements of both a probability-weighted expected return method (&#8220;PWERM&#8221;)
and an option pricing method (&#8220;OPM&#8221;).</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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
OPM is based on the Black-Scholes option pricing model, which allows for the identification of a range of possible future outcomes. The
OPM treats common stock and convertible instruments as call options on the total equity value of a company, with exercise prices based
on the value thresholds at which the allocation among the various holders of a company&#8217;s securities changes. A discount for lack
of marketability of the common stock is applied to arrive at an indication of value for the common stock.</span></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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PWERM
involves a forward-looking analysis of the possible future outcomes of the enterprise. This method is particularly useful when discrete
future outcomes can be predicted at a relatively high confidence level with a probability distribution. Discrete future outcomes considered
under the PWERM include an initial public offering, as well as non-initial public offering market-based outcomes. Determining the fair
value of the enterprise using the PWERM requires the Company to develop assumptions and estimates for both the probability of an initial
public offering liquidity event and stay private outcomes, as well as the values the Company expects those outcomes could yield.</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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to establishing a public trading market of our capital stock, our board of directors exercised reasonable judgment and considered a number
of objective and subjective factors to determine its estimate of the fair value of our common stock, including changes in the following
factors between the date of the March 31, 2021 valuation and the grant date:</span></p>

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<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: 24px; 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; vertical-align: top; width: 24px; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    business, financial condition and results of operations, including related industry trends affecting our operations; </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; vertical-align: top; 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; vertical-align: top; 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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    likelihood of achieving a liquidity event, such as an initial public offering or sale of our company, given prevailing market conditions;
    </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; vertical-align: top; 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; vertical-align: top; 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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    lack of marketability of our common stock; </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; vertical-align: top; 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; vertical-align: top; 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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    market performance of comparable publicly traded companies; 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; vertical-align: top; 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; vertical-align: top; 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; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    and global economic and capital market conditions and outlook. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt"><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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assumptions underlying our board of directors&#8217; valuations represented our board&#8217;s best estimates, which involved inherent
uncertainties and the application of our board&#8217;s judgment. As a result, if factors or expected outcomes had changed or our board
of directors had used significantly different assumptions or estimates, our equity-based compensation expense could have been materially
different.</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"><b>Recent
Accounting Pronouncements</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Note 2 to our audited consolidated financial statements found elsewhere in this prospectus for a description of recent accounting pronouncements
applicable to our consolidated financial statements.</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">&#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"><b>Off-Balance
Sheet Arrangements</b></span></p>

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<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">We
do not have any off-balance sheet arrangements or relationships with unconsolidated entities or financial partnerships, such as entities
often referred to as structured finance or special purpose entities.</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"><b>JOBS
Act</b></span></p>

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<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">On
April 5, 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an &#8220;emerging growth company&#8221; can take
advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting
standards. In other words, an &#8220;emerging growth company&#8221; can delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies.</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">&#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">We
have chosen to take advantage of the extended transition periods available to emerging growth companies under the JOBS Act for complying
with new or revised accounting standards until those standards would otherwise apply to private companies provided under the JOBS Act.
As a result, our financial statements may not be comparable to those of companies that comply with public company effective dates for
complying with new or revised accounting standards.</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">&#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">Subject
to certain conditions set forth in the JOBS Act, as an &#8220;emerging growth company,&#8221; we intend to rely on certain of these exemptions,
including, without limitation, (i) providing an auditor&#8217;s attestation report on our internal controls over financial reporting
pursuant to Section 404(b) of the Sarbanes-Oxley Act and (ii) complying with the requirement adopted by the Public Company Accounting
Oversight Board (&#8220;PCAOB&#8221;) regarding the communication of critical audit matters in the auditor&#8217;s report on financial
statements. We will remain an &#8220;emerging growth company&#8221; until the earliest of (i) the last day of the fiscal year in which
we have total annual gross revenues of $1.07 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of
the date of the completion of our initial public offering; (iii) the date on which we have issued more than $1 billion in nonconvertible
debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the
SEC.</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">&#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 id="a_010"></span><b>BUSINESS</b></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"><b>Overview</b></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">&#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">We
are a clinical-stage biopharmaceutical company developing a novel class of Tissue-Specific Therapeutics (&#8220;TSTx&#8221;)<sup>TM </sup>in
oncology and inflammation. Our lead asset, IMX-110, is currently in Phase 1b/2a clinical trials for solid tumors in the United States
and Australia. IMX-110 is a negatively-charged TSTx that simultaneously disables resistance pathways with a poly-kinase inhibitor (which
inhibits multiple kinases simultaneously) and induces tumor cell death with an apoptosis inducer (which activates apoptosis, a non-inflammatory
programmed cell death pathway), leveraging our TME Normalization<sup>TM</sup> Technology, delivered deep into the tumor micro-environment
(&#8220;TME&#8221;). Our proprietary System Multi-Action RegulaTors SMAR<sub>x</sub>T Tissue-Specific<sup>TM</sup> Platform produces
drugs that accumulate at intended therapeutic sites at 3-5 times the rate of conventional medicines. Our TME Normalization&#8482; Technology
allows our drug candidates to circulate in the bloodstream, exit through tumor blood vessels and simultaneously attack all components
of the TME. As of the date of this prospectus, we have not generated any revenues. Since inception, we have devoted substantially all
of our resources to developing product and technology rights, conducting research and development, organizing and staffing our Company,
business planning and raising capital.</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>


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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"><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>Pipeline</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; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
SMAR<sub>x</sub>T Tissue-Specific<sup>TM</sup> Platform has produced 3 drug candidates which we believe derisks the clinical development
of each subsequent candidate due to shared design elements across tolerability, chemistry, manufacturing and controls, regulatory understanding,
and multi-target therapeutic approach, the first of which is IMX-110, currently in Phase 1b/2a oncology clinical trials.</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>Figure
3: ImmixBio SMAR<sub>x</sub>T Tissue-Specific<sup>TM</sup> Platform &#8211; Pipeline</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><img src="forms-1_008.jpg" alt="" style="height: 350px; width: 624px" /></i></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">&#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>Our
Lead Product Candidate</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">IMX-110,
currently in Phase 1b/2a clinical trials, is a Tissue-Specific Therapeutic<sup>TM</sup> with TME Normalization<sup>TM</sup>, a technology
that we are developing initially for soft tissue sarcoma (&#8220;STS&#8221;). Tumor growth is sustained by hypoxia (low oxygen concentration)
and acidosis (an excessively acidic condition) which produce recurring waves of activation of multiple kinases that upregulate NF-&#954;B,
STAT3 and other key transcriptional factors which cause recurrent inflammation. This inflammatory environment activates the TME to provide
metabolic and structural support to the tumor and to recruit Treg T-cells (immune cells suppressing immune response) to suppress anti-tumor
immune response. IMX-110&#8217;s poly-kinase inhibitor polyphenol curcuminoid complex (&#8220;PCC&#8221;) halts this fundamental tumor-sustaining
inflammation by blocking multiple kinases and interfering with NF-&#954;B and STAT3 activation, interrupting the positive feedback loop
underlying the inflammatory cycle. With tumor-sustaining inflammation halted, IMX-110&#8217;s apoptosis inducer (Polyethylene glycol
&#8211; phosphatidylethanolamine (&#8220;PEG-PE&#8221;)-doxorubicin complex) is then able to induce tumor cell death where conventional
therapies have been hampered by resistance caused by NF-&#954;B and STAT3 activation.</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">As
of April 2022, we have treated 14 patients in our ongoing Phase 1b/2a clinical trial in the United States and Australia. 100%
of these patients received between 3 and 13 lines of therapy prior to IMX-110. Zero drug-related serious adverse events and zero dose
interruptions due to toxicity have been observed in our 1b/2a clinical trial to-date. In our trial, we observed radiological progression-free-survival
of 6 months in 50% of our STS patients, with a 4-month median progression free survival (&#8220;mPFS&#8221;) across all STS patients.
mPFS is the time that patients live without their cancer progressing. The trial includes patients with leiomyosarcoma, carcinosarcoma,
poorly differentiated soft tissue sarcoma, cholangiocarcinoma, colorectal cancer, prostate cancer, pancreatic cancer, esophageal cancer,
breast cancer, and nasopharyngeal cancer.</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">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2021, we entered into a Clinical Collaboration and Supply Agreement with BeiGene for a combination Phase 1b clinical trial in
solid tumors of IMX-110 and anti-PD-1 Tislelizumab (the subject of a collaboration and license agreement among BeiGene and Novartis).
In genetic mouse models of pancreatic cancer, IMX-110 has demonstrated an immunomodulation effect, turning &#8220;cold&#8221; tumors
&#8220;hot,&#8221; and, in combination with murine anti-PD-1, IMX-110 produced extended survival versus multi-drug combinations. The
goal of this study is to demonstrate the potential for TSTx to be an integral component of combination therapies for a wide range of
advanced solid tumors.&#8239;Pursuant to the terms of the agreement, we and BeiGene shall form a committee made up of an equal number
of individuals, but not more than two representatives of each of our Company and BeiGene, which shall, among other things, coordinate
activities with respect to the Trial; provided, however, we shall be entitled to receive, review or approve any budgets or other costs
relating to the Trial. Pursuant to the terms of the agreement, we shall be responsible for all costs associated with the manufacturing
and supply of IMX-110 for the trial as well as all costs associated with conducting the trial and BeiGene shall be responsible for costs
associated with supplying Tislelizumab for the trial. Notwithstanding the foregoing, if the Tislelizumab supplied by BeiGene is lost,
damaged or destroyed or becomes unable to comply with applicable specifications while under our control, BeiGene shall not be required
to replace such Tislelizumab and in the event BeiGene replaces such Tislelizumab, it may charge us a reasonable replacement cost. The
agreement shall continue until the earlier of (i) the one year anniversary of the date upon which we provide BeiGene with the trial&#8217;s
final clinical study report and (ii) the date of termination of the trial. In addition, either party may terminate the agreement (i)
upon 30 days prior written notice to the other party if, in the case of our Company, we cease the development of IMX-110 or, in the case
of BeiGene, it ceases the development, marketing and sale of Tislelizumab, (ii) upon written notice to the other party if there have
been one or more serious adverse events indicating a patient safety issue with continuing the trial, (iii) upon written notice to the
other party if a regulatory authority withdraws approval of IMX-110 or Tislelizumab, as applicable, and/or the trial, (iv) upon 60 days&#8217;
notice to the other party with or without reason, (v) immediately upon written notice to the other party if such other party consummates
a Change of Control Transaction (as defined in the agreement) and/or (vi) upon written notice to the other party in the event such other
party is in material breach of the agreement and has not cured such breach within 60 days after receipt of notice from the non-breaching
party. As of the date hereof, the Company has paid no amounts to BeiGene.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2021, the United Sates Food and Drug Administration (&#8220;FDA&#8221;) granted Orphan Drug Designation (&#8220;ODD&#8221;)
to IMX-110 for the treatment of soft tissue sarcoma. If a product that has ODD subsequently receives the first FDA approval for the disease
for which it has such designation, the product is entitled to orphan drug exclusive approval (or exclusivity), which means that the FDA
may not approve any other applications to market the same drug for the same indication for 7 years (except in limited circumstances,
such as a showing of clinical superiority to the product with orphan drug exclusivity).</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"><b>Our
Other Product Candidates</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: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMX-111
is a Tissue-Specific Biologic<sup>TM</sup> built on our TME Normalization<sup>TM</sup> Technology with proprietary GLUT1 antibody biomarker
targeting coupled with our poly-kinase inhibitor / apoptosis inducer. IMX-111 takes advantage of the fact that GLUT1 is an essential
cancer biomarker that is overexpressed on 92% of colorectal cancer cells and other tumor types. Furthermore, the degree of its overexpression
correlates with more advanced stages of tumor progression. Building on the well-tolerated profile of our lead candidate from our ongoing
clinical trial, IMX-111 is the first cancer therapeutic to take advantage of GLUT1 overexpression in cancer.</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: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMX-120
is a Tissue-Specific Biologic<sup>TM</sup> built on our Immune Normalization Technology<sup>TM</sup> for inflammatory bowel disease with
proprietary GLUT1 antibody biomarker targeting coupled with polyphenol poly-kinase inhibitors. IMX-120 takes advantage of the fact that
overexpression and activation of GLUT1 on overactive immune cells has been shown to be widely present in patients with inflammatory bowel
diseases (&#8220;IBD&#8221;). Similar to tumor growth, the inflammatory processes active in IBD are caused by recurring waves of activation
of multiple kinases that upregulate NF-&#954;B, STAT3 and other key transcriptional factors. IMX-120&#8217;s polyphenol poly-kinase
inhibitors block upstream kinase signal transduction systems that activate NF-&#954;B and STAT3. GLUT1 presents an ideal targeting moiety
(component of a drug) for these overactive immune cells, allowing for tissue-specific delivery of IMX-120.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"><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: 0pt 0; text-align: justify; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than IMX-110, the FDA has not given any indication as to whether any of our other product candidates will receive ODD.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
4: ImmixBio SMAR<sub>x</sub>T Tissue-Specific<sup>TM</sup> Platform &#8211; Summary Rendering</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><img src="forms-1_009.jpg" alt="" style="height: 350px; width: 624px" /></i></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>Our
Platform and Technologies</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
SMAR<sub>x</sub>T Tissue-Specific Platform consists of 3 pillars: first, System-Tissue Biology Model Development, which allows us to
develop robust mechanisms of action in complex pathologies; second, Purpose-Built Physical Biochemistry Engine, which allows us to generate
actionable drug candidates; and third, Predictive Valuation Framework, which allows us to conduct highly predictive IND-enabling activities.</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>


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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"><b>Figure
5: SMARxT Tissue-Specific<sup>TM</sup> Platform Overview</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_010.jpg" alt="" style="height: 315px; width: 624px" /></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">Specifically,
the 3 pillars of our platform are:</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)
<span style="text-decoration: underline">System-Tissue Biology Model Development</span>: Interplay of cellular elements define and drive disease states. Based on transcriptional
and epigenetic factors operating in key cell types, we have built a proprietary model of network motifs driving human pathologies such
as cancer and auto-immune/inflammatory diseases. We believe this model represents the most complete view of biologic interrelationships
on an organismal and tissue level. We apply this model in the early stages of our drug development to overcome systemic factors that
have prevented traditional &#8220;targeted&#8221; therapies&#8217; effectiveness in complex pathologies such as cancer and inflammatory
bowel disease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)
<span style="text-decoration: underline">Purpose-Built Physical Biochemistry Engine</span>: Traditional drug development focuses on &#8220;one drug, one target&#8221; approach.
In contrast, our proprietary physical biochemistry engine is designed to incorporate wide-ranging elements into our drug design, encompassing
a diverse target profile, allowing our drugs to operate simultaneously in time and space to jointly combat disease at the tissue and
organismal level</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)
<span style="text-decoration: underline">Predictive Validation Framework</span>: Using our unique relationships and our internal expertise, we have developed a proprietary framework
of high-efficiency, rapid development <i>in vitro</i> and <i>in vivo</i> animal models that have high relatability to human disease,
minimizing the traditional poor predictive value of animal models.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
application of the SMAR<sub>x</sub>T Tissue-Specific Platform in oncology is TME Normalization<sup>TM</sup> Technology, and in inflammation
is Immune Normalization<sup>TM</sup> Technology.</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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<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>Figure
6: TME Normalization<sup>TM</sup> Technology</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><img src="forms-1_011.jpg" alt="" style="height: 348px; width: 624px" /></i></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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
TME is made up of a tightly packed mass of: 1) cancer associated fibroblasts (&#8220;CAFs&#8221;), 2) tumor-associated macrophages/immune
cells (&#8220;TAMs&#8221;), and 3) cancer itself. The TME&#8217;s unique biophysical properties include regions of varying degrees of
hypoxia, acidosis and an immunosuppressive milieu. As cancer cells outgrow their blood supply, the resulting hypoxia and acidosis shift
their metabolism towards glycolysis, lactate and lipids. This, in turn, shapes the responses of proximal fibroblasts and resident immune
cells. Fibroblasts begin to secrete lactate that is taken up by nearby cancer cells and consumed as fuel. Lactate in the TME reprograms
the macrophages toward the M2 &#8220;tolerant&#8221; pro-inflammatory phenotype that drives immunosuppression. At the same time, the
TME hypoxia produces increased levels of reactive oxygen species that enhance tumorigenicity (tendency to form tumors) and immunosuppressive
functions of Treg T-cells, as well as resistance to immune drugs such as PD-1/PD-L1 inhibitors. Our TME Normalization<sup>TM </sup>Technology
reverses the hypoxia- and acidosis-activated genetic programs in every cellular component of the TME, &#8220;normalizing&#8221; the TME,
and reactivating apoptosis cell death pathways. This technology offers an attractive opportunity to reshape the pathological niche that
is the TME and overcome the critical factors that have hampered available treatments to date.</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>


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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"><b>&#160;</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"><b>Figure
7: Representation of the TME composed of CAFs, TAMs, and cancer cells</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_012.jpg" alt="" style="height: 351px; width: 624px" /></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">&#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
TME Normalization<sup>TM </sup>Technology causes tumor apoptosis, a non-inflammatory tumor-cell death (instead of necroptosis, which
results in repeat reignition of the inflammatory cascade leading to tumor progression). Thus, when the inflammatory cascade is inhibited,
tumor resistance can be suppressed, enabling tumor cell apoptosis by ImmixBio therapies.</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">&#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">We
believe that our TME Normalization<sup>TM </sup>Technology is a promising direction of research that may enable a new generation of high-therapeutic
index drugs (drugs that have high relative safety as defined by the ratio of toxic to effective dose), unlocking additional therapeutic
benefit without adding toxicity.</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">&#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>IMX-110
- Tissue-Specific Therapeutic<sup>TM</sup> with TME Normalization<sup>TM </sup>Technology</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>IMX-110
Market Opportunity</i></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
first potential indication we intend to pursue for IMX-110 is STS. STSs are cancers that arise from muscle, fat, nerves, fibrous tissues,
blood vessels or deep skin tissues. Globally, there are roughly 116,000 new cases of soft tissue sarcomas each year, of which 21,500
are in the European Union and 40,500 are in China. According to American Cancer Society, there were roughly 13,000 new cases of soft
tissue sarcomas in the United States during 2020. Approximately 160,000 people live with soft tissue cancers in the United States. The
five-year survival rate for all stages of STS is 65.0% in the United States, but this falls to 16.0% for patients with late-stage metastatic
disease.</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">&#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
global soft tissue sarcoma market is estimated to reach approximately $6.5 billion by 2030 from the estimated $2.9 billion in 2019. Drugs
used to treat STS include conventional doxorubicin, eribulin (marketed as Halaven&#174;, by Eisai Co, Ltd), pazopanib (marketed as Votrient&#174;,
by Novartis), and trabectedin (marketed as Yondelis&#174;, by Janssen/Johnson &amp; Johnson).</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">&#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">$898
million is the total publicly disclosed combined annual sales of eribulin (Halaven&#174;), pazopanib (Votrient&#174;), and trabectedin
(Yondelis&#174;) according to the most recent available annual reports.</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">&#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">Objective
response rates are increasingly considered as poor surrogates of clinical activity in STS. Therefore, lack of progression, or progression
free survival (&#8220;PFS&#8221;), is used as the primary measure of treatment success in STS.</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">&#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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conventional
doxorubicin, in three separate studies as a first-line therapy, produced a mPFS (meaning the time patients live without their cancer
progressing) in STS patients of 2.5 months, 4.6 months, and 2.7 months according to Lorigan et al., 2007, Judson et al., 2014 and Chawla
et al., 2015.</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">&#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">Eribulin
(Halaven&#174;), was trialed in a study in which 50% of patients received three or more lines of previous chemotherapy prior to eribulin.
Eribulin produced a mPFS in STS patients of 2.6 months according to Sch&#246;ffski et al., 2016.</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">&#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">Pazopanib
(Votrient&#174;), was trialed in a study in which 21% of patients received three or more lines of treatment prior to pazopanib. Pazopanib
produced a mPFS in STS patients of 4.6 months according to van der Graaf et al., 2012.</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">&#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">Trabectedin
(Yondelis&#174;) was trialed in a study in which 12% of patients received three or more lines of chemotherapy prior to trabectedin. Trabectedin
produced a mPFS in STS patients of 4.2 months according to Demetri et al., 2016.</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">&#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"><i>IMX-110
Clinical Data</i></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">&#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">As
of April 2022, we have treated 14 patients in our ongoing Phase 1b/2a clinical trial in the United States and Australia, of which
8 patients completed a tumor measurement after the enrollment measurement. Of those 8 patients, a range of late-stage STSs were represented,
including: leiomyosarcoma, cholangiocarcinoma, carcinosarcoma, and poorly differentiated sarcoma.</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">&#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">4
months was the mPFS observed in STS patients treated with IMX-110 in the United States in our ongoing Phase 1b/2a clinical trial.</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">&#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">100%
of these patients received between 3 and 13 lines of therapy prior to IMX-110.</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">&#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">Zero
drug-related serious adverse events and zero dose interruptions due to toxicity have been observed in our 1b/2a clinical trial to-date.</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>


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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"><b>&#160;</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"><b>Figure
8: IMX-110 Soft Tissue Sarcoma median Progression Free Survival and level of pre-treatment</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_013.jpg" alt="" style="height: 349px; width: 624px" /></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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our ongoing IMX-110 clinical trial:</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">&#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; 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">-</span></td>
    <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%
    of STS patients had controlled disease at 2 months.</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">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%
    of STS patients experienced tumor shrinkage. The range of the best percentage change from baseline in size of target lesions was
    between -10% and -18%.</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">-</span></td>
    <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
    59 year old male STS patient experienced 6 month PFS, despite having 13 prior lines of therapy and the largest tumor burden at the
    time of enrollment (312mm diameter across 5 target lesions).</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">-</span></td>
    <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
    77 year old male STS patient with 8 lines of prior therapy experienced 4 month PFS.</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">-</span></td>
    <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
    27 year old female STS patient with 3 lines of prior therapy experienced 4 month clinical PFS and 6 month radiological PFS.</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"><b>&#160;</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"><b>Figure
9: IMX-110 Phase 1b/2a Clinical Trial Interim Patient Data:</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"><b>75%
of Heavily Pretreated Soft Tissue Sarcoma Patients Experienced Tumor Shrinkage</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>Soft
Tissue Sarcoma % Change in Target Lesion Size from Baseline (Left)</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"><b>Soft
Tissue Sarcoma Best % Change from Baseline in Size of Target Lesions (Center)</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"><b>Non-Sarcoma
Cancers % Change in Target Lesion Size from Baseline (Right)</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_014.jpg" alt="" style="height: 325px; width: 624px" /></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">(Source:
Immix Biopharma, Inc. ImmixBio has evaluable data for 8 patients as of April 2022 (out of n=14, the remaining 6 did not complete
any tumor measurements after enrollment scan). All 8 evaluable patients have discontinued treatment. &#8220;Heavily Pretreated&#8221;
refers to 3-13 lines of therapy. Dose expressed in mg/m<sup>2</sup>. Our employees were involved in the design of this study and the
results are unpublished.)</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 to IMX-110 STS data, a colorectal cancer patient originally considered for hospice, was subsequently treated with IMX-110 for
10 months with zero serious drug-related adverse events. This patient experienced 4 month PFS on half of what we expect to be IMX-110&#8217;s
recommended Phase 2 therapeutic dose.</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"></span></p>

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


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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"><b>&#160;</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"><i>IMX-110
Development Strategy</i></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"><b>&#160;</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"><b>Figure
10: IMX-110: Direct Path To 1<sup>st</sup> Line Therapy In Soft Tissue Sarcoma &#8211; Clinical Trial Plan</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><img src="forms-1_015.jpg" alt="" style="height: 361px; width: 624px" /></i></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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to treat an additional 30 STS patients in our Phase 2a trial with IMX-110 as a first-line therapy.</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">&#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">We
expect our Phase 2a trial to require around 24 months after the first patient is dosed in 2022. The basis for IMX-110 as a first-line
therapy in STS is threefold:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><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; 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">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">encouraging
    clinical trial mPFS (4 month mPFS) data and tolerability data in our IMX-110 Phase 1b dose escalation 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; 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">-</span></td>
    <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 identified precedent FDA clinical trial design for a first-line treatment; 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">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">interest
    from leading STS PIs.</span></td></tr>
  </table>
<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">&#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">Subsequently,
we plan to initiate a 80 patient Phase 2b/3 clinical trial.</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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>IMX-110
Composition and Mechanism of Action</i></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>Figure
11: IMX-110 Tissue-Specific Therapeutic<sup>TM</sup> with TME Normalization<sup>TM </sup>Technology</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"><b>for
soft tissue sarcoma</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_016.jpg" alt="" style="height: 323px; width: 305px" /></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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMX-110
is a negatively-charged Tissue-Specific Therapeutic<sup>TM</sup> built on our TME Normalization<sup>TM</sup> Technology encapsulating
a synergistic 5:1 ratio of poly-kinase inhibitor (PCC) and apoptosis inducer (PEG-PE doxorubicin complex) delivered deep into the TME.</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">&#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">IMX-110
is the first clinical-stage drug built on our TME Normalization<sup>TM</sup> Technology.</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>Figure
12: IMX-110 &#8211; the first oncology micelle to achieve &#8220;small molecule penetration&#8221;</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_017.jpg" alt="" style="height: 149px; width: 624px" /></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">(Intravital
multiphoton imaging of intravenous injection into a mouse bearing an Mu89 melanoma in a dorsal skinfold chamber with a mixture of nanoparticles
with diameters of 12 nm, 60 nm, and 125 nm. Adapted from Popovic, et al., 2010. We did not fund or sponsor this study, and we were not
involved in this study or its publication.)</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">&#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">IMX-110
is 14-16 nanometers in diameter, and is about the size of an Immunoglobulin G (&#8220;IgG&#8221;) antibody. Tumor blood vessels have
perforations of several hundred nanometers in diameter. Once IMX-110 has exited the bloodstream toward the tumor, it must traverse the
fibrous extracellular matrix, laid down by CAFs, that encases and scaffolds the tumor. IMX-110&#8217;s small size enables IMX-110 to
exit perforated tumor blood vessels and penetrate the fibrous extracellular matrix.</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>&#160;</b></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"><b>&#160;</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"><b>Figure
13: Representation of IMX-110 in the bloodstream, prior to exiting perforated tumor blood vessels</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><img src="forms-1_018.jpg" alt="" style="height: 343px; width: 624px" /></i></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>Figure
14: Representation of IMX-110 traversing the fibrous extracellular matrix toward the tumor</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_019.jpg" alt="" style="height: 347px; width: 624px" /></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>


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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"><b>&#160;</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"><b>Figure
15: IMX-110 &#8211; negative charge facilitates selective tumor accumulation</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_020.jpg" alt="" style="height: 120px; width: 624px" /></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">(Concentration
in tumor after IV injection. C-labeled doxorubicin in micellular or free form was injected into the tail veins of C 26-bearing CDF<sub>1
</sub>female mice (7 weeks old) at a volume of 0.1 ml/10g body weight. After defined time periods (15 min, 1, 4, 24, and 48 h), mice
were anesthetized with diethylether and tumor samples were collected. Adapted from Yokoyama, et al., 1999. We did not fund or sponsor
this study, and we were not involved in this study or its publication.)</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: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe IMX-110&#8217;s negative charge enables it to be electrostatically attracted to the tumor, and accumulate at tumor sites at a
rate 4-9 times higher than the rate of existing standard of care chemotherapies such as conventional doxorubicin.</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>Figure
16: IMX-110 &#8211; 12x tumor killing vs. conventional doxorubicin</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_021.jpg" alt="" style="height: 142px; width: 624px" /></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">(See
below paragraph for study description. Adapted from Sarisozen, et al., 2016)</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">&#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">We
observed that IMX-110 of statistically significantly increased apoptosis in 3D spheroid U87MG glioblastoma model as measured by increase
in caspase 3/7 activity after 24 hours versus groups treated with: control group (empty micelles), 0.1 &#956;M free doxorubicin (free DOX),
0.1 &#956;M micellular doxorubicin (DOX micelles), 20 &#956;M micellular curcumin (CUR micelles). The primary endpoint of the study was level
of apoptosis as measured by increase in caspase 3/7 activity after 24 hours of treatment. 3D Spheroid U87MG glioblastoma cells were treated
with 0.1 &#956;M DOX and 20 &#956;M CUR in micellar formulations for 24 h, followed by the Apo-ONE Homogeneous Caspase-3/7 Assay. Results
were normalized against the control group and presented as mean &#177; SD. Our employees were involved in the design of this study
and Ilya Rachman, our Chief Executive Officer and Chairman of our board of directors, was a co-author of the results published in 2016.
Results were generated in triplicate using 15 spheroids per treatment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><span 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: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMX-110&#8217;s
synergistic combination induces caspase 3/7 activity, a proxy for apoptosis/tumor cell killing, at a rate of 12 times higher than that
of conventional doxorubicin, and at a rate 5 times higher than micellular doxorubicin, confirming IMX-110&#8217;s potent tumor cell killing
activity.</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>&#160;</b></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"><b>&#160;</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"><b>Figure
17: Representation of IMX-110 effector molecules (orange and red) attacking multiple protein targets simultaneously</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_022.jpg" alt="" style="height: 344px; width: 624px" /></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>Figure
18: IMX-110 Tissue-Specific Therapeutic<sup>TM</sup> with TME Normalization<sup>TM </sup>Technology</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"><b>Intracellular
Mechanism of Action</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_023.jpg" alt="" style="height: 355px; width: 624px" /></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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifically,
IMX-110 induces potent tumor killing by blocking multiple tumor escape pathways targeted by FDA approved targeted agents and targeted
agents in development.</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">&#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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leveraging
its multi-kinase inhibition capabilities, not only does IMX-110 block activation of NF-&#954;B and STAT3, IMX-110 also simultaneously
blocks activation of other well-known cancer-related proteins such as COX2, BCL2, BCL-xL, Survivin, c-myc, Notch, and Hes1. With these
pathways shut down, IMX-110 is able to activate apoptosis through double-stranded DNA breaks caused by IMX-110&#8217;s apoptosis inducer
(PEG-PE doxorubicin complex).</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>&#160;</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"><b>Table
1: Select Drugs Targeting Same Targets That IMX-110 Targets</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>

<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; background-color: white">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Company</b></span></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"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></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"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Target</b></span></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"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021
    status</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><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"><img src="forms-1_024.jpg" alt="" style="height: 83px; width: 116px" /></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"><img src="forms-1_025.jpg" alt="" style="height: 39px; width: 73px" /></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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Venetoclax
    / Venclexta</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BCL2</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approved</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <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;<img src="forms-1_026.jpg" alt="" style="height: 85px; width: 116px" /></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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Navitoclax</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BCL2,
    BCL-xL</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase
    II</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <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;<img src="forms-1_027.jpg" alt="" style="height: 63px; width: 127px" /></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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZN-d5</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BCL2,
    BCL-xL</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IND
    Enabling</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <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;<img src="forms-1_028.jpg" alt="" style="height: 84px; width: 84px" /></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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Celebrex/celecoxib</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COX2</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Off
    patent</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <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;<img src="forms-1_029.jpg" alt="" style="height: 73px; width: 138px" /></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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brontictuzumab</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notch1</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase
    I</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>

<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"><i>IMX-110
Pre-clinical Data</i></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">We
have funded and sponsored pre-clinical experiments to characterize the activity profile of IMX-110 in a range of solid tumor models,
including genetic KPC pancreatic mouse model, xenograft mouse models of various cancers, and <i>in vitro </i>with various cancer cell
lines.</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">&#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">We
observed that IMX-110 statistically significantly inhibited tumor growth in a pre-clinical study that we funded and was conducted on
an industry sponsored research basis in a HCT-116 colon cancer xenograft mouse model (which is poorly sensitive to doxorubicin). The
primary endpoint of the study was tumor growth inhibition as measured by tumor volume, with the secondary endpoint being overall survival.
Female nude (NU/NU) mice bearing 250mm<sup>3</sup> HCT-116 tumors were treated every 2 days starting at day 0 (7 total tail vein injections,
arrows correspond to injection days) at a dose of 4 mg/kg CUR and 0.4 mg/kg DOX (six mice per dosing group). Survival was determined
when the tumor reached 1000mm<sup>3</sup>. Our employees were involved in the design of this study and Ilya Rachman, our Chief Executive
Officer and Chairman of our board of directors, was a co-author of the results published in 2013. No adverse side effects of IMX-110
were observed as measured by lack of weight loss.</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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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
19: IMX-110 Tissue-Specific Therapeutic<sup>TM</sup> with TME Normalization<sup>TM </sup>Technology Statistically Significantly Inhibited
Tumor Growth in HCT-116 Pre-clinical Xenograft Model</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_030.jpg" alt="" style="height: 408px; width: 624px" /></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">(See
above paragraph for study description. Adapted from Abouzeid et al., 2013)</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
this pre-clinical study of IMX-110 in the HCT-116 colorectal cancer xenograft mouse model, at day 24, 80% of mice treated with 1 cycle
of low-dose IMX-110 were alive while all control animals were dead.</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">&#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">We
observed that IMX-110 monotherapy statistically significantly inhibited tumor growth in a pre-clinical study that we funded and was conducted
in a genetic pancreatic cancer (KPC) mouse model. The primary endpoint of the study was tumor growth inhibition as measured by tumor
volume and weight. Transgenic mice (Pdx1-Cre) were treated every day starting at day 0 (5 total tail vein injections, arrows correspond
to injection days) at a dose of 6 mg/kg CUR and 1.4 mg/kg DOX (at least six mice per dosing group). Survival was determined when the
tumor reached 1500mm<sup>3</sup>. Surviving animals were euthanized after the last blood collection prior to Day 30, tumors were excised,
measured, weighted, photographed and sectioned for histological analysis. Our employees were involved in the design of this study and
the results are unpublished. No adverse side effects of IMX-110 were observed as measured by lack of weight loss.</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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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
20: IMX-110 Tissue-Specific Therapeutic<sup>TM</sup> with TME Normalization<sup>TM </sup>Technology Monotherapy Statistically Significantly
Inhibited Tumor Growth in Genetic (KPC) Pancreatic Cancer Pre-clinical Model</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_031.jpg" alt="" style="height: 294px; width: 624px" /></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">(See
above paragraph for study description. ImmixBio unpublished results.)</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
this pre-clinical study of IMX-110 monotherapy in the genetic KPC pancreatic cancer mouse model, one cycle of low-dose IMX-110 produced
an average 43% reduction in tumor volume and weight at sacrifice vs. tumor volume and weight in untreated controls.</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"><i>IMX-110
Immunomodulation Effects</i></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">&#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
this pre-clinical study of IMX-110 monotherapy in the genetic KPC pancreatic mouse cancer model, our histological analysis showed that
IMX-110 has the potential to transform &#8220;cold&#8221; tumors into &#8220;hot&#8221; tumors by eliminating immunosuppressive T-regulatory
immune cells (top), enabling cytotoxic T-lymphocytes to enter the tumor (middle), and eliminating tumor vascularization (bottom).</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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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
21: IMX-110 Tissue-Specific Therapeutic<sup>TM</sup> with TME Normalization<sup>TM </sup>Technology </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"><b>Monotherapy
Turns &#8220;Cold&#8221; Tumors &#8220;Hot&#8221; in Genetic (KPC) Pancreatic Cancer Pre-clinical Model</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"><img src="forms-1_032.jpg" alt="" style="height: 33px; width: 265px" /></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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_033.jpg" alt="" style="height: 133px; width: 265px" /></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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_034.jpg" alt="" style="height: 147px; width: 265px" /></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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_035.jpg" alt="" style="height: 144px; width: 265px" /></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">(See
above paragraph for study description. ImmixBio unpublished results.)</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"><i>IMX-110
+ Anti-PD-1</i></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: 31.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
published literature, the effect of a combination of murine anti-PD-1, gemcitabine, nab-paclitaxel, and murine anti-CD40 was studied
in a genetically engineered mouse model of pancreatic ductal adenocarcinoma (KPC), and produced median survival of 42 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.7pt"><span 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: 31.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary endpoint of the study was tumor growth inhibition as measured by tumor volume and weight. Mice were treated intraperitoneally
(i.p.) with murine anti-PD-1 (RMP1-14; BioXcell; 200 mg/dose) on days 0, 3, 6, 9, 12, 15, 18, and 21 (after enrollment), with chemotherapy
(gemcitabine + nab-paclitaxel) injected i.p. at 120 mg/kg (for each chemotherapeutic) on day 1, and agonistic anti-CD40 (FGK45; BioXcell;
100 mg injected on day 3. For isotype controls, rat IgG2a (2A3; BioXcell; 100 mg) and rat IgG2b (LTF-2; BioXcell; 200 mg/dose) were used
(6-8 mice per group). Duration of survival was studied. We did not fund or sponsor this study, and we were not involved in this study
or its publication.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.7pt"><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"><b>&#160;</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"><b>Figure
22: 4 Drug Combination (anti-PD-1, anti-CD40, gemcitabine, nab-paclitaxel) produced</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"><b>median
42 day survival in Genetic (KPC) Pancreatic Cancer Pre-clinical Model</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_036.jpg" alt="" style="height: 357px; width: 624px" /></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">(See
above paragraph for study description. Adapted from Winograd et al., 2015)</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">A
combination of IMX-110 + murine anti-PD-1 in a pre-clinical study in a genetic pancreatic cancer (KPC) mouse model that we funded produced
extended median survival of 63 days.</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">&#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
primary endpoint of the study was tumor growth inhibition as measured by tumor volume and weight. Transgenic mice (Pdx1-Cre) were treated
every day starting at day 0 (5 total tail vein injections) at a dose of 6 mg/kg CUR and 1.5 mg/kg DOX, and treated on days 5, 8, and
11 with murine anti-PD-1 (RMP1-14; BioXcell) 100&#956;g/dose (three mice). This treatment was repeated started on day 21 and day 25. Duration
of survival was studied. Tumors were periodically visualized using an <i>in vivo</i> luciferase assay. Our employees were involved in
the design of this study and the results are unpublished. No adverse side effects of IMX-110 were observed as measured by lack of weight
loss.</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">&#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"><b>&#160;</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"><b>Figure
23: IMX-110 + murine anti-PD-1 Produced Extended Survival produced median 63 day survival</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"><b>in
Genetic (KPC) Pancreatic Cancer Pre-clinical Model</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_037.jpg" alt="" style="height: 317px; width: 624px" /></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">(See
above paragraph for study description. ImmixBio unpublished results.)</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
our genetic pancreatic cancer (KPC) mouse model study, luciferase assay visually demonstrated tumor shrinkage in the IMX-110 + anti-PD-1
combination group throughout the study.</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">&#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"></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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_038.jpg" alt="" style="height: 519px; width: 416px" /></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">(See
above paragraph for study description. ImmixBio unpublished results.)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe there exists significant potential for TSTx IMX-110 to be an integral component of combination therapies for a wide range of
advanced solid tumors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IMX-111
Tissue-Specific Biologic<sup>TM</sup> with TME Normalization<sup>TM </sup>Technology</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>IMX-111
Market Opportunity</i></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">&#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
first potential indication we intend to pursue for IMX-111 is colorectal cancer (&#8220;CRC&#8221;). CRCs are cancers that arise from
the colon, rectum and anus. According to American Cancer Society, there were roughly 149,500 new cases of colorectal cancer in the United
States. Globally, there are roughly 1,930,000 new cases of colorectal cancer each year, of which 519,500 are in Europe, 148,500 are in
Japan, 20,500 are in Australia and New Zealand, and 555,000 are in China. The five-year survival rate in the United States for all stages
of CRC is 64.7%, but this falls to 14.7% for patients with late-stage metastatic disease.</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">&#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
colorectal cancer market is estimated to reach approximately $31.2 billion by 2025 from the estimated $26.3 billion in 2019. Drugs used
to treat CRC include conventional irinotecan, oxaliplatin, 5-fluorouracil, pembrolizumab (marketed as Keytruda&#174;, by Merck &amp; Co.),
nivolumab (marketed as Opdivo&#174;, by Bristol Meyers Squibb), bevacizumab (marketed as Avastin&#174;, by Roche), and ramucirumab (marketed
as Cyramza&#174;, by Eli Lilly).</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">$33.38 billion is the total
publicly disclosed combined annual sales of pembrolizumab (Keytruda&#174;, Merck &amp; Co.), nivolumab (Opdivo&#174;), bevacizumab (Avastin&#174;),
and ramucirumab (Cyramza&#174;) according to the most recent available annual reports.</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"></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">&#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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
these therapies are either approved in combination with chemotherapies, or in a small subset of colorectal cancer patients.</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">&#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>Table
2: Select Drugs Used To Treat Advanced Colorectal Cancer</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="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Drug</b></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="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 70%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comments</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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">bevacizumab</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">(Avastin&#174;,
    Roche)</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approved
    in combination with 5-FU or 5-FY/LV chemotherapy</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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ramucirumab</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">(Cyramza&#174;,
    Eli Lilly)</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approved
    in combination with FOLFIRI chemotherapy</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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pembrolizumab</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">(Keytruda&#174;,
    Merck &amp; Co.)</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unresectable/metastatic
    MSI-H or mismatch repair deficient metastatic CRC that have progressed following prior treatment and have no alternative options
    / MSI-H or dMMR CRC (&lt;10% of metastatic CRC)</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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">nivolumab</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">(Opdivo&#174;,
    Bristol Meyers Squibb)</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advanced
    MSI-H/dMMR CRC who have progressed following treatment with fluoropyrimidine, oxaliplatin and irinotecan (&lt;10% of metastatic CRC)</span></td></tr>
  </table>
<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">&#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">We
intend to pursue IMX-111 for treatment of advanced colorectal cancer (&#8220;aCRC&#8221;), which includes all CRC diagnosed with regional,
distant, and other staging, and includes approximately 63% of all patients newly diagnosed with CRC annually. Treatment of aCRC typically
involves removal of sections of the colon (colectomy) or rerouting of the intestine by colostomy. Radiotherapy and chemotherapy, including
the above drugs, are also used to treat aCRC patients.</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"><i>IMX-111
Pre-clinical Data</i></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">&#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">We
have funded and sponsored pre-clinical experiments to characterize the activity profile of IMX-111 in a range of solid tumor models,
xenograft mouse models of various cancers, and <i>in vitro </i>with various cancer cell lines.</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">&#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">We
observed that IMX-111 statistically significantly inhibited tumor growth in a pre-clinical study that we funded and was conducted on
an industry sponsored research basis in a HCT-116 colon cancer xenograft mouse model (which is poorly sensitive to doxorubicin). The
primary endpoint of the study was tumor growth inhibition as measured by tumor volume, with the secondary endpoint being overall survival.
Female nude (NU/NU) mice bearing 250mm<sup>3</sup> HCT-116 tumors were treated every 2 days starting at day 0 (7 total tail vein injections,
arrows correspond to injection days) at a dose of 4 mg/kg CUR and 0.4 mg/kg DOX (six mice per dosing group). Survival was determined
when the tumor reached 1000mm<sup>3</sup>. Our employees were involved in the design of this study and Ilya Rachman, our Chief Executive
Officer and Chairman of our board of directors, was a co-author of the results published in 2013. No adverse side effects of IMX-111
were observed as measured by lack of weight loss.</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>


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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"><b>&#160;</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"><b>Figure
24: IMX-111 Tissue-Specific Biologic<sup>TM</sup> with TME Normalization<sup>TM </sup>Technology Statistically Significantly Inhibited
Tumor Growth in HCT-116 Colorectal Cancer Pre-clinical Xenograft Model</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_039.jpg" alt="" style="height: 406px; width: 624px" /></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">(See
above paragraph for study description. Adapted from Abouzeid et al., 2013)</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">&#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
this pre-clinical study of IMX-111 in the HCT-116 colorectal cancer xenograft mouse model, at day 24, 100% of mice treated with 1 cycle
of low-dose IMX-111 were alive while all control animals were dead.</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">&#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">We
observed that IMX-111 statistically significantly inhibited tumor growth in a pre-clinical study that we funded and was conducted on
an industry sponsored research basis in a MDA-MB-231 triple-negative breast cancer xenograft mouse model (which is poorly sensitive to
doxorubicin). The primary endpoint of the study was tumor growth inhibition as measured by tumor volume, with the secondary endpoint
being overall survival. Female nude (NU/NU) mice bearing 150mm<sup>3</sup> MDA-MB-231 tumors were treated every 2 days starting at day
20 except last injection administered at day 33 (7 total IV injections) at a dose of 6 mg/kg CUR and 1 mg/kg DOX (at least six mice per
dosing group). Survival was determined when the tumor reached 1000mm<sup>3</sup>. Our employees were involved in the design of this study
and Ilya Rachman, our Chief Executive Officer and Chairman of our board of directors, was a co-author of the results published in 2014.
No adverse side effects of IMX-111 were observed as measured by lack of weight loss.</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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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
25: IMX-111 Tissue-Specific Biologic<sup>TM</sup> with TME Normalization<sup>TM </sup>Technology Statistically Significantly Inhibited
Tumor Growth in MDA-MB-231 Triple-Negative Breast Cancer Xenograft Model</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_040.jpg" alt="" style="height: 350px; width: 624px" /></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">(See
above paragraph for study description. Adapted from Abouzeid et al., 2014)</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">&#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
this pre-clinical study of IMX-111 in the MDA-MB-231 triple-negative breast cancer xenograft mouse model, treatment with one cycle of
low-dose IMX-111 resulted in 50% reduction in tumor mass, versus 33% growth in controls. The IMX-111 treatment effect lasted throughout
the 52 day experiment duration.</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">&#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"><b><i>&#160;</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"><b><i>IMX-111
Composition and Mechanism of Action</i></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>Figure
26: IMX-111 Tissue-Specific Biologic<sup>TM</sup> with TME Normalization<sup>TM </sup>Technology</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"><b>for
CRC</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_041.jpg" alt="" style="height: 372px; width: 327px" /></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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMX-111
is a Tissue-Specific Biologic<sup>TM</sup> built on our TME Normalization<sup>TM</sup> Technology with proprietary GLUT1 antibody biomarker
targeting facilitating preferential accumulation in glucose-consuming cancer cells such as CRC. IMX-111 takes advantage of the fact that
GLUT1 is an essential cancer biomarker that is overexpressed on 92% of colorectal cancer tumor cells and other tumor types. Furthermore,
the degree of its overexpression correlates with more advanced stage of tumor progression. IMX-111 is the first cancer therapeutic to
take advantage of this fact by coupling anti-GLUT1 antibody to our poly-kinase inhibitor / apoptosis inducer.</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">&#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">IMX-111
is 17-23 nanometers in diameter, which is just larger than the size of an IgG antibody.</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>Figure
27: IMX-111&#8217;s target GLUT1 is overexpressed on colorectal and other cancers</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_042.jpg" alt="" style="height: 138px; width: 624px" /></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">(Adapted
from a review paper by Amann, et al., 2009. We did not fund or sponsor this study, and we were not involved in this study or its publication.)</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">&#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">GLUT1
is a glucose transporter which is overexpressed on 92% of CRC, making GLUT1 a prime biomarker for IMX-111 targeting in CRC.</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">&#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"><b>&#160;</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"><b>Figure
28: IMX-111&#8217;s target GLUT1 overexpression is associated with a poor prognosis</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_043.jpg" alt="" style="height: 140px; width: 624px" /></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">(Adapted
from Shen, et al., 2011 and Haber, et al., 1998. Shen, et al.: Expression of GLUT1 in 163 primary patient colorectal cancer tumors was
examined using real-time PCR. Haber, et al.: GLUT1 glucose transporter immunostaining was studied in normal colon and benign colon adenomas
and in 112 colorectal carcinomas from patients with known clinical outcomes. We did not fund or sponsor these studies, and we were not
involved in these studies or their publication.)</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">&#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">GLUT1
overexpression in CRC correlates with advanced, later stage (stage III-IV) disease. Heavy GLUT1 staining is observed in cancerous colorectal
tissue versus healthy normal colon.</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>Figure
29: IMX-111 Tissue-Specific Biologic<sup>TM</sup> with TME Normalization<sup>TM </sup>Technology</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"><b>Intracellular
Mechanism of Action</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_044.jpg" alt="" style="height: 383px; width: 624px" /></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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
IMX-111 enters the TME, consisting of: 1) CAFs, 2) TAMs/immune cells, and 3) cancer itself, it binds to its GLUT1 biomarker target and
empties its poly-kinase inhibitor / apoptosis inducer payload into these cells, causing tumor apoptosis. Specifically, IMX-111 induces
potent tumor killing by blocking multiple tumor escape pathways targeted by FDA approved targeted agents and targeted agents in development
(see Table 1).</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">&#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"><i>IMX-111
Development Strategy</i></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">We
plan to conduct IND-enabling studies for IMX-111 by mid-2022, pursuing advanced colorectal cancer as the initial indication. We anticipate
filing an IND for IMX-111 in 2023. We plan to initiate a Phase 1b/2a study with IMX-111 in solid tumors in the United States and Australia,
with the first patient anticipated to be dosed in 2023. We plan for IMX-111 to pursue advanced colorectal cancer as its initial indication.</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>IMX-120
Tissue-Specific Biologic<sup>TM </sup>with Immune Normalization Technology<sup>TM</sup> for inflammatory bowel disease</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>IMX-120
Market Opportunity</i></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: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
first potential indications we intend to pursue for IMX-120 are ulcerative colitis (&#8220;UC&#8221;) and severe Crohn&#8217;s disease
(&#8220;CD&#8221;), which are both forms of inflammatory bowel disease (&#8220;IBD&#8221;). IBD is estimated to affect over 2,000,000
people in the United States and over 5,000,000 people globally. IBD is a complex gastrointestinal disease caused primarily by a dysregulated
immune system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drugs
used to treat IBD include adalimumab (marketed as Humira&#174;, by Abbvie), ustekinumab (marketed as Stelara&#174;, by Janssen/Johnson
&amp; Johnson), and vedolizumab (marketed as Entyvio&#174;, by Takeda).</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: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$30.07
billion is the total publicly disclosed combined annual sales of adalimumab (Humira&#174;), ustekinumab (Stelara&#174;), and vedolizumab
(Entyvio&#174;, Takeda) according to the most recent available annual reports.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Endpoints
for clinical trials in IBD are measured in terms of remission rates at 4-8 weeks post treatment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
adalimumab (Humira&#174;), in a study of moderate-to-severe UC who received concurrent treatment with oral corticosteroids or immunosuppressants,
overall rates of clinical remission at week 8 were 16.5% on adalimumab and 9.3% on placebo, according to Sandborn et al., 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
ustekinumab (Stelara&#174;), in a study of moderate-to-severe UC, overall rates of clinical remission at week 8 were 15.6% on 130mg intravenous
ustekinumab and 5.3% on placebo, according to Sands et al., 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
vedolizumab (Entyvio&#174;), in a study of moderately to severely active UC, overall rates of clinical remission at week 6 were 17% on
vedolizumab and 5% on placebo, according to the FDA Entyvio&#174; Prescribing Label.</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UC
and CD are two of the most common forms of IBD. Both UC and CD are chronic, relapsing, remitting, inflammatory conditions of the gastrointestinal
tract that begin most commonly during adolescence and young adulthood. UC involves the innermost lining of the large intestine, and symptoms
include abdominal pain and diarrhea, frequently with blood and mucus. CD can affect the entire thickness of the bowel wall and all parts
of the gastrointestinal tract from mouth to anus. CD symptoms include abdominal pain, diarrhea, and other more systemic symptoms such
as weight loss, nutritional deficiencies, and fever.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current standard of care for the treatment of patients with moderate-to-severe IBD is typically anti-inflammatory agents. The majority
of IBD patients do not respond to first-line anti-tumor necrosis factor agents. The approvals of the first anti-tumor necrosis factor
agent for the treatment of CD in 1998 and newer biological agents, including anti-integrin and anti-IL12/23, have improved the care of
moderate-to-severe IBD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
these subsequently approved therapies in UC have generally failed to demonstrate a clinical remission effect size of more than 15% relative
to placebo. Moreover, among those patients who do respond to therapy, up to 50% will lose response over time. Additionally, the markets
for UC and CD represent a high unmet need patient population. Only 2 out of 5 UC patients are on advanced therapy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>IMX-120
Composition and Mechanism of Action</i></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
30: IMX-120 Tissue-Specific Biologic<sup>TM</sup> with Immune Normalization Technology<sup>TM</sup> for inflammatory bowel disease</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_045.jpg" alt="" style="height: 301px; width: 370px" /></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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMX-120,
built on our SMAR<sub>x</sub>T Tissue-Specific<sup>TM</sup> Platform with shared CMC and design elements with our other drug candidates,
is a Tissue-Specific Biologic<sup>TM</sup> with proprietary GLUT1/confidential target antibody encapsulating polyphenol poly-kinase inhibitors
selectively silencing disease-causing inflammatory bowel immune cells.</span></p>

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<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">Driving
inflammatory bowel disease are the interactions between 3 components of the immune synapse: 1) gut-lining enterocytes, 2) gut microbes,
and 3) gut-resident immune cells. Cellular contacts and signaling molecules exchanged between these components activate abnormal inflammatory
responses in immune cells driving a self-sustaining feed-forward loop of pathological inflammation in gastrointestinal tissues. Through
simultaneous repression of pathological inflammatory signaling in all of these components at the same time, Immune Normalization<sup>TM
</sup>Technology halts this self-sustaining feed-forward loop propagated among these 3 components, addressing the root cause of inflammatory
pathologies.</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">IBD
is caused by a dysregulated, chronic, pathological immune response by bowel immune cells to the microbiome and other components of the
gastrointestinal cellular environment. In the process of becoming dysregulated, cytotoxic T-cells and macrophages secrete signaling cytokines,
resulting in a self-sustaining feed-forward loop of inflammation. Similar to tumor growth, these inflammatory processes active in IBD
are caused by recurring waves of activation of multiple kinases that upregulate NF-&#954;B, STAT3 and other key transcriptional factors.</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">&#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">IMX-120
takes advantage of the fact that overexpression and activation of GLUT1 on overactive immune cells has been shown to be widely present
in patients with IBD. IMX-120&#8217;s polyphenol poly-kinase inhibitors block upstream kinase signal transduction systems that activate
NF-&#954;B and STAT3, thus shutting down the self-sustaining feed-forward loop of inflammation. GLUT1 presents an ideal targeting moiety
for these overactive immune cells, allowing for tissue-specific delivery of IMX-120.</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">&#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">Curcuminoid
polyphenols have been generally well-tolerated in multiple clinical trials, two of which are summarized below.</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
a randomized, multi-center placebo-controlled, double-blind study of 50 mesalamine-treated patients with active mild-to-moderate ulcerative
colitis (UC) (defined by the Simple Clinical Colitis Activity Index, or SCCAI) who did not respond to an additional 2 weeks of the maximum
dose of mesalamine oral and topical therapy, patients were randomly assigned to groups who were given curcumin capsules (3 g/day, n =
26) or an identical placebo (n = 24) for 1 month, with continued mesalamine. The primary endpoint was the rate of clinical remission
(SCCAI &lt;=2) at week 4. Clinical and endoscopic responses were also recorded. The incidence of adverse effects was not significantly
different between the 2 arms. The primary results of the trial at 4 weeks are outlined in the figure below (left hand side).</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">&#160;</span></p>


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<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
a randomized, double-blinded study performed at 5 independent medical centers in Japan, curcuminoid Theracurmin (360 mg/day, 20 patients)
or placebo (10 patients) was administered to patients with active mild-to-moderate Crohn&#8217;s disease (&#8220;CD&#8221;) for
12 weeks. The agent&#8217;s clinical activity was assessed by evaluating clinical and endoscopic remission, healing of anal lesions,
and blood levels of inflammatory markers. The primary endpoint was the difference in Crohn&#8217;s disease activity index, or CDAI, improvement
between the Theracurmin and placebo groups when comparing week 12 to week 0. No serious adverse events were observed in either group
throughout the study. The primary results of the trial at 4 weeks are outlined in the figure below (right hand side).</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
both studies, because of the lack of previous data on the subject, a formal power analysis calculation of sample size was not performed.
Also for both studies, P &lt; 0.05 was considered statistically significant. For all results below, p values of differences between placebo
and treatment group was &lt; 0.05. We did not fund or sponsor these studies, and we were not involved in these studies or their publications.</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>Figure
31: Polyphenols have shown promise in both ulcerative colitis and Crohn&#8217;s</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><img src="forms-1_046.jpg" alt="" style="height: 143px; width: 624px" /></i></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">(Adapted
from Lang, et al., 2015 and Sugimoto et al., 2020. See above paragraphs for study descriptions)</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
an almost complete lack of bioavailability in oral form, a polyphenol (curcumin) showed signs of clinical activity in a 50 patient UC
study, with &gt;50% remission rate in the treatment arm at week 4 compared to a 0-13% remission rate in a control group at week 4. In
a 30 patient CD study, a polyphenol (theracurmin) produced a 35% clinical remission rate in the treatment arm at week 4 compared to 0%
in a control group at week 4.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
IMX-120&#8217;s proprietary GLUT1 targeting, we believe the potential for IMX-120 in IBD is favorable.</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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<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>Figure
32: GLUT1 targeting significantly reduces IBD inflammation in <i>in vitro </i>models</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><img src="forms-1_047.jpg" alt="" style="height: 390px; width: 370px" /></i></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">(Adapted
from Macintyre et al., 2014 and Renaudin et al., 2020. See below paragraph for study descriptions. We did not fund or sponsor these studies,
and we were not involved in these studies or their publications.)</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
inflammatory bowel disease in mice, GLUT1 appears to be required for metabolic reprogramming of CD4 T cells into T effector cells that
are critical for induction of disease-causing inflammation (above figure left hand side graphical abstract). In mice, GLUT1 inhibition
results in the reduction of global tissue inflammatory score observed by hematoxylin and eosin (&#8220;HE&#8221;) staining (above
figure right hand side).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</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>Figure
33: IMX-120 silences disease causing inflammatory bowel immune cells</b></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"><img src="forms-1_051.jpg" alt="" style="height: 480px; width: 620px" /></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">(Illustrative
figure adapted from Alzahrani, et al., 2019. We did not fund or sponsor this study, and we were not involved in this study or its publication.)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMX-120
targets GLUT1 and a second proprietary target that were described in the literature as key activators of overactive immune response,
that are expected to allow IMX-120 to selectively silence disease-causing, overactive inflammatory bowel immune cells with its polyphenol
poly-kinase inhibitors.</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>IMX-120
Development Strategy</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to conduct IND-enabling studies for IMX-120 by mid-2022, pursuing ulcerative colitis and severe Crohn&#8217;s disease indications.
We anticipate filing an IND for IMX-120 in 2023. We plan to initiate a Phase 1b/2a study with IMX-120 in IBD in the United States and
Australia with the first patient anticipated to be dosed in 2023. We plan for IMX-120 to pursue UC and severe CD indications.</span></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"><b>Manufacturing</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have already established a track record of producing 4 batches of our Tissue-Specific Therapeutics (&#8220;TSTx&#8221;) <sup>TM
</sup>according to current Good Manufacturing Practice (&#8220;cGMP&#8221;), and have treated 14 patients so-far in our ongoing Phase
1b/2a clinical trial as of April 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"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will continue to leverage our established technical, manufacturing, analytical, quality, cGMP, project management expertise and existing
relationships to contract with appropriate CMOs to manufacture our TSTx<sup>TM</sup> moving forward.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently do not own or operate any manufacturing facilities. To date, we have obtained active pharmaceutical ingredients (&#8220;API&#8221;)
and drug product for our product candidates from several third party contract manufacturers. We are in the process of developing our
supply chain for each of our product candidates and intend to enter into agreements pursuant to which third-party contract manufacturers
will provide us with necessary quantities of API and drug product on a project-by-project basis based upon our needs. We rely, and expect
to continue to rely for the foreseeable future, on FDA, EMA, or other jurisdiction-registered third-party contract manufacturing organizations
to produce our product candidates for pre-clinical and clinical testing, as well as for commercial manufacture if our product candidates
receive marketing approval. As part of the manufacture and design process for our product candidates, we rely on internal, scientific
and manufacturing know-how and trade secrets and the know-how and trade secrets of third-party manufacturers. We also contract with additional
third parties for the filling, labeling, packaging, storage and distribution of investigational drug products. We believe that this strategy
allows us to maintain a more efficient infrastructure by eliminating the need for us to invest in our own manufacturing facilities, equipment
and personnel while also enabling us to focus our expertise and resources on the development of our product candidates. We maintain agreements
with our manufacturers that include confidentiality and intellectual property, and quality provisions to protect our proprietary rights
related to our product candidates and satisfy regulatory requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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"><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; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
biotechnology industry is extremely competitive in the race to develop new products. While we believe we have significant competitive
advantages with our years of expertise in systems biology drug design, pharmacology and drug delivery, and clinical depth, trials and
expertise, and intellectual property position, we currently face and will continue to face competition for our development programs from
groups that are developing therapies for oncology and inflammation. The competition is likely to come from multiple sources, including
larger pharmaceutical companies, biotechnology companies, and academic institutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
developing therapies for both oncology and inflammation include, but are not limited to, Kymera Therapeutics Inc., Morphic Holding Inc.,
and RAPT Therapeutics Inc. Companies developing therapies for IBD (including UC and CD) include, but are not limited to, Arena Pharmaceuticals
Inc., Landos Biopharma Inc., and Seres Therapeutics Inc.</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>IMX-110
&#8211; Soft Tissue Sarcoma</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">Drugs
in trials to treat STS include nivolumab (marketed as Opdivo&#174;, by Bristol Meyers Squibb), ipilimumab (marketed as Yervoy&#174;, by
Merck &amp; Co), and pembrolizumab (marketed as Keytruda&#174;, by Merck &amp; Co).</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">Nivolumab
(Opdivo&#174;), was trialed in a study in which 61% of patients had received at least three previous lines of chemotherapy prior to nivolumab.
Nivolumab monotherapy produced a mPFS in sarcoma of 1.7 months, according to D&#8217;Angelo et al., 2018.</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">Nivolumab
(Opdivo&#174;) and ipilimumab (Yervoy&#174;), were trialed in a study in which 61% of patients had received at least three previous lines
of chemotherapy prior to a combination of nivolumab + ipilimumab. Nivolumab + ipilimumab combination therapy produced a mPFS in sarcoma
of 4.1 months, according to D&#8217;Angelo et al., 2018.</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">Pembrolizumab
(Keytruda&#174;, Merck &amp; Co), was trialed in a study in which 42% of patients had received at least three previous lines of chemotherapy
prior to pembrolizumab. Pembrolizumab monotherapy produced a mPFS in sarcoma of 4.2 months, according to Tawbi et al., 2017.</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 to the above, companies with approved therapies and that are developing therapies for soft tissue sarcoma include, but are not
limited to, BioAtla Inc., Epizyme Inc., Nanobiotix SA, C4 Therapeutics, Inc., Adaptimmune Therapeutics plc, Eisai, Novartis, and Janssen/Johnson
&amp; Johnson.</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"><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>Intellectual
Property</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
success depends in part on our ability to obtain and maintain proprietary protection for our product candidates, technology and know-how,
to operate without infringing the proprietary rights of others and to prevent others from infringing our proprietary rights. Our strategy
is to seek to protect our proprietary position by, among other methods, pursuing and obtaining patent protection in the United States
and in jurisdictions outside of the United States related to our proprietary technology, inventions, improvements, and product candidates
that are important to the development and implementation of our business. Our patent portfolio is intended to cover our product candidates
and related components, their methods of use and processes for their manufacture, our proprietary reagents and assays, and any other
inventions that are commercially important to our business. We also rely on common law trademarks as well as trade secret protection
of our confidential information and know-how relating to our proprietary technology platform, and product candidates. We believe that
we have substantial know-how and trade secrets relating to our technology and product candidates.</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 May 26, 2022, our patent portfolio includes 11 U.S. and foreign patents, 4 pending U.S. and foreign patent applications, and
3 pending U.S. provisional patent applications related to our technology platform and our product candidates. Of those, 1 patent has
been granted in the U.S. and 10 patents have been granted in the following countries: France, Germany, Ireland, Switzerland, and the
United Kingdom. One non-provisional patent application is currently pending in the U.S. and 3 foreign patent applications are currently
pending before the European Patent Office, and in China and Hong Kong. Certain platform patents are expected to remain in force until
2033. Other patents directed to platform technology are expected to remain in force until 2036.</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">The
below patents and patent applications comprise our patent portfolio. All of the patents and patent applications listed below are owned
by 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>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,833,508</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/15/2033</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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16/789,401</span></td>
    <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/15/2033</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">United
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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">Provisional</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63/210,212</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">06/14/2022</span></td>
    <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">Provisional</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63/219,348</span></td>
    <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">07/07/2022</span></td>
    <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">&#160;</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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/15/2033</span></td>
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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>


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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>

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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">Compositions</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/15/2033</span></td>
    <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: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
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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">Pending</span></td>
    <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">Cancer
    therapeutics</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">03/15/2033</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compositions</span></td></tr>
  <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending</span></td>
    <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"><span style="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">10/21/2036</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compositions,
    methods and use</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">France</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">16858309.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M&#233;thodes
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/21/2036</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compositions</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Germany</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">16858309.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Verfahren
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/21/2036</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compositions</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">Ireland</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">16858309.4</span></td>
    <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/21/2036</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compositions</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Switzerland</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent</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">Verfahren
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/21/2036</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compositions</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>
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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">We
generally pursue multilayered patent protection covering the composition of matter including the formulations of the product candidates,
and/or the functional characteristics of the product candidates. In addition to composition of matter coverage, we also generally pursue
claims directed to methods of making, and methods of use of the 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>IP
License Agreement with Immix Biopharma Australia Pty Ltd.</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">On
January 23, 2017, we entered into an IP License Agreement (&#8220;License Agreement&#8221;) with Immix Biopharma Australia Pty Ltd.,
our wholly-owned subsidiary, pursuant to which we granted IBAPL a non-exclusive, non-transferable license to IMX-110 intellectual property
that is necessary for the purpose of, among other things, conducting or facilitating the research, development or clinical trials relating
to such intellectual property in the Commonwealth of Australia. Pursuant to the terms of the License Agreement, during the term of the
License Agreement, IBAPL shall pay us a royalty equal to a mid single digit percentage of Net Sales (as defined in the License Agreement),
subject to adjustment as set forth in the License Agreement. The License Agreement may be terminated by either party (i) upon 20 days
prior written notice to the other party, (ii) if the other party breaches any provision of the License Agreement and fails to remedy
such breach within 10 business days after receiving written notice of such breach or (iii) if the other party is the subject to an insolvency
event as set forth in the License Agreement. As of the date of this prospectus, we have not received any payments pursuant to the License
Agreement.</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"><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>AxioMx
Master Services Agreement</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">On
December 22, 2014, we entered into the MSA with AxioMx which is in the business of developing and supplying custom affinity reagents.
We entered into the MSA to serve as a master agreement governing multiple sets of projects as may be agreed upon us and AxioMx from time
to time. Pursuant to the MSA, we granted AxioMx a non-exclusive, royalty-free, worldwide, non-transferable license to certain of our
intellectual property to perform services pursuant to the MSA, and AxioMx granted us an exclusive product assignment option which grants
us an exclusive, royalty-bearing right, with the right to sublicense, under the Deliverable (as defined in the MSA) to further research,
develop, use, sell, offer for sale, import and export one or more assigned products pursuant to the MSA. We exercised the Option in 2017.
Pursuant to the MSA, AxioMx is entitled to royalties on the sale of any Deliverable that is used for diagnostic, prognostic or therapeutic
purposes, in humans or animals, or for microbiology testing, including food safety testing or environmental monitoring. Specifically,
we shall pay AxioMx a royalty of 3.5% of Net Sales (as defined in the MSA) of assigned products for each Deliverable used in licensed
products for therapeutic purposes. In addition, we shall pay AxioMx a royalty of 1.5% of Net Sales of assigned products for each Deliverable
used in licensed products for diagnostic or prognostic purposes; provided, however, if three Deliverables are used in an assigned product
for diagnostic or prognostic purposes, the royalty shall be 4.5%. Subject to certain exceptions, the MSA shall continue for a period
of five years from the effective date, unless extended by us and AxioMx. The MSA may be terminated by either party upon a material breach
of the MSA, which breach remains uncured for 30 days after written notice thereof. In addition, we may also terminate the MSA at any
time upon 30 days prior written notice to AxioMx. The MSA has not been amended or extended, however, the royalty obligations described
in this paragraph survive the termination of the MSA.</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>Government
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>United
States Regulation of Drugs and Biologics</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that IMX-110 will be regulated by the FDA as a complex non-biologic by submitting an NDA. We expect that IMX-111 and IMX-120 will
be regulated by the FDA as a biological product, or biologic, by submitting a BLA to the FDA. We expect to pursue United States and global
regulatory designations, vouchers, conditional approvals and accelerated approvals where appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business activities are subject to various laws, rules and regulations of the United States as well as of foreign governments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA and other regulatory authorities at federal, state, and local levels, as well as in foreign countries, extensively regulate, among
other things, the research, development, testing, manufacture, quality control, import, export, safety, effectiveness, labeling, packaging,
storage, distribution, record keeping, approval, advertising, promotion, marketing, post-approval monitoring, and post-approval reporting
of drug products such as those we are developing. We, along with third-party contractors, will be required to navigate the various pre-clinical,
clinical and commercial approval requirements of the governing regulatory agencies of the countries in which we wish to conduct studies
or seek approval or licensure of our product candidates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
process required by the FDA before drug candidates may be marketed in the United States generally involves the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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">completion
    of pre-clinical laboratory tests and animal studies performed in accordance with the FDA&#8217;s current Good Laboratory Practice
    (&#8220;GLP&#8221;) 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; 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">submission
    to the FDA of an IND, which must become effective before clinical trials may begin and must be updated annually or when significant
    changes are made;</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">approval
    by an independent IRB, or ethics committee at each clinical site before the trial is commenced;</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">performance
    of adequate and well-controlled human clinical trials to establish the safety and efficacy of the proposed drug candidate for its
    intended purpose;</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">preparation
    of and submission to the FDA of an NDA or BLA after completion of all pivotal 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">satisfactory
    completion of an FDA Advisory Committee review, if applicable;</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">a
    determination by the FDA within 60 days of its receipt of an NDA or BLA to file the application for review;</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">satisfactory
    completion of an FDA pre-approval inspection of the manufacturing facility or facilities at which the proposed product is produced
    to assess compliance with cGMP, and of selected clinical investigation sites to assess compliance with cGCP; 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">FDA
    review and approval of the NDA or BLA to permit commercial marketing of the product for particular indications for use in the United
    States.</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>


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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"><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>Pre-clinical
and Clinical Development</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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to beginning the first clinical trial with a product candidate, we must submit an IND to the FDA. An IND is a request for authorization
from the FDA to administer an investigational new drug product to humans. The central focus of an IND submission is on the general investigational
plan and the protocol(s) for clinical trials. The IND also includes results of animal and <i>in vitro</i> studies assessing the toxicology,
pharmacokinetics, pharmacology and pharmacodynamic characteristics of the product; chemistry, manufacturing and controls information;
and any available human data or literature to support the use of the investigational product. An IND must become effective before human
clinical trials may begin. The IND automatically becomes effective 30 days after receipt by the FDA, unless the FDA, within the 30-day
time period, raises safety concerns or questions about the proposed clinical trial. In such a case, the IND may be placed on clinical
hold and the IND sponsor and the FDA must resolve any outstanding concerns or questions before the clinical trial can begin. Submission
of an IND therefore may or may not result in FDA authorization to begin a clinical trial.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clinical
trials involve the administration of the investigational product to human subjects under the supervision of qualified investigators in
accordance with cGCP, which include the requirement that all research subjects provide their informed consent for their participation
in any clinical trial. Clinical trials are conducted under protocols detailing, among other things, the objectives of the study, the
parameters to be used in monitoring safety and the effectiveness criteria to be evaluated. A separate submission to the existing IND
must be made for each successive clinical trial conducted during product development and for any subsequent protocol amendments. Furthermore,
an independent IRB for each site proposing to conduct the clinical trial must review and approve the plan for any clinical trial and
its informed consent form before the clinical trial begins at that site, and must monitor the study until completed. Regulatory authorities,
the IRB or the sponsor may suspend a clinical trial at any time on various grounds, including a finding that the subjects are being exposed
to an unacceptable health risk or that the trial is unlikely to meet its stated objectives. Some studies also include oversight by an
independent group of qualified experts organized by the clinical trial sponsor, known as a data safety monitoring board, which provides
authorization for whether or not a study may move forward at designated check points based on access to certain data from the study and
may halt the clinical trial if it determines that there is an unacceptable safety risk for subjects or other grounds, such as no demonstration
of efficacy. There are also requirements governing the reporting of ongoing clinical trials and clinical trial results to public registries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of NDA or BLA approval, human clinical trials are typically conducted in three sequential phases that may overlap.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><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"><i>Phase
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    condition. These studies are designed to test the safety, dosage tolerance, absorption, metabolism and distribution of the investigational
    product in humans, the side effects associated with increasing doses, and, if possible, to gain early evidence on effectiveness.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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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    2&#8212;</i>The investigational product is administered to a limited patient population with a specified disease or condition to
    evaluate the preliminary efficacy, optimal dosages and dosing schedule and to identify possible adverse side effects and safety risks.
    Multiple Phase 2 clinical trials may be conducted to obtain information prior to beginning larger and more expensive Phase 3 clinical
    trials. Some trials may combine aspects of Phase 1 and Phase 2 into a single clinical trial that can examine both safety in healthy
    volunteers and safety and preliminary efficacy in patients with a specific 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"><i>Phase
    3&#8212;</i>The investigational product is administered to an expanded patient population to further evaluate dosage, to provide
    statistically significant evidence of clinical efficacy and to further test for safety, generally at multiple geographically dispersed
    clinical trial sites. These clinical trials are intended to establish the overall risk/benefit ratio of the investigational product
    and to provide an adequate basis for product approval.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
registrational trial is a clinical trial that adequately meets regulatory agency requirements for the evaluation of a drug candidate&#8217;s
efficacy and safety such that it can be used to justify the approval of the drug. Generally, registrational trials are Phase 3 trials
but may be Phase 2 trials if the trial design provides a reliable assessment of clinical benefit, particularly in situations where there
is an unmet medical need.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
some cases, the FDA may require, or companies may voluntarily pursue, additional clinical trials after a product is approved to gain
more information about the product. These so-called Phase 4 studies may be made a condition to approval of the NDA or BLA. Concurrent
with clinical trials, companies may complete additional animal studies and develop additional information about the characteristics of
the product candidate and must finalize a process for manufacturing the product in commercial quantities in accordance with cGMP requirements.
The manufacturing process must be capable of consistently producing quality batches of the product candidate and, among other things,
must develop methods for testing the final product. Additionally, appropriate packaging must be selected and tested and stability studies
must be conducted to demonstrate that the product candidate does not undergo unacceptable deterioration over its shelf life.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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>NDA
or BLA Submission and Review</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming
successful completion of all required testing in accordance with all applicable regulatory requirements, the results of product development,
non-clinical studies and clinical trials are submitted to the FDA as part of an NDA or BLA requesting approval to market the product
for one or more indications. The NDA or BLA must include all relevant data available from pertinent pre-clinical and clinical trials,
including negative or ambiguous results as well as positive findings, together with detailed information relating to the product&#8217;s
chemistry, manufacturing, controls, and proposed labeling, among other things. A determination by the FDA within 60 days of the receipt
of an NDA or BLA to file the application for review for its completeness is initiated at the time of submission. If the FDA determines
there is significance to the missing or incomplete information in the context of the proposed drug product, the proposed indication(s)
and the amount of time needed to address any given deficiency, it can issue a refusal-to-file letter. The submission of an NDA or BLA
requires payment of a substantial application user fee to FDA, unless a waiver or exemption applies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
an NDA has been submitted, the FDA&#8217;s goal is to review standard applications within ten months after it accepts the application
for filing, or, if the application qualifies for priority review, six months after the FDA accepts the application for filing. In both
standard and priority reviews, the review process is often significantly extended by FDA requests for additional information or clarification.
The FDA reviews an NDA or BLA to determine, among other things, whether a product is safe and effective. The FDA may convene an advisory
committee to provide clinical insight on application review questions. Before approving an NDA or BLA, the FDA will typically inspect
the facility or facilities where the product is manufactured. The FDA will not approve an application unless it determines that the manufacturing
processes and facilities are in compliance with cGMP requirements and adequate to assure consistent production of the product within
required specifications. Additionally, before approving an NDA or BLA, the FDA will typically inspect one or more clinical sites to assure
compliance with cGCP. If the FDA determines that the application, manufacturing process or manufacturing facilities are not acceptable,
it will outline the deficiencies in the submission and often will request additional testing or information. Notwithstanding the submission
of any requested additional information, the FDA ultimately may decide that the application does not satisfy the regulatory criteria
for approval.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the FDA evaluates an NDA or BLA and conducts inspections of manufacturing facilities where the product will be produced, the FDA may
issue an approval letter or a Complete Response letter. An approval letter authorizes commercial marketing of the product with specific
prescribing information for specific indications. A Complete Response letter will describe all of the deficiencies that the FDA has identified
in the NDA or BLA. In issuing the Complete Response letter, the FDA may recommend actions that the applicant might take to place the
NDA or BLA in condition for approval, including requests for additional information or clarification. The FDA may delay or refuse approval
of an NDA or BLA if applicable regulatory criteria are not satisfied, require additional testing or information and/or require post-marketing
testing and surveillance to monitor safety or efficacy of a product.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
regulatory approval of a product is granted, such approval will be granted for particular indications and may entail limitations on the
indicated uses for which such product may be marketed. For example, the FDA may approve the NDA or BLA with a Risk Evaluation and Mitigation
Strategy (&#8220;REMS&#8221;), to ensure the benefits of the product outweigh its risks. A REMS is a safety strategy to manage a known
or potential serious risk associated with a product and to enable patients to have continued access to such medicines by managing their
safe use, and could include medication guides, physician communication plans or elements to assure safe use, such as restricted distribution
methods, patient registries and other risk minimization tools. The FDA also may condition approval on, among other things, changes to
proposed labeling or the development of adequate controls and specifications. Once approved, the FDA may withdraw the product approval
if compliance with pre- and post-marketing requirements is not maintained or if problems occur after the product reaches the marketplace.
The FDA may require one or more Phase 4 post-market studies and surveillance to further assess and monitor the product&#8217;s safety
and effectiveness after commercialization, and may limit further marketing of the product based on the results of these post-marketing
studies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><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"><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>Expedited
Development and Review Programs</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA offers several expedited development and review programs for qualifying product candidates. The fast track program is intended to
expedite or facilitate the process for reviewing new products that meet certain criteria. Specifically, new products are eligible for
fast track designation if they are intended to treat a serious or life-threatening disease or condition and demonstrate the potential
to address unmet medical needs for the disease or condition. Fast track designation applies to the combination of the product and the
specific indication for which it is being studied. The sponsor of a fast track product has opportunities for frequent interactions with
the review team during product development and, once an NDA or BLA is submitted, the product may be eligible for priority review. A fast
track product may also be eligible for rolling review, where the FDA may consider for review sections of the NDA or BLA on a rolling
basis before the complete application is submitted, if the sponsor provides a schedule for the submission of the sections of the NDA
or BLA, the FDA agrees to accept sections of the NDA or BLA and determines that the schedule is acceptable, and the sponsor pays any
required user fees upon submission of the first section of the NDA or BLA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
product intended to treat a serious or life-threatening disease or condition may also be eligible for breakthrough therapy designation
to expedite its development and review. A product can receive breakthrough therapy designation if preliminary clinical evidence indicates
that the product may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such
as substantial treatment effects observed early in clinical development. The designation includes all of the fast track program features,
as well as more intensive FDA interaction and guidance beginning as early as Phase 1 and an organizational commitment to expedite the
development and review of the product, including involvement of senior managers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
product is eligible for priority review if it has the potential to provide a significant improvement in the treatment, diagnosis or prevention
of a serious disease or condition compared to marketed products. For products containing new molecular entities, priority review designation
means the FDA&#8217;s goal is to take action on the marketing application within six months of the 60-day filing date (compared with
ten months under standard review).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
products studied for their safety and effectiveness in treating serious or life-threatening diseases or conditions may receive accelerated
approval upon a determination that the product has an effect on a surrogate endpoint that is reasonably likely to predict clinical benefit,
or on a clinical endpoint that can be measured earlier than irreversible morbidity or mortality, that is reasonably likely to predict
an effect on irreversible morbidity or mortality or other clinical benefit, taking into account the severity, rarity, or prevalence of
the condition and the availability or lack of alternative treatments. As a condition of accelerated approval, the FDA will generally
require the sponsor to perform adequate and well-controlled post-marketing clinical trials to verify and describe the anticipated effect
on irreversible morbidity or mortality or other clinical benefit. In addition, the FDA currently requires, as a condition for accelerated
approval, pre-approval of promotional materials, which could adversely impact the timing of the commercial launch of the product.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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>Orphan
Drug Designation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Orphan Drug Act, the FDA may grant orphan designation to a drug or biologic intended to treat a rare disease or condition, which
is a disease or condition that affects fewer than 200,000 individuals in the United States, or more than 200,000 individuals in the United
States for which there is no reasonable expectation that the cost of developing and making available in the United States a drug or biologic
for this type of disease or condition will be recovered from sales in the United States for that drug or biologic. Orphan drug designation
must be requested before submitting an NDA or BLA. After the FDA grants orphan drug designation, the generic identity of the therapeutic
agent and its potential orphan use are disclosed publicly by the FDA. The orphan drug designation does not convey any advantage in, or
shorten the duration of, the regulatory review or approval process.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a product that has orphan drug designation subsequently receives the first FDA approval for the disease for which it has such designation,
the product is entitled to orphan drug exclusive approval (or exclusivity), which means that the FDA may not approve any other applications,
including a full NDA or BLA, to market the same drug for the same indication for seven years, except in limited circumstances, such as
a showing of clinical superiority to the product with orphan drug exclusivity. Orphan drug exclusivity does not prevent the FDA from
approving a different drug or biologic for the same disease or condition, or the same drug or biologic for a different disease or condition.
Among the other benefits of orphan drug designation are tax credits for certain research and a waiver of the application user fee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
designated orphan drug may not receive orphan drug exclusivity if it is approved for a use that is broader than the indication for which
it received orphan designation. In addition, exclusive marketing rights in the United States may be lost if the FDA later determines
that the request for designation was materially defective or if the manufacturer is unable to assure sufficient quantities of the product
to meet the needs of patients with the rare disease or condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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>Post-Approval
Requirements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
products manufactured or distributed by us pursuant to FDA approvals are subject to pervasive and continuing regulation by the FDA, including,
among other things, requirements relating to record-keeping, reporting of adverse experiences, periodic reporting, product sampling and
distribution, and advertising and promotion of the product. After approval, most changes to the approved product, such as adding new
indications or other labeling claims, are subject to prior FDA review and approval. There also are continuing user fee requirements,
under which FDA assesses an annual program fee for each product identified in an approved NDA or BLA. Drug manufacturers and their subcontractors
are required to register their establishments with the FDA and certain state agencies, and are subject to periodic unannounced inspections
by the FDA and certain state agencies for compliance with cGMP, which impose certain procedural and documentation requirements upon us
and our third-party manufacturers. Changes to the manufacturing process are strictly regulated, and, depending on the significance of
the change, may require prior FDA approval before being implemented. FDA regulations also require investigation and correction of any
deviations from cGMP and impose reporting requirements upon us and any third-party manufacturers that we may decide to use. Accordingly,
manufacturers must continue to expend time, money and effort in the area of production and quality control to maintain compliance with
cGMP and other aspects of regulatory compliance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA may withdraw approval if compliance with regulatory requirements and standards is not maintained or if problems occur after the product
reaches the market. Later discovery of previously unknown problems with a product, including adverse events of unanticipated severity
or frequency, or with manufacturing processes, or failure to comply with regulatory requirements, may result in revisions to the approved
labeling to add new safety information; imposition of post-market studies or clinical trials to assess new safety risks; or imposition
of distribution restrictions or other restrictions under an REMS program. Other potential consequences include, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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">&#160;</span></td>
    <td style="font: 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; 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">refusal
    of the FDA to approve pending applications or supplements to approved applications, or suspension or revocation of existing product
    approvals;</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">product
    seizure or detention, or refusal of the FDA to permit the import or export of products; 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; 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">injunctions
    or the imposition of civil or criminal penalties.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA closely regulates the marketing, labeling, advertising and promotion of biologics and drugs. 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. However, companies may share truthful and not misleading information that is otherwise consistent with a product&#8217;s FDA approved
labeling. The FDA and other agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses. Failure to
comply with these requirements can result in, among other things, adverse publicity, warning letters, corrective advertising and potential
civil and criminal penalties. Physicians may prescribe legally available products for uses that are not described in the product&#8217;s
labeling and that differ from those tested by us and approved by the FDA. Such off-label uses are common across medical specialties.
Physicians may believe that such off-label uses are the best treatment for patients in varied circumstances. The FDA does not regulate
the behavior of physicians in their choice of treatments. The FDA does, however, restrict manufacturer&#8217;s communications on the
subject of off-label use of their products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Europe</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>European
Drug Development</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the European Union, our future products also may be subject to extensive regulatory requirements. As in the United States, medicinal
products can be marketed only if a marketing authorization from the competent regulatory agencies has been obtained.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Similar
to the United States, the various phases of preclinical and clinical research in the European Union are subject to significant regulatory
controls. Although the EU Clinical Trials Directive 2001/20/EC has sought to harmonize the EU clinical trials regulatory framework, setting
out common rules for the control and authorization of clinical trials in the European Union, the EU Member States have transposed and
applied the provisions of the Directive differently. This has led to significant variations in the Member State regimes. Under the current
regime, before a clinical trial can be initiated it must be approved in each of the EU countries where the trial is to be conducted by
two distinct bodies: the National Competent Authority (&#8220;NCA&#8221;), and one or more Ethics Committees (&#8220;ECs&#8221;). Under
the current regime all suspected unexpected serious adverse reactions to the investigated drug that occur during the clinical trial have
to be reported to the NCA and ECs of the Member State where they occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EU clinical trials legislation currently is undergoing a transition process mainly aimed at harmonizing and streamlining clinical-trial
authorization, simplifying adverse-event reporting procedures, improving the supervision of clinical trials and increasing their transparency.
In April 2014, the EU adopted a new Clinical Trials Regulation (EU) No 536/2014, which is set to replace the current Clinical Trials
Directive 2001/20/EC. It is expected that the new Clinical Trials Regulation (EU) No 536/2014 will apply following confirmation of full
functionality of the Clinical Trials Information System, the centralized EU portal and database for clinical trials foreseen by the Regulation,
through an independent audit, currently expected to occur in January 2022. The new Regulation will be directly applicable in all Member
States (and so does not require national implementing legislation in each Member State), and aims at simplifying and streamlining the
approval of clinical studies in the EU, for instance by providing for a streamlined application procedure via a single point and strictly
defined deadlines for the assessment of clinical study applications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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>European
Drug Review and 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: 31.5pt; 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the European Economic Area (&#8220;EEA&#8221;), which is comprised of the Member States of the European Union together with Norway, Iceland
and Liechtenstein, medicinal products can only be commercialized after obtaining a marketing authorization (&#8220;MA&#8221;). There
are two main types of MAs:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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; 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">The
    centralized MA is issued by the European Commission through the centralized procedure, based on the opinion of the Committee for
    Medicinal Products for Human Use (&#8220;CHMP&#8221;), of the EMA, and is valid throughout the entire territory of the EEA. The centralized
    procedure is mandatory for certain types of products, such as biotechnology medicinal products, orphan medicinal products, advanced-therapy
    medicinal products (i.e. gene-therapy, somatic cell-therapy or tissue-engineered medicines) and medicinal products containing a new
    active substance indicated for the treatment of HIV, AIDS, cancer, neurodegenerative disorders, diabetes, auto-immune and other immune
    dysfunctions and viral diseases. The centralized procedure is optional for products containing a new active substance not yet authorized
    in the EEA, or for products that constitute a significant therapeutic, scientific or technical innovation or which are in the interest
    of public health in the European Union. Under the centralized procedure the maximum timeframe for the evaluation of a MA application
    by the EMA is 210 days, excluding clock stops, when additional written or oral information is to be provided by the applicant in
    response to questions asked by the CHMP. Clock stops may extend the timeframe of evaluation of a MA application considerably beyond
    210 days. Where the CHMP gives a positive opinion, the EMA provides the opinion together with supporting documentation to the European
    Commission, who make the final decision to grant a marketing authorization, which is issued within 67 days of receipt of the EMA&#8217;s
    recommendation. Accelerated assessment might be granted by the CHMP in exceptional cases, when a medicinal product is expected to
    be of a major public health interest, particularly from the point of view of therapeutic innovation. The timeframe for the evaluation
    of a MA application under the accelerated assessment procedure is of 150 days, excluding stop-clocks, but it is possible that the
    CHMP may revert to the standard time limit for the centralized procedure if it determines that the application is no longer appropriate
    to conduct an accelerated assessment.</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>


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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"></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">National
    MAs, which are issued by the competent authorities of the Member States of the EEA and only cover their respective territory, are
    available for products not falling within the mandatory scope of the centralized procedure. Where a product has already been authorized
    for marketing in a Member State of the EEA, this national MA can be recognized in other Member States through the mutual recognition
    procedure. If the product has not received a national MA in any Member State at the time of application, it can be approved simultaneously
    in various Member States through the decentralized procedure. Under the decentralized procedure an identical dossier is submitted
    to the competent authorities of each of the Member States in which the MA is sought, one of which is selected by the applicant as
    the Reference Member State (&#8220;RMS&#8221;). The competent authority of the RMS prepares a draft assessment report, a draft summary
    of the product characteristics, or SmPC, and a draft of the labeling and package leaflet, which are sent to the other Member States
    (referred to as the Concerned Member States) for their approval. If the Concerned Member States raise no objections, based on a potential
    serious risk to public health, to the assessment, SmPC, labeling, or packaging proposed by the RMS, the product is subsequently granted
    a national MA in all the Member States (i.e., in the RMS and the Concerned Member States).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the above described procedures, before granting the MA, the EMA or the competent authorities of the Member States of the EEA make an
assessment of the risk-benefit balance of the product on the basis of scientific criteria concerning its quality, safety and efficacy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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>European
New Chemical Entity Exclusivity</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the EEA, medicinal products for human use qualify for eight years of data exclusivity upon marketing authorization and an additional
two years of market exclusivity. The data exclusivity, if granted, prevents generic or biosimilar applicants from referencing the innovator&#8217;s
preclinical and clinical trial data contained in the dossier of the reference product when applying for a generic or biosimilar marketing
authorization, for a period of eight years from the date on which the reference product was first authorized in the EEA. During the additional
two-year period of market exclusivity, a generic or biosimilar marketing authorization can be submitted, and the innovator&#8217;s data
may be referenced, but no generic or biosimilar product can be marketed until the expiration of the market exclusivity period. The overall
ten-year period will be extended to a maximum of 11 years if, during the first eight years of those ten years, the marketing authorization
holder obtains an authorization for one or more new therapeutic indications which, during the scientific evaluation prior to their authorization,
are determined to bring a significant clinical benefit in comparison with currently approved therapies. Even if an innovative medicinal
product gains the prescribed period of data exclusivity, another company may market another version of the product if such company obtained
a marketing authorization based on an application with a complete and independent data package of pharmaceutical tests, preclinical tests
and clinical trials.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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>European
orphan designation and exclusivity</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the EEA, the EMA&#8217;s Committee for Orphan Medicinal Products grants orphan drug designation to promote the development of products
that are intended for the diagnosis, prevention or treatment of life-threatening or chronically debilitating conditions which either
affect no more than 5 in 10,000 persons in the European Union, or where it is unlikely that the marketing of the medicine would generate
sufficient return to justify the necessary investment in its development. In each case, no satisfactory method of diagnosis, prevention
or treatment has been authorized (or, if such a method exists, the product in question would be of significant benefit to those affected
by the condition).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the EEA, orphan drug designation entitles a party to financial incentives such as reduction of fees or fee waivers, and ten years of
market exclusivity is granted following marketing approval for the orphan product. This period may be reduced to six years if, at the
end of the fifth year, it is established that the orphan drug designation criteria are no longer met, including where it is shown that
the product is sufficiently profitable not to justify maintenance of market exclusivity. During the period of market exclusivity, marketing
authorization may only be granted to a &#8220;similar medicinal product&#8221; for the same therapeutic indication if: (i) a second applicant
can establish that its product, although similar to the authorized product, is safer, more effective or otherwise clinically superior;
(ii) the marketing authorization holder for the authorized product consents to a second orphan medicinal product application; or (iii)
the marketing authorization holder for the authorized product cannot supply enough orphan medicinal product. A &#8220;similar medicinal
product&#8221; is defined as a medicinal product containing a similar active substance or substances as contained in an authorized orphan
medicinal product, and which is intended for the same therapeutic indication. Orphan drug designation must be requested before submitting
an application for marketing approval. Orphan drug designation does not convey any advantage in, or shorten the duration of, the regulatory
review and approval process.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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>European
pediatric investigation plan</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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the EEA, companies developing a new medicinal product must agree upon a pediatric investigation plan (&#8220;PIP&#8221;), with the EMA&#8217;s
Pediatric Committee (&#8220;PDCO&#8221;), and must conduct pediatric clinical trials in accordance with that PIP, unless a waiver applies.
The PIP sets out the timing and measures proposed to generate data to support a pediatric indication of the drug for which marketing
authorization is being sought. The PDCO can grant a deferral of the obligation to implement some or all of the measures of the PIP until
there are sufficient data to demonstrate the efficacy and safety of the product in adults. Further, the obligation to provide pediatric
clinical trial data can be waived by the PDCO when this data is not needed or appropriate because the product is likely to be ineffective
or unsafe in children, the disease or condition for which the product is intended occurs only in adult populations, or when the product
does not represent a significant therapeutic benefit over existing treatments for pediatric patients. Products that are granted a marketing
authorization with the results of the pediatric clinical trials conducted in accordance with the PIP (even where such results are negative)
are eligible for six months&#8217; supplementary protection certificate extension (if any is in effect at the time of approval). In the
case of orphan medicinal products, a two year extension of the orphan market exclusivity may be available. This pediatric reward is subject
to specific conditions and is not automatically available when data in compliance with the PIP are developed and submitted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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>PRIME
Designation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2016, the EMA launched an initiative to facilitate development of product candidates in indications, often rare, for which few
or no therapies currently exist. The PRIority Medicines (&#8220;PRIME&#8221;) scheme is a voluntary scheme intended to encourage drug
development in areas of unmet medical need and provides accelerated assessment of products representing substantial innovation, where
the marketing authorization application will be made through the centralized procedure. Eligible products must target conditions for
which where is an unmet medical need (there is no satisfactory method of diagnosis, prevention or treatment in the EEA or, if there is,
the new medicine will bring a major therapeutic advantage) and they must demonstrate the potential to address the unmet medical need
by introducing new methods of therapy or improving existing ones. Products from small- and medium-sized enterprises may qualify for earlier
entry into the PRIME scheme than larger companies. Many benefits accrue to sponsors of product candidates with PRIME designation, including
but not limited to, early and proactive regulatory dialogue with the EMA, frequent discussions on clinical trial designs and other development
program elements, and accelerated marketing authorization application assessment once a dossier has been submitted. Importantly, a dedicated
contact and rapporteur from the EMA&#8217;s CHMP or Committee for Advanced Therapies are appointed early in PRIME scheme facilitating
increased understanding of the product at EMA&#8217;s Committee level. A kick-off meeting initiates these relationships and includes
a team of multidisciplinary experts at the EMA to provide guidance on the overall development and regulatory strategies. Where, during
the course of development, a medicine no longer meets the eligibility criteria, support under the PRIME scheme may be withdrawn.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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"><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; background-color: white"><b><i>Australia</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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
clinical trial for IMX-110 is being conducted in Australia and the United States. The Therapeutic Goods Administration, or the TGA, and
the National Health and Medical Research Council set the GCP requirements for clinical research in Australia, and compliance with these
codes is mandatory. Australia has also adopted international codes, such as those promulgated by the International Council for Harmonization
of Technical Requirements for Registration of Pharmaceuticals for Human Use, or the ICH. The ICH guidelines must be complied with across
all fields of clinical research, including those related to pharmaceutical quality, nonclinical and clinical data requirements and trial
designs. The basic requirements for preclinical data to support a first-in-human trial under ICH guidelines are applicable in Australia.
Requirements related to adverse event reporting in Australia are similar to those required in other major jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clinical
trials conducted using &#8220;unapproved therapeutic goods&#8221; in Australia, being those which have not yet been evaluated by the
TGA for quality, safety and efficacy must occur pursuant to either the Clinical Trial Notification Scheme, or the CTN Scheme, or the
Clinical Trial Exemption Scheme, or the CTX Scheme. In each case, the trial is supervised by a Human Research Ethics Committee (&#8220;HREC&#8221;),
an independent review committee set up under guidelines of the Australian National Health and Medical Research Council that ensures the
protection of rights, safety and well-being of human subjects involved in a clinical trial. A HREC does this by reviewing, approving
and providing continuing examination of trial protocols and amendments, and of the methods and material to be used in obtaining and documenting
informed consent of the trial subjects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CTN Scheme broadly involves:</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>

<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">completion
    of preclinical laboratory and animal testing;</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">submission
    to a HREC, of all material relating to the proposed clinical trial, including the trial 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; 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
    institution or organization at which the trial will be conducted, referred to as the &#8220;Approving Authority&#8221;, giving final
    approval for the conduct of the trial at the site, having regard to the advice from the HREC; 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">the
    investigator submitting a &#8216;Notification of Intent to Conduct a Clinical Trial&#8217; form, or CTN Form, to the TGA. The CTN
    form must be signed by the sponsor, the principal investigator, the chairman of the HREC and a person responsible from the Approving
    Authority. The TGA does not review any data relating to the clinical trial however CTN trials cannot commence until the trial has
    been notified to the TGA.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the CTX Scheme:</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>

<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">a
    sponsor submits an application to conduct a clinical trial to the TGA for evaluation and comment; 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">a
    sponsor must forward any comments made by the TGA Delegate to the HREC(s) at the sites where the trial will be conducted.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
sponsor cannot commence a trial under the CTX Scheme until written advice has been received from the TGA regarding the application and
approval for the conduct of the trial has been obtained from an ethics committee and the institution at which the trial will be conducted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approval
for inclusion in the Australian Register of Therapeutic Goods, or ARTG, is required before a pharmaceutical product may be marketed (or
imported, exported or manufactured) in Australia. In order to obtain registration of the product on the ARTG, it is required that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt; 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; 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">adequate
    and well-controlled clinical trials demonstrate the quality, safety and efficacy of the therapeutic 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; 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">evidence
    is compiled which demonstrates that the manufacture of the therapeutic product complies with the principles of cGMP;</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">manufacturing
    and clinical data is derived to submit to the Advisory Committee on Prescription Medicines, which makes recommendations to the TGA
    as to whether or not to grant approval to include the therapeutic product in the ARTG; 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">an
    ultimate decision is made by the TGA whether to include the therapeutic product in the ARTG.</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"><b><i>&#160;</i></b></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"><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; background-color: white"><b><i>Regulation
and Procedures Governing Approval of Products in Other Jurisdictions</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
requirements governing the conduct of clinical trials, drug licensing, pricing and reimbursement vary from country to country. In all
cases, clinical trials must be conducted in accordance with applicable regulatory requirements. If we fail to comply with applicable
foreign regulatory requirements, we may be subject to, among other things, fines, suspension or withdrawal of regulatory approvals, product
recalls, seizure of products, operating restrictions and criminal prosecution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Coverage
and Reimbursement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of our products will depend, in part, on the extent to which our drugs will be covered by third-party payors, such as government health
programs, commercial insurance and managed healthcare organizations. These third-party payors are increasingly reducing reimbursements
for medical drugs and services. Additionally, the containment of healthcare costs has become a priority of federal and state governments,
and the prices of drugs have been a focus in this effort. The U.S. government, state legislatures and foreign governments have shown
significant interest in implementing cost-containment programs, including price controls, restrictions on reimbursement and requirements
for substitution of generic drugs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><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 drugs, and coverage may be more limited than the
purposes for which the drug is approved by the FDA or similar regulatory authorities outside of the United States. Moreover, eligibility
for coverage and reimbursement does not imply that a drug will be paid for in all cases or at a rate that covers our costs, including
research, development, intellectual property protection, manufacture, sale and distribution expenses. Interim reimbursement levels for
new drugs, if applicable, may also not be sufficient to cover our costs and may not be made permanent. Reimbursement rates may vary according
to the use of the drug and the clinical setting in which it is used, may be based on reimbursement levels already set for lower-cost
drugs and may be incorporated into existing payments for other services. Net prices for drugs may be reduced by mandatory discounts or
rebates required by government healthcare programs or private payors and by any future relaxation of laws that presently restrict imports
of drugs from countries where they may be sold at lower prices than in the United States. 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. Even if favorable coverage and reimbursement status is attained for our product candidates, once
approved, less favorable coverage policies and reimbursement rates may be implemented 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: 32.05pt"><span style="font-family: Times New 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: 32.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in some foreign countries, the proposed pricing for a drug must be approved before it may be lawfully marketed. The requirements
governing drug pricing vary widely from country to country.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 32.05pt"><span style="font-family: Times New 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
Laws and Regulations</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of our product candidates, if approved, will be subject to healthcare regulation and enforcement by the federal government and the states
and foreign governments in which we might conduct our business. The 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>

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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; 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
    federal Anti-Kickback Statute, a criminal statute, makes it illegal for any person or entity to knowingly and willfully, directly
    or indirectly, solicit, receive, offer, or pay any remuneration that is in exchange for or to induce the referral of business, including
    the purchase, order, lease of any good, facility, item or service for which payment may be made under a federal healthcare program,
    such as Medicare or Medicaid. The term &#8220;remuneration&#8221; has been broadly interpreted to include anything of value. The
    Civil Monetary Penalties Law also contains a provision that prohibits the payment of anything of value in return for referrals and
    provides for the imposition of civil penalties.</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>

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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; 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">Federal
    false claims and false statement laws, including the federal civil False Claims Act, prohibits, among other things, any person or
    entity from knowingly presenting, or causing to be presented, for payment to, or approval by, federal programs, including Medicare
    and Medicaid, claims for items or services, including drugs, that are false or fraudulent.</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>


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

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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">HIPAA
    created additional federal criminal statutes that prohibit among other actions, knowingly and willfully executing, or attempting
    to execute, a scheme to defraud any healthcare benefit program, including private third-party payors or making any false, fictitious
    or fraudulent statement in connection with the delivery of or payment for healthcare benefits, items or services.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">HIPAA,
    as amended by the Health Information Technology for Economic and Clinical Health Act of 2009 and their implementing regulations,
    imposes obligations on certain types of individuals and entities regarding the electronic exchange of information in common healthcare
    transactions, as well as standards relating to the privacy and security of individually identifiable health information.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    federal Physician Payments Sunshine Act requires certain manufacturers of drugs, devices, biologics and medical supplies for which
    payment is available under Medicare, Medicaid or the Children&#8217;s Health Insurance Program, with specific exceptions, to report
    annually to the Centers for Medicare &amp; Medicaid Services information related to payments or other transfers of value made to
    physicians and teaching hospitals, as well as ownership and investment interests held by physicians and their immediate family members.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
many states have similar laws and regulations, such as anti-kickback and false claims laws that may be broader in scope and may apply
regardless of payor, in addition to items and services reimbursed under Medicaid and other state programs. Additionally, we may be subject
to state laws that require pharmaceutical companies to comply with the federal government&#8217;s and/or pharmaceutical industry&#8217;s
voluntary compliance guidelines, state laws that require drug manufacturers to report information related to payments and other transfers
of value to physicians and other healthcare providers or marketing expenditures, as well as state and foreign laws governing the privacy
and security of health information, many of which differ from each other in significant ways and often are not preempted by HIPAA. These
laws are subject to extensive and increasing enforcement by numerous federal, state, and local government agencies including the Office
of Inspector General, the Department of Justice, the CMS, the Office of Civil Rights, and various state authorities.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
to the extent that our product is sold in a foreign country, we may be subject to similar foreign laws.</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>Employees</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of May 26, 2022, we had two full-time employees, no part-time employees and seven consultants. We are not a party to any collective
bargaining agreements. We believe that we maintain good relations with our employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Facilities</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal address is 11400 West Olympic Blvd., Suite 200, Los Angeles, CA 90064. We believe our facilities are adequate to meet our current
needs, although we may seek to negotiate new leases or evaluate additional or alternate space for our operations. We believe appropriate
alternative space would be readily available on commercially reasonable terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time we may be involved in claims that arise during the ordinary course of business. Although the results of litigation and claims
cannot be predicted with certainty, we do not currently have any pending litigation to which we are a party or to which our property
is subject that we believe to be material. Regardless of the outcome, litigation can be costly and time consuming, and it can divert
management&#8217;s attention from important business matters and initiatives, negatively impacting our overall operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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"><b>&#160;&#160;</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="a_011"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MANAGEMENT</b></span></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"><b>Directors
and Executive Officers</b></span></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">The
following table sets forth the name, age and position of each of our executive officers, key employees and directors as of May 26,
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>

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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 56%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></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">Ilya
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="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">50</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    Executive Officer and Chairman</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabriel
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="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">36</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">Graham
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="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">62</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">Acting
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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">Vladimir
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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">75</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">Scientific
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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">Nandan
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="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">60</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Head
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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">Jason
    Hsu, PhD, MS</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="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">48</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><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">Magda
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="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">63</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><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">Helen
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><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; white-space: nowrap"><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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    Buchan, PhD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><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; text-align: justify"><span 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"><b>Ilya Rachman, MD, PhD, Chief Executive Officer,
Chairman</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">Ilya Rachman is the founder, Chairman and Chief
Executive Officer of Immix Biopharma, Inc. and has served in those positions since inception in 2012. Dr. Rachman is a pioneering physician/scientist,
cell biologist, and among the first to functionalize anti-NFkB therapeutics in research and practice. Dr. Rachman founded ImmixBio with
the goal of applying academic research and discoveries initially in oncology to benefit cancer patients and is named as an inventor on
a number of ImmixBio patents. Prior to ImmixBio, Dr. Rachman founded a clinical research organization that conducted clinical trials
of various large pharmaceutical companies drugs through Phase 3 and 4 clinical trials. Dr. Rachman was also a physician/scientist at
Cedars-Sinai Medical Center and UCLA Health. Dr. Rachman received his joint MD/PhD degree from the University of Illinois Chicago, conducting
original research in neuroendocrinology, received his EMBA from the University of California at Los Angeles, and received his B.S. from
the University of Iowa. Dr. Rachman trained in medicine and medical research at UCLA Health. We believe Dr. Rachman is qualified to serve
as a member of our Board of Directors because of his leadership skills, scientific background and experience as a clinician and in experimental
oncology.</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"><b>Gabriel Morris, BA, Chief Financial Officer,
Director</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">Gabriel Morris has served as Chief Financial Officer
and a Director of Immix Biopharma, Inc. since March 2021. Mr. Morris has been Managing Partner of Alwaysraise LLC, a life sciences advisory
and investment firm based in San Francisco, California, since its founding in 2020. Prior, Mr. Morris was the interim Chief Financial
Officer of Zap Surgical Systems, a brain radiosurgery company, from 2019 to 2020, where he completed an $81 million growth equity financing
round. Prior to 2019, Mr. Morris led cross-border mergers and acquisitions transactions at Goldman Sachs &amp; Co. and other global investment
banks for more than a decade from 2008 to 2018, where he participated in greater than $50 billion in completed transactions. In addition,
Mr. Morris has co-founded two companies, one which continues to operate independently and one that was acquired by a Nasdaq listed company.
Mr. Morris received his B.A. in economics from the Columbia University in the City of New York, where he attended the Icahn School of
Medicine at Mount Sinai Humanities and Medicine program as an undergraduate and published experimental research in peer-reviewed scientific
journals. We believe Mr. Morris is qualified to serve as a member of our Board of Directors because of his extensive experience in the
areas of strategic transactions, investment, financial structuring and operations.</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>Graham
Ross, MBChB, FFPM, Chief Medical Officer and Head of Clinical Development</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">Graham
Ross has served as the Acting Chief Medical Officer and Head of Clinical Development of Immix Biopharma, Inc. since June 2021. Dr. Ross
is an experienced pharmaceutical physician executive with a successful track record of development and post-marketing activities of a
number of cancer therapeutics (including topoisomerase inhibitors and therapeutic antibodies, such as immune checkpoint inhibitors and
next generation immunotherapeutics) as well as support medications (particularly anti-emetics). Prior to ImmixBio, Dr. Ross was a Senior
Medical Science Director at AstraZeneca from 2015 to 2017, and prior to that, he was a Global Clinical Leader at Roche Pharmaceuticals
from 2006 to 2015, where he was responsible for the clinical development and registration of pertuzumab in breast cancer indications
(marketed as PERJETA&#174; by Roche). Prior to Roche, Dr. Ross was Director of Clinical Development at GlaxoSmithKline from 1995 to 2006.
After receiving his MBChB degree in medicine, Dr. Ross trained in oncology in Durban, South Africa and specialized a second time as a
pharmaceutical physician in the United Kingdom.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vladimir
Torchilin, Ph.D, D.Sc., MSE, Scientific Co-founder</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">Vladimir
P. Torchilin, Ph.D., D.Sc. has served as the Scientific Co-founder of Immix Biopharma Inc. since inception in 2012. Dr. Torchilin is
also a University Distinguished Professor of Pharmaceutical Sciences and Director, Center for Pharmaceutical Biotechnology and Nanomedicine,
Northeastern University, Boston, where he has worked since 1998. Prior to Northeastern University, Dr. Torchilin was Head of Chemistry
Program, Center for Imaging and Pharmaceutical Research at Massachusetts General Hospital and Associate Professor of Radiology at Harvard
Medical School from 1993 to 1997. Dr. Torchilin has published more than 400 original papers, more than 150 reviews and book chapters,
wrote and edited 12 books, and holds more than 40 patents. Dr. Torchilin is the Editor-in-Chief of Current Drug Discovery Technologies,
Drug Delivery, and OpenNano, the Co-Editor of Current Pharmaceutical Biotechnology and on the Editorial Boards of many other journals.
Dr. Torchilin received more than $30 million from the governmental and industrial sources in research funding. Dr. Torchilin has multiple
honors and awards, and in 2011, Times Higher Education ranked him number 2 among top world scientists in pharmacology for the period
of 2000-2010. Dr. Torchilin received his Ph.D. and D.Sc. in polymer chemistry, and MS in chemistry from Moscow State University.</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>Nandan
Oza, BS, Head of Chemistry, Manufacturing, and Control</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">Nandan
Oza has served as the Head of Chemistry, Manufacturing, and Control at Immix Biopharma, Inc. since May 2017. Mr. Oza is a pharmaceutical
executive with extensive CMC experience in organizations ranging from start-ups to large pharmaceutical companies. Mr. Oza has expertise
in product development, manufacturing and supply chain operations and regulatory affairs. Mr. Oza is accomplished at moving products
expeditiously from mid and late stage development through NDA filing, approval and commercialization. Prior to ImmixBio, Mr. Oza was
VP - Manufacturing and Supply Chain Operations for Jazz Pharmaceuticals, Zosano Pharma, Talon Therapeutics, Connetics Pharmaceuticals,
and ALZA Corp from 1998 to 2015. Mr. Oza received his BS in mechanical engineering from the University of Houston and MBA from National
University.</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: 0; text-align: justify"><b>Jason Hsu, PhD, MS, Director</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">Jason Hsu has been a member of the Board of Directors
of Immix Biopharma, Inc. since 2014. Mr. Hsu is also the founder, chairman and Chief Executive Officer of Rayliant Global Advisors, an
asset manager focused on generating alpha from investing in China and other inefficient emerging markets, which has a total of $27 billion
of investment assets using its strategies across equity, fixed income and alternatives, where he has served since 2016. Mr. Hsu has also
served as an adjunct professor of finance at the University of California at Los Angeles (&#8220;UCLA&#8221;) since 2008 and is on the
Board of Advisors for UCLA Anderson School of Management (&#8220;UCLA Anderson&#8221;). Prior to founding Rayliant, Mr. Hsu co-founded
and served as the Chief Investment Officer of Research Affiliates, a quantitative fund manager with over $200 billion under management,
from 2002 to 2015. Mr. Hsu has received 3 JPM Fabozzi-Bernstein Outstanding Research Awards, 3 CFA Institute Graham and Dodd awards,
3 William Sharpe Best Research awards, 2010 Rising Star of Hedge Fund and 2009 Outstanding Service Award (UCLA Anderson). In addition,
he has written more than 40 journal publications and more than 11 books and book chapters on investing. He has also held visiting positions
at UC Irvine, National Taiwan Chengchi University, Kyoto University and Tsinghua University. Mr. Hsu received his BS (summa cum laude)
from the California Institute of Technology, was awarded a MS in finance from Stanford University, and earned his PhD in finance from
UCLA. We believe Mr. Hsu is qualified to serve as a member of our Board of Directors because of his extensive expertise in financial
transactions, investment strategies, and business operations.</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: 0; text-align: justify"><b>Magda Marquet, PhD, Director</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">Magda Marquet has been a member of our Board of
Directors since June 2021. Dr. Marquet is also a member of the board of directors of AnaptysBio, Inc. (Nasdaq: ANAB), Arcturus Therapeutics
(Nasdaq: ARCT) and Transcode Therapeutics (Nasdaq: RNAZ). Dr. Marquet also served on the board of Pfenex Inc. (Nasdaq: PFNX) from 2019
until its acquisition by Ligand Pharmaceuticals in 2020. She was the co-CEO of Althea Technologies from 2000 to 2008 and served as co-chairman
of the board from 2008 until 2013. She is currently the co-CEO of Alma Life Sciences LLC, an investment and consulting firm, since 2013
and currently serves on several private company boards. Dr. Marquet has built, led and commercialized multiple life science companies.
She also has been a co-founder of AltheaDx (acquired by Castle Biosciences, Inc. (Nasdaq: CSTL)), a commercial stage, precision medicine
company with the world&#8217;s leading pharmacogenomics test for anxiety and depression, since 2009. Dr. Marquet guided Althea Technologies
to acquisition by Ajinomoto, a global Japanese company and leader in amino acid technology. Prior to starting Althea Technologies, Dr.
Marquet held several positions in pharmaceutical development in companies such as Vical and Amylin Pharmaceuticals. Dr. Marquet holds
a Ph.D in biochemical engineering from INSA/University of Toulouse, France. She has received numerous prestigious awards throughout her
career including the 2005 Regional Ernst &amp; Young Entrepreneur of the Year award in the Life Sciences category, the Athena Pinnacle
award, the Director of the Year award (Corporate Governance) from the Corporate Directors Forum and has been inducted into the CONNECT
Entrepreneur Hall of Fame. We believe Dr. Marquet is qualified to serve as a member of our Board of Directors because of her experience
as a biopharmaceutical founder with multiple successful exits.</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: 0; text-align: justify"><b>Helen C. Adams, CPA, Director</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">Helen C. Adams has been a member of our Board
of Directors since June 2021. Ms. Adams is also a member of the board of directors of Prometheus Biosciences, Inc (Nasdaq: RXDX) and
chair of its audit committee. Ms. Adams was the San Diego Area Managing Partner for Haskell &amp; White LLP, a regional certified public
accounting firm from 2013 to 2018 and has been a partner emeritus to-date. Ms. Adams is also a partner emeritus at Deloitte &amp; Touche
LLP, having worked for the firm from 1982 to 2009, most recently as a Partner in the Life Sciences and Technology Group. From 2010 to
2013, Ms. Adams was a member of the board of directors of Genasys Inc. (formerly known as LRAD Corporation), serving as the audit committee
chair and member of the compensation committee. In addition to her public company board service, Ms. Adams has served on the boards of
directors of several organizations, including Athena San Diego, the Athena Foundation, Make A Wish San Diego and the California State
University at San Marcos Foundation. Ms. Adams received her BS from San Diego State University and completed an executive management
program at Columbia Business School. We believe Ms. Adams is qualified to serve as a member of our Board of Directors because of her
multi-decade, extensive experience in public accounting and the life sciences industry.</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: 0; text-align: justify"><b>Carey Ng, PhD, MBA, Director</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">Carey Ng has been a member of our Board of Directors
since November 2019. Dr. Ng is also currently a Managing Director of Mesa Verde Venture Partners and Member of the Investment Committee,
where he has worked since 2008. Dr. Ng has over fifteen years investment and operating experience in the biomedical industry, ranging
from biotech startups to large biopharmaceutical companies. Dr. Ng serves on the board of a number of Mesa Verde portfolio companies
including Elysium Therapeutics, Satiogen Pharmaceuticals (spinout acquired by Shire), Biscayne Neurotherapeutics (acquired by Supernus),
and Paradigm (acquired by Exact Sciences). His board observer roles include Matrisys Bioscience, Immusoft, Alastin Skincare (acquired
by Galderma S.A.), Retrosense Therapeutics (acquired by Allergan), and Oncternal Therapeutics (ONCT). Prior to Mesa Verde, he worked
with a number of biomedical startups and was also in business development at Abbott. Dr. Ng has a Ph.D. from UCLA and a MBA from University
of California San Diego. We believe Dr. Ng is qualified to serve as a member of our Board of Directors because he has over ten years
of investment and operating experience in the biomedical industry, ranging from biotech startups to large biopharmaceutical companies.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jane Buchan has been a member of our Board of
Directors since June 2021. Dr. Buchan is also a member of the board of directors of Globe Life Inc (NYSE:GL) and AGF Management Ltd.
(TSX:AGF.B; OTC Pink: AGFMF). Dr. Buchan is Chief Executive Officer of Martlet Asset Management, a private investment office established
in 2018. Prior to founding Martlet, Dr. Buchan was Chief Executive Officer of PAAMCO, a fund of hedge funds, which she helped found in
2000, and Co-CEO of the holding company, PAAMCO Prisma Holdings. Under her leadership, the firm grew to $32 billion in assets under management.
Dr. Buchan began her career at J.P. Morgan Investment Management in the Capital Markets Group. She has been an Assistant Professor of
Finance at the Amos Tuck School of Business at Dartmouth. She recently served as chairwoman of the board for the Chartered Alternative
Investment Analyst Association (CAIA) and is a member of the Advisory Board for the Master of Financial Engineering Program at UCLA Anderson
School of Management. She is a Trustee of Reed College, Portland, Oregon and University of California Irvine Foundation. Dr. Buchan has
been actively involved in initiatives to advance the careers of women in finance and is a founding Angel for 100 Women in Finance. has
also been recognized with numerous industry honors and awards. She earned a BA in Economics from Yale University and holds both a PhD
and an MA in Business Economics (Finance) from Harvard University. We believe Dr. Buchan is qualified to serve as a member of our Board
of Directors because of her extensive investment and finance experience.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Family
Relationships</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships among any of our executive officers or directors.</span></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"><b>Director
Independence</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors undertook a review of the independence of our directors and considered whether any director has a relationship with
us that could compromise that director&#8217;s ability to exercise independent judgment in carrying out that director&#8217;s responsibilities.
Our board of directors has affirmatively determined that Magda Marquet, Helen C. Adams, Carey Ng, and Jane Buchan are each an &#8220;independent
director,&#8221; as defined under Nasdaq rules.</span></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"><b>Committees
of Our Board of Directors</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors directs the management of our business and affairs, as provided by Delaware law, and conducts its business through
meetings of the board of directors and its standing committees. We have a standing audit committee, compensation committee and corporate
governance and nominating committee. In addition, from time to time, special committees may be established under the direction of the
board of directors when necessary to address specific issues.</span></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"><b><i>Audit
Committee</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee will be responsible for, among other things:</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">&#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">approving
    and retaining the independent auditors to conduct the annual audit of our financial statements;</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">reviewing
    the proposed scope and results of the audit;</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">reviewing
    and pre-approving audit and non-audit fees and services;</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">reviewing
    accounting and financial controls with the independent auditors and our financial and accounting staff;</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">reviewing
    and approving transactions between us and our directors, officers and affiliates;</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">establishing
    procedures for complaints received by us regarding accounting matters;</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">overseeing
    internal audit functions, if any; 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">preparing
    the report of the audit committee that the rules of the SEC require to be included in our annual meeting proxy statement.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee consists of Helen C. Adams, Jane Buchan and Carey Ng, with Helen C. Adams serving as chair. Our board of directors has
affirmatively determined that Helen C. Adams, Jane Buchan and Carey Ng each meet the definition of &#8220;independent director&#8221;
under Nasdaq rules, and that they meet the independence standards under Rule 10A-3. Each member of our audit committee meets the financial
literacy requirements of Nasdaq. In addition, our board of directors has determined that Helen C. Adams will qualify as an &#8220;audit
committee financial expert,&#8221; as such term is defined in Item 407(d)(5) of Regulation S-K. Our board of directors has adopted a
written charter for the audit committee, which is available on our website at <i>www.immixbio.com</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>


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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"><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>Compensation
Committee</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation committee will be responsible for, among other things:</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">&#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: 0.35in; 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">reviewing
    and recommending the compensation arrangements for management, including the compensation for our chief executive officer;</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">establishing
    and reviewing general compensation policies with the objective to attract and retain superior talent, to reward individual performance
    and to achieve our financial goals;</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">administering
    our stock incentive plans; 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">preparing
    the report of the compensation committee that the rules of the SEC require to be included in our annual meeting proxy statement.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation committee consists of Magda Marquet and Jane Buchan, with Magda Marquet serving as chair. Our board has determined that
Jane Buchan and Magda Marquet are independent directors under Nasdaq rules. <span style="background-color: white">Our board of directors
has adopted a written charter for the compensation committee, which is available on our website at <i>www.immixbio.com</i>.</span></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>Nominating
and Governance Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New 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">Our
nominating and governance committee is responsible for, 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">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.35in; 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">identifying
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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">developing
    and recommending to the board of directors a set of corporate governance principles applicable to our Company; 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">overseeing
    the evaluation of our board of directors.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
nominating and corporate governance committee consists of Jane Buchan, Magda Marquet and Jason Hsu, with Jane Buchan serving as chair.
Our board has determined that Jane Buchan and Magda Marquet are independent directors under Nasdaq rules. <span style="background-color: white">We
intend to rely on the phase-in provisions of</span> the Nasdaq rules, and we plan to have a nominating and corporate governance committee
comprised entirely of independent directors within one year after our listing date. Our board of directors has adopted a written charter
for the nominating and corporate governance committee, which is available on our website at <i>www.immixbio.com</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Scientific
Advisory Board</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>Larry
Norton, MD, </b>is the Chair of our Scientific Advisory Board. Dr. Norton is Senior Vice President, Office of the President; Medical
Director, Evelyn H. Lauder Breast Center, Memorial Sloan Kettering Cancer Center, and Professor of Medicine, Weill-Cornell Medical College.
He is a founder and Scientific Director of the Breast Cancer Research Foundation. Dr. Norton is the founding incumbent of the Norna S.
Sarofim Chair of Clinical Oncology at MSKCC and a Professor of Medicine in the Weill Cornell Medical College. He was a U.S. Presidential
appointee to the National Cancer Advisory Board (the board of directors of the NCI) serving as Chair of the Budget Sub-Committee. A former
Director of the American Society of Clinical Oncology, he served as President of ASCO and subsequently Chair of the ASCO Foundation,
now the Conquer Cancer Foundation. He has been Vice-Chair of the Lymphoma Committee and a long-serving Chair of the Breast Committee
of the Cancer and Leukemia Group B (now the Alliance for Clinical Trials in Oncology). He has served on or chaired numerous committees
of the National Cancer Institute, National Institutes of Health, and the Institute of Medicine of the National Academy of Sciences. He
is an editorial board member or reviewer for numerous medical journals and on the advisory boards of many advocacy and medical institutions
including the Cold Spring Harbor Laboratory Cancer Center and several Specialized Programs of Research Excellence. Dr. Norton&#8217;s
personal research has focused on the use of medicines to treat cancer, particularly the application of mathematical methods to optimizing
dose and schedule. He has been involved in the development of several effective agents including paclitaxel and trastuzumab. He co-invented
the Norton-Simon Model of cancer growth which has broadly influenced cancer therapy, and more recently the self-seeding concept of cancer
metastasis and growth. He is the Principal Investigator of an NCI Program Project Grant in Models of Human Breast Cancer and an author
of more than 350 published articles and many book chapters. He received his AB with Highest Distinction from the University of Rochester
and his MD from the College of Physicians and Surgeons of Columbia University. He trained in medicine and medical research at the Albert
Einstein College of Medicine and the National Cancer Institute (NCI).</span></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"><b>Sant
Chawla, MD</b>, is a member of our Scientific Advisory Board. Dr. Chawla holds medical licensures in both Texas and California, and he
is board certified in Internal Medicine and Medical Oncology. He is a pioneering physician whose work in sarcoma oncology has brought
him several accolades and recognition as one of the world&#8217;s leading authorities in medical treatment and clinical research for
bone and soft-tissue sarcomas and sarcoma therapy. Dr. Chawla heads the Sarcoma Oncology Center in Santa Monica, CA. Dr. Chawla serves
on the clinical faculty of numerous prestigious cancer centers, including UCLA, University of Southern California, John Wayne Cancer
Institute at St. John&#8217;s Hospital. In addition, he has been an adjunct associate professor at Stanford University, is an adjunct
associate professor at the University of Texas, M.D. Anderson Cancer Center; and is a medical oncologist at Cedars Sinai Comprehensive
Cancer Center. Over his 30 years of medical and clinical research experience, Dr. Chawla&#8217;s research has been a foundation for further
breakthroughs in cancer treatment. Dr. Chawla received his medical degree and completed his residency training in internal medicine at
the All India Institute of Medical Sciences in New Delhi.</span></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"><b>Razelle
Kurzrock, MD</b>, is a member of our Scientific Advisory Board. Dr. Kurzrock joined University of California San Diego Moores Cancer
Center in November 2012 as Senior Deputy Center Director for Clinical Science. She is also the Murray Professor of Medicine, Director
of the Clinical Trials Office and, on July 1, 2014, became the Chief of the Division of Hematology-Oncology Division (in the University
of San Diego School of Medicine). Dr. Kurzrock&#8217;s charge includes growing and innovating the clinical trials program, and heading
the newly established Center for Personalized Cancer Therapy and the University of California San Diego Moores Cancer Center Clinical
Trials Office. Dr. Kurzrock is best known for successfully creating and chairing the largest Phase I clinical trials department in the
world while at the University of Texas M.D. Anderson Cancer Center. Dr. Kurzrock&#8217;s unique approach emphasizes using cutting-edge
molecular profiling technologies to match patients with novel targeted therapies, reflecting a personalized strategy to optimize cancer
treatment. Dr. Kurzrock has served as the principal investigator on more than 90 clinical trials, and overseen over 300 trials, mainly
using novel targeted molecules, several of which have gone on to FDA approval. She has published over 500 peer-reviewed articles in a
variety of elite medical journals. In addition, she is Chair of the Southwest Oncology Group Early Therapeutics Committee and on their
Board of Governors and also serves on the board of directors for the National Comprehensive Cancer Network (&#8220;NCCN&#8221;) and for
WIN (World-Wide Innovative Network for Personalized Cancer Therapy). She Chairs the Molecular Diagnostic Clinical Trials committee for
the American Association of Cancer Institutes, as well as the Clinical Investigator Committee for NCCN, and the Clinical Trials Committee
for WIN. Dr Kurzrock has been the principal investigator of numerous grants and funding awards totaling over $50 million. Dr. Kurzrock
received her MD from the University of Toronto.</span></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"><b>Galit
Lahav, PhD,</b> is a member of our Scientific Advisory Board. Dr. Lahav is the Novartis Professor of Systems Biology and Department Chair,
Systems Biology at Harvard Medical School. Dr. Lahav leads a department at Harvard that uses the power of systems thinking, across macro
and micro scales, to unlock new insights into health and disease. Dr. Lahav&#8217;s goal is to determine why human cancer cells often
show different responses to the same treatment, and to identify new therapies that will increase the efficacy of anti-cancer drugs. Dr.
Lahav&#8217;s research program works across traditional disciplinary boundaries. Dr. Lahav&#8217;s lab has pioneered computational and
quantitative experimental approaches to studying the fate and behavior of human cells in disease and health at the single-cell level.
Dr. Lahav&#8217;s work has yielded critical insights into the function and behavior of tumor-suppressing mechanisms and their role in
cellular destiny. Dr. Lahav has been recognized through several awards and honors including the Smith Family Award, Vilcek Prize for
Creative Promise, and Excellence in Teaching and Mentoring awards. Dr. Lahav has established and organized leadership and management
workshops for postdocs and faculty, as well as developed programs for advancing women in science. Dr. Lahav received her PhD in 2001
from the Technion, Israel Institute of Technology. In 2003, she completed her postdoctoral fellowship at the Weizmann Institute of Science
in Israel. She then spent a year at Harvard&#8217;s Bauer Center for Genomics Research, and in 2004 joined the Department of Systems
Biology at Harvard Medical School. In 2018 Dr. Lahav became the Chair of the Department of Systems Biology.</span></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"><b>Gary
Schiller, MD</b>, is a member of our Scientific Advisory Board. Dr. Schiller is a well-published clinical investigator in acute and chronic
leukemias, multiple myeloma, and other hematologic malignancies, as well as in stem cell and bone marrow transplantation. He lectures
extensively, and has also written for the popular press. He is Immediate-Past Chairman of the Los Angeles Museum of the Holocaust. His
research projects include clinical studies of new drugs, therapies, and bone marrow/stem cell transplantation for patients with malignancies
of the blood or bone marrow such as leukemia, multiple myeloma, and lymphoma. He has carried out studies of stem cell transplantation
following high-dose chemotherapy and radiation for acute myelogenous leukemia, one of the most common types of leukemia in adults. He
has ongoing studies using new drugs and therapeutics for acute and chronic lymphocytic leukemia, acute and chronic myelogenous leukemia,
and multiple myeloma. He also has studies going on in certain kinds of non-Hodgkin&#8217;s lymphoma and Sickle Cell Anemia. Dr. Schiller
received his MD from the University of Southern California School of Medicine.</span></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"><b>George
W. Sledge, Jr. MD,</b> is a member of our Scientific Advisory Board. Dr. Sledge is Professor and former Chief of Medical Oncology at
Stanford University Medical Center. Dr. Sledge served as a Ballve-Lantero Professor of Oncology of Medicine and Pathology of Indiana
University School of Medicine. He served as Co-Director of the breast cancer program at the Indiana University Cancer Center, where he
was a Professor of Medicine and Pathology at the Indiana University Simon Cancer Center. Dr. Sledge specializes in the study and treatment
of breast cancer and directed the first large, nationwide study on the use of paclitaxel to treat advanced breast cancer. His recent
research focuses on novel biologic treatments for breast cancer. He served as a Professor of Indiana University Cancer Center Breast
Cancer Program. He has also served as the President of the American Society of Clinical Oncology (ASCO), as a member of the Department
of Defense Breast Cancer Research Program&#8217;s Integration Panel, as a member of the FDA&#8217;s Oncology Drug Advisory Committee,
and as a member of the External Advisory Committee for The Cancer Genome Atlas project. Dr. Sledge was awarded the Hope Funds for Cancer
Research 2013 Award of &#8216;Excellence for Medicine&#8217;. He holds a B.A. from the University of Wisconsin and an M.D. from Tulane
University.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
arrangements with these individuals do not entitle us to any of their existing or future intellectual property derived from their independent
research or research with other third parties.</span></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"><b>Code
of Business Conduct and Ethics</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including our principal
executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.
A copy of the code is posted on our website, <i>www.immixbio.com</i>. In addition, we intend to post on our website all disclosures that
are required by law or Nasdaq rules concerning any amendments to, or waivers from, any provision of the code.</span></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"><b>Limitations
on Liability and Indemnification Matters</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws contain provisions that limit the liability of our
current and former directors for monetary damages to the fullest extent permitted by Delaware law. Delaware law provides that directors
of a corporation will not be personally liable for monetary damages for any breach of fiduciary duties as directors, except liability
for:</span></p>

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<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: 0.35in; 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: 0.35in; 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
    breach of the director&#8217;s duty of loyalty to the corporation or its 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>
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    act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;</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">unlawful
    payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL; 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; 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
    transaction from which the director derived an improper personal benefit.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
limitation of liability does not apply to liabilities arising under federal securities laws and does not affect the availability of equitable
remedies such as injunctive relief or rescission.</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: 31.5pt"><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 that we are authorized to indemnify our directors
and officers to the fullest extent permitted by Delaware law. Our Amended and Restated Certificate of Incorporation and Amended and Restated
Bylaws also provide that, upon satisfaction of certain conditions, we are required to advance expenses incurred by a director or executive
officer in advance of the final disposition of any action or proceeding, and permit us to secure insurance on behalf of any officer,
director, employee or other agent for any liability arising out of his or her actions in that capacity regardless of whether we would
otherwise be permitted to indemnify him or her under the provisions of Delaware law. We have entered into agreements to indemnify our
directors, executive officers and other employees as determined by the board of directors. With certain exceptions, these agreements
provide for indemnification for related expenses, including, among other things, attorneys&#8217; fees, judgments, fines and settlement
amounts incurred by any of these individuals in any action or proceeding. We believe that these provisions and agreements are necessary
to attract and retain qualified persons as directors and officers. In addition, we have obtained customary directors&#8217; and officers&#8217;
liability insurance.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
limitation of liability and indemnification provisions in our Amended and Restated Certificate of Incorporation and Amended and Restated
Bylaws may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. They may also reduce
the likelihood of derivative litigation against our directors and officers, even though an action, if successful, might benefit us and
other stockholders. Further, a stockholder&#8217;s investment may be adversely affected to the extent that we pay the costs of settlement
and damage awards against directors and officers as required by these indemnification provisions. At present, there is no pending litigation
or proceeding involving any of our directors, officers or employees for which indemnification is sought, and we are not aware of any
threatened litigation that may result in claims for indemnification.</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"><b><span id="a_012"></span>EXECUTIVE
AND DIRECTOR COMPENSATION</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
Compensation Table</b></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"><b>&#160;</b></span></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">The
following table presents the compensation awarded to, earned by or paid to each of our named executive officers for the years ended December
31, 2021 and 2020. We did not award any cash or non-cash compensation to our principal executive officer or principal financial officer,
who we also refer to as our &#8220;named executive officers&#8221; for the year ended December 31, 2021.</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Name and Principal Position</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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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<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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding
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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">&#160;</span></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">The
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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">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 39%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ilya Rachman
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</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"><b>&#160;</b></span></p>

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

<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">The
following table presents the total compensation for each person who served as a non-employee member of our Board and received compensation
for such service during the fiscal year ended December 31, 2021. Other than as set forth in the table and described more fully below,
we did not pay any compensation, make any equity awards or non-equity awards to, or pay any other compensation to any of the non-employee
members of our Board in 2021. Directors who are also employees do not receive cash or equity compensation for service on our Board of
Directors in addition to compensation payable for their service as employees of the Company.</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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <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">(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">On
    June 18, 2021, we authorized the issuance of 60,000 shares of common stock to Dr. Marquet. The shares vest in 48 equal monthly installments.
    Of such shares, 7,500 shares of common stock vested as of December 31, 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; 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">(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">On
    June 18, 2021, we authorized the issuance of 37,500 shares of its common stock to Ms. Adams. The shares vest in 48 equal monthly
    installments. Of such shares, 4,688 shares of common stock vested as of December 31, 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; 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">(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">On
    June 18, 2021, we authorized the issuance of 30,000 shares of its common stock to Dr. Buchan. The shares vest in 48 equal monthly
    installments. Of such shares, 3,750 shares of common stock vested as of December 31, 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; 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">(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">Cash
    compensation during 2021.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Agreements</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 18, 2021, we entered into an Employment Agreement with Ilya Rachman (the &#8220;Rachman Employment Agreement&#8221;), effective
for a three-year term. Pursuant to the Rachman Employment Agreement, the Company employs Dr. Rachman as Chief Executive Officer and Dr.
Rachman is entitled to a base salary of $360,000 annually. Dr. Rachman is also entitled to a performance-based bonus of 100% of the base
salary (subject to, and determined by, the Board in its sole discretion) plus additional performance bonuses to be determined by the
Board. For the year ended December 31, 2021, Dr. Rachman forewent his entire performance-based bonus and additional bonuses. Unless terminated
by us without &#8220;cause&#8221; or by Dr. Rachman with &#8220;good reason&#8221; (as such terms are defined in the Rachman Employment
Agreement), upon termination, Dr. Rachman will be entitled only to his base salary through the date of termination, valid expense reimbursements
and unused vacation pay. If terminated by us without &#8220;cause&#8221; or by Dr. Rachman with &#8220;good reason,&#8221; he is entitled
to be paid his base salary through the end of the term at the rate of 150%, valid expense reimbursements and accrued but unused vacation
pay. Dr. Rachman&#8217;s employment agreement contains provisions for the protection of our intellectual property and contains non-compete
restrictions in the event of his termination other than us without &#8220;cause&#8221; or by Dr. Rachman with &#8220;good reason&#8221;
(generally imposing restrictions on (i) employment or consultation with competing companies or customers, (ii) recruiting or hiring employees
for a competing company and (iii) soliciting or accepting business from our customers for a period of six months following termination).
Pursuant to the Rachman Employment Agreement, Dr. Rachman may serve as a consultant to, or on boards of directors of, or in any other
capacity to other companies provided that they will not interfere with the performance of his duties to us.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 0; text-align: justify; text-indent: 31.5pt">On March 18, 2021, we entered
into the Management Services Agreement with Alwaysraise LLC, of which Gabriel Morris, our Chief Financial Officer and director, is the
Managing Partner and sole member, effective for a three-year term, which was amended effective June 18, 2021 (the &#8220;<span style="background-color: white">Alwaysraise
Agreement</span>&#8221;). Pursuant to the <span style="background-color: white">Alwaysraise Agreement</span>, we employ Mr. Morris as
Chief Financial Officer and Mr. Morris is entitled to a base salary of $240,000 annually beginning in December 2021 ($120,000 annually
prior). Mr. Morris is also entitled to a performance-based bonus of 100% of the base salary (subject to, and determined by, the Board
in its sole discretion) plus additional performance bonuses to be determined by the Board. For the year ended December 31, 2021, Mr.
Morris forewent his entire performance-based bonus and additional bonuses. Unless terminated by us without &#8220;cause&#8221; or by
Alwaysraise LLC (as such terms are defined in the <span style="background-color: white">Alwaysraise Agreement</span>), upon termination
Mr. Morris will be entitled only to his base salary through the date of termination, valid expense reimbursements and unused vacation
pay. If terminated by us without &#8220;cause&#8221;, he is entitled to be paid his base salary through the end of the term at the rate
of 150%, valid expense reimbursements and accrued but unused vacation pay. The <span style="background-color: white">Alwaysraise Agreement
</span>contains provisions for the protection of our intellectual property and confidential information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 24, 2021, we issued an offer letter to Graham Ross Oncology Consulting Services Ltd., a United Kingdom company, of which Graham
Ross, our consulting Acting Chief Medical Officer and Head of Clinical Development is the sole member, regarding Dr. Ross&#8217;s provision
of consultative services to us (the &#8220;Offer Letter&#8221;). Pursuant to the Offer Letter, Dr. Ross is entitled to an hourly rate
for his consulting services and an option grant. On June 24, 2021, we also signed a mutual confidentiality and non-disclosure agreement
with Graham Ross Oncology Consulting Services Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 16, 2017, we entered into a consulting agreement with Ally CMC Consulting, a California limited liability company, of which Nandan
Oza is Principal. Pursuant to the consulting agreement, Mr. Oza is entitled to compensation from time-to-time as stated in statements
of work and per monthly invoices containing an itemized description of all expenses, charges, costs, and a description of the Services
performed. In 2017, we also signed a mutual confidentiality and non-disclosure agreement with Ally CMC Consulting.</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>2016
Equity Incentive Plan</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2016, we adopted the 2016 Equity Incentive Plan (the &#8220;2016 Plan&#8221;) in order to attract and retain the best available personnel
for positions of substantial responsibility, to provide additional incentives to our employees, directors and consultants, and to promote
the success of our business. We originally reserved 417,120 shares of common stock (increased to 1,761,120 shares of common stock as
of June 2021) of common stock for issuance under the 2016 Plan. The 2016 Plan provides for the issuance of incentive stock options and
non-statutory stock options. The 2016 Plan will terminate upon the expiration of a ten year term, and awards issued thereunder shall
expire as provided in the award agreement with respect thereto.</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>2021
Equity Incentive Plan</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 10, 2021, our board of directors adopted, and our stockholders approved, the Immix Biopharma, Inc. 2021 Omnibus Equity Incentive
Plan (&#8220;2021 Plan&#8221;). We intend to use the 2021 Plan to provide incentives that will assist us to attract, retain, and motivate
employees, officers, consultants, and directors. We may provide these incentives through the grant of stock options, stock appreciation
rights, restricted stock, restricted stock units (&#8220;RSUs&#8221;) and other stock-based awards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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"><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>Shares
Available</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
maximum number of shares of common stock reserved and available for issuance under the 2021 Plan will be equal to the sum of (i) 900,000
shares of common stock; (ii) the number of shares of common stock reserved, but unissued under the 2016 Plan and (iii) the number of
shares of common stock underlying forfeited awards under the 2016 Plan; provided that shares of common stock issued under the 2021 Plan
with respect to an Exempt Award will not count against the share limit. We use the term &#8220;Exempt Award&#8221; to mean (i) an award
granted in assumption of, or in substitution for, outstanding awards previously granted by another business entity acquired by us or
any of our subsidiaries or with which we or any of our subsidiaries merge, or (ii) an award that a participant purchases at fair market
value.</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>Administration</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2021 Plan is administered by our board of directors or by one or more committees of directors appointed by our board of directors (the
&#8220;Administrator&#8221;). Our board of directors may delegate different levels of authority to different committees and grant authority
under the 2021 Plan. Any committee delegated administrative authority under the 2021 Plan may further delegate its authority under the
2021 Plan to another committee of directors, and any such delegate shall be deemed to be an Administrator of the 2021 Plan. The Administrator
comprised solely of directors may also delegate, to the extent permitted by Section 157 of the Delaware General Corporation Law and any
other applicable law, to one or more officers of the Company, its powers under the 2021 Plan (a) to designate Eligible Recipients (as
defined herein) who will receive grants of awards under the 2021 Plan, and (b) to determine the number of shares subject to, and the
other terms and conditions of, such awards. It is anticipated that the Administrator (either generally or with respect to specific transactions)
will be constituted so as to comply, as necessary or desirable, with the requirements of Section 162(m)of Internal Revenue Code of 1986,
as amended (the &#8220;Internal Revenue Code&#8221;), and Rule 16b-3 promulgated under the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eligibility</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Awards
may be granted pursuant to the 2021 Plan only to persons who are Eligible Recipients. Under the 2021 Plan, &#8220;Eligible Recipient&#8221;
means an employee, director or independent contractor of the Company or any affiliate thereof who has been selected as an eligible participant
by the Administrator; provided, however, that an Eligible Recipient of an option or a stock appreciation right means an employee, non-employee
director or independent contractor of the Company or any of its affiliates with respect to whom the Company is an &#8220;eligible issuer
of service recipient stock&#8221; within the meaning of Section 409A of the Code. Incentive stock options (&#8220;ISOs&#8221;) may be
granted only to employees of the Company, its &#8220;parent corporation&#8221; (as such term is defined in Section 424(e) of the Code)
or a subsidiary of the 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>Awards</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2021 Plan permits the grant of: (a) stock options, which may be intended as ISOs or as nonqualified stock options (options not meeting
the requirements to qualify as ISOs); (b) stock appreciation rights (&#8220;SARs&#8221;); (c) restricted stock; (d) RSUs; or (e) other
stock-based awards, including: (i) unrestricted shares of common stock, dividend equivalents or performance units, each of which may
be subject to the attainment of performance goals or a period of continued provision of service or employment or other terms or conditions.</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>Consideration
for Awards</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price for any award granted under the 2021 Plan or the common stock to be delivered pursuant to any such award, as applicable,
may be paid by means of any lawful consideration as determined by the Administrator, including, without limitation, one or a combination
of the following methods:</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">services
    rendered by the recipient of such award;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">cash,
    check payable to the order of the Company, or electronic funds transfer;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">notice
    and third party payment in such manner as may be authorized by the Administrator;</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>


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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"><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
    delivery of previously owned and fully vested 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">by
    a reduction in the number of shares otherwise deliverable pursuant to the award; 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">subject
    to such procedures as the Administrator may adopt, pursuant to a &#8220;cashless exercise&#8221; with a third party who provides
    financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards.</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"><b>Certain
Federal Tax Consequences</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of the federal income tax consequences of the 2021 Plan transactions is based upon federal income tax laws in effect
as of May 26, 2022. This summary does not purport to be a complete description of all applicable rules, and does not discuss state,
local or non-U.S. tax consequences.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nonqualified
Stock Options.</i></b> The grant of a nonqualified stock option under the 2021 Plan will not result in any U.S. federal income taxes
to the participant or to the Company. Upon exercise of a nonqualified stock option, the participant will recognize ordinary compensation
income equal to the excess of the fair market value of the shares of common stock at the time of exercise over the option exercise price.
If the participant is an employee, this income is subject to withholding for federal income and employment tax purposes. The Company
is entitled to an income tax deduction in the amount of the income recognized by the participant, subject to possible limitations imposed
by the Internal Revenue Code, including Section 162(m) thereof. Any gain or loss on the participant&#8217;s subsequent disposition of
the shares will be treated as long-term or short-term capital gain or loss, depending on the sales proceeds received and whether the
shares are held for more than one year following exercise. The Company does not receive a tax deduction for any subsequent capital gain
realized by the participant.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Incentive
Stock Options.</i></b> The grant of an ISO under the 2021 Plan will not result in any U.S. federal income tax consequences to the participant
or to the Company. A participant recognizes no federal taxable income upon exercising an ISO (subject to the alternative minimum tax
rules discussed below), and the Company receives no deduction at the time of exercise provided that the participant was, without a break
in service, an employee of the Company or a subsidiary during the period beginning on the date of the grant of the option and ending
on the date three months prior to the date of exercise (one year prior to the date of exercise if the participant is &#8220;disabled&#8221;
as that term is defined in the Internal Revenue Code). In the event of a disposition of stock acquired upon exercise of an ISO, the tax
consequences depend upon how long the participant has held the shares. If the participant does not dispose of the shares within two years
after the ISO was granted, nor within one year after the ISO was exercised, the participant will recognize a long-term capital gain (or
loss) equal to the difference between the sale price of the shares and the exercise price. The Company is not entitled to any deduction
under these circumstances.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the participant fails to satisfy either of the foregoing holding periods (referred to as a &#8220;disqualifying disposition&#8221;),
he or she will recognize ordinary compensation income in the year of the disposition. The amount of ordinary compensation income generally
is the lesser of (i) the difference between the amount realized on the disposition and the exercise price or (ii) the difference between
the fair market value of the stock at the time of exercise and the exercise price. Such amount is not subject to withholding for federal
income and employment tax purposes, even if the participant is an employee of the Company. Any gain in excess of the amount taxed as
ordinary income will generally be treated as a short-term capital gain. The Company, in the year of the disqualifying disposition, is
entitled to a deduction equal to the amount of ordinary compensation income recognized by the participant, subject to possible limitations
imposed by the Internal Revenue Code, including Section 162(m) thereof.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&#8220;spread&#8221; under an ISO &#8212; i.e., the difference between the fair market value of the shares at exercise and the exercise
price &#8212; is classified as an item of adjustment in the year of exercise for purposes of the alternative minimum tax. If a participant&#8217;s
alternative minimum tax liability exceeds such participant&#8217;s regular income tax liability, the participant will owe the alternative
minimum tax liability.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock
Appreciation Rights</i></b>. A participant who is granted an SAR generally will not recognize ordinary income upon receipt of the SAR.
Rather, at the time of exercise of such SAR, the participant will recognize ordinary income for U.S. federal income tax purposes in an
amount equal to the value of any cash received and the fair market value on the date of exercise of any shares received. The Company
generally will be entitled to a tax deduction at such time and in the same amount, if any, that the participant recognizes as ordinary
income. The participant&#8217;s tax basis in any shares received upon exercise of an SAR will be the fair market value of the shares
on the date of exercise, and if the shares are later sold or exchanged, then the difference between the amount received upon such sale
or exchange and the fair market value of such shares on the date of exercise will generally be taxable as long-term or short-term capital
gain or loss (if the shares are a capital asset of the participant) depending upon the length of time such shares were held by the participant.</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"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Restricted
Stock.</i></b> Restricted stock is generally taxable to the participant as ordinary compensation income on the date that the restrictions
lapse (i.e. the date that the stock vests), in an amount equal to the excess of the fair market value of the shares on such date over
the amount paid for such stock (if any). If the participant is an employee, this income is subject to withholding for federal income
and employment tax purposes. The Company is entitled to an income tax deduction in the amount of the ordinary income recognized by the
participant, subject to possible limitations imposed by the Internal Revenue Code, including Section 162(m) thereof. Any gain or loss
on the participant&#8217;s subsequent disposition of the shares will be treated as long-term or short-term capital gain or loss depending
on the sales price and how long the stock has been held since the restrictions lapsed. The Company does not receive a tax deduction for
any subsequent gain.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Participants
receiving restricted stock awards may make an election under Section 83(b) of the Internal Revenue Code (&#8220;Section 83(b) Election&#8221;)
to recognize as ordinary compensation income in the year that such restricted stock is granted, the amount equal to the excess of the
fair market value on the date of the issuance of the stock over the amount paid for such stock. If such an election is made, the recipient
recognizes no further amounts of compensation income upon the lapse of any restrictions and any gain or loss on subsequent disposition
will be long-term or short-term capital gain or loss to the recipient. The Section 83(b) Election must be made within 30 days from the
time the restricted stock is issued.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Awards. </i></b>Other awards (such as restricted stock units) are generally treated as ordinary compensation income as and when common
stock or cash are paid to the participant upon vesting or settlement of such awards. If the participant is an employee, this income is
subject to withholding for income and employment tax purposes. The Company is generally entitled to an income tax deduction equal to
the amount of ordinary income recognized by the recipient, subject to possible limitations imposed by the Internal Revenue Code, including
Section 162(m) thereof.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Section
162(m) Limitation.</i></b> In general, under Section 162(m) of the Internal Revenue Code, income tax deductions of publicly-held corporations
may be limited to the extent total compensation (including base salary, annual bonus, stock option exercises and non-qualified benefits
paid) for certain executive officers exceeds $1 million (less the amount of any &#8220;excess parachute payments&#8221; as defined in
Section 280G of the Internal Revenue Code) in any one year. Prior to the Tax Cuts and Jobs Act of 2017 (the &#8220;TCJA&#8221;), covered
employees generally consisted of our Chief Executive Officer and each of the next three highest compensated officers serving at the end
of the taxable year other than our Chief Financial Officer, and compensation that qualified as &#8220;performance-based&#8221; under
Section 162(m) was exempt from this $1 million deduction limitation. As part of the TCJA, the ability to rely on this exemption was,
with certain limited exceptions, eliminated; in addition, the definition of covered employees was expanded to generally include all named
executive officers. Certain awards under the 2016 Plan granted prior to November 2, 2017 (to the extent not materially modified thereafter)
may be grandfathered from the changes made by the TCJA under certain limited transition relief; however, for grants after that date and
any grants which are not grandfathered, we will no longer be able to take a deduction for any compensation in excess of $1 million that
is paid to a covered employee. There is no guarantee that we will be able to take a deduction for any compensation in excess of $1 million
that is paid to a covered employee under the 2016 Plan.</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 id="a_013"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CERTAIN
RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</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>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following includes a summary of transactions since January 1, 2019 to which we have been a party, including transactions in which the
amount involved in the transaction exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two
completed fiscal years, and in which any of our directors, executive officers or, to our knowledge, beneficial owners of more than 5%
of our capital stock or any member of the immediate family of any of the foregoing persons had or will have a direct or indirect material
interest, other than equity and other compensation, termination, change in control and other arrangements, which are described elsewhere
in this prospectus. We are not otherwise a party to a current related party transaction, and no transaction is currently proposed, in
which the amount of the transaction exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end for the last
two completed fiscal years and in which a related person had or will have a direct or indirect material interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 31.5pt; 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-indent: 31.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2019, an entity affiliated with a shareholder received consulting payments of $35,000 relating to legal services
provided to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 31.5pt; 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March and April 2021, the Company entered into a series of unsecured convertible promissory notes with the Company&#8217;s CFO and Alwaysraise
LLC, an entity in which the Company&#8217;s CFO is the Managing Partner and sole member, in the aggregate principal amount of $260,000.
Of the $260,000 principal amount, the Company received $200,000 in cash proceeds and $60,000 in exchange for services. In connection
with the sale of these notes, the Company issued 156,000 warrants with an exercise price of $0.80 per share.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of our directors and executive officers have entered into indemnification agreements which provide the directors and executive officers
with contractual rights to indemnification and expense advancement that are, in some cases, broader than the specific indemnification
provisions contained under Delaware law.</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>Related
Person Transaction Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 21.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a related person transaction policy that sets forth our procedures for the identification, review, consideration and approval
or ratification of related person transactions. For purposes of our policy only, a related person transaction is a transaction, arrangement
or relationship, or any series of similar transactions, arrangements or relationships, in which we and any related person are, were or
will be participants in which the amount involved exceeds the lesser of $120,000 or 1% of our total assets at year-end. Transactions
involving compensation for services provided to us as an employee or director are not covered by this policy. A related person is any
executive officer, director or beneficial owner of more than 5% of any class of our voting securities, including any of their immediate
family members and any entity owned or controlled by such persons.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the policy, if a transaction has been identified as a related person transaction, including any transaction that was not a related person
transaction when originally consummated or any transaction that was not initially identified as a related person transaction prior to
consummation, our management must present information regarding the related person transaction to our audit committee, or, if audit committee
approval would be inappropriate, to another independent body of our board of directors, for review, consideration and approval or ratification.
The presentation must include a description of, among other things, the material facts, the interests, direct and indirect, of the related
persons, the benefits to us of the transaction and whether the transaction is on terms that are comparable to the terms available to
or from, as the case may be, an unrelated third party or to or from employees generally. Under the policy, we will collect information
that we deem reasonably necessary from each director, executive officer and, to the extent feasible, significant stockholder to enable
us to identify any existing or potential related-person transactions and to effectuate the terms of the policy. In addition, under our
Code of Business Conduct and Ethics, our employees and directors will have an affirmative responsibility to disclose any transaction
or relationship that reasonably could be expected to give rise to a conflict of interest. In considering related person transactions,
our audit committee, or other independent body of our board of directors, will take into account the relevant available facts and circumstances
including, but not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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
    risks, costs and benefits to 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">the
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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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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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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  </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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
policy requires that, in determining whether to approve, ratify or reject a related person transaction, our audit committee, or other
independent body of our board of directors, must consider, in light of known circumstances, whether the transaction is in, or is not
inconsistent with, our best interests and those of our stockholders, as our audit committee, or other independent body of our board of
directors, determines in the good faith exercise of its discretion.</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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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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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_014"></span><b>PRINCIPAL
STOCKHOLDERS</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information regarding the beneficial ownership of our common stock as of May 26, 2022 by:</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">&#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">each
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
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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">each
    stockholder known by us to own beneficially more than 5% of our 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: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities.
Shares of common stock that may be acquired by an individual or group within 60 days of May 26, 2022, pursuant to the exercise
of options or warrants, vesting of common stock or conversion of preferred stock or convertible debt, are deemed to be outstanding for
the purpose of computing the percentage ownership of such individual or group, but are not deemed to be outstanding for the purpose of
computing the percentage ownership of any other person shown in the table. Percentage of ownership before and after the offering is based
on 13,885,004 shares of common stock issued and outstanding as of May 26, 2022. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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 Immix Biopharma, Inc., 11400 West Olympic
Blvd., Suite 200, Los Angeles, CA 90064.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Carey Ng</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,025,221</td><td style="text-align: left">(7)</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">5% or Greater Stockholders:</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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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Vladimir Torchilin</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
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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>

<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">(1)</span></td>
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    of (i) 902,500 shares of common stock and (ii) 73,125 shares of common stock issuable upon exercise of stock options. Excludes 196,875
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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></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; 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">Consists
    of (i) 76,116 shares of common stock owned by Gabriel Morris, (ii) 246,703 shares of common stock owned by Alwaysraise LLC (&#8220;Alwaysraise&#8221;),
    (iii) 156,000 shares of common stock issuable upon exercise of warrants owned by Alwaysraise and (iv) 227,875 shares of common stock
    issuable upon exercise of stock options owned by Gabriel Morris. Excludes 238,625 shares of common stock issuable upon exercise
    of stock options that are subject to vesting. Gabriel Morris is the Managing Partner and sole member of Alwaysraise and in such capacity
    has the right to vote and dispose of the securities held by such entity.</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></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">(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">Consists
    of 16,250 shares of common stock issuable upon exercise of stock options. Excludes 43,750 shares of common stock issuable upon exercise
    of stock options that are subject to vesting.</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></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">(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">Consists
    of 10,156 shares of common stock issuable upon exercise of stock options. Excludes 27,344 shares of common stock issuable upon exercise
    of stock options that are subject to vesting.</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></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">(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">Consists
    of 8,125 shares of common stock issuable upon exercise of stock options. Excludes 22,500 shares of common stock issuable upon
    exercise of stock options that are subject to vesting.</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></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">(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">Consists
    of 1,025,221 shares of common stock owned by Mesa Verde Venture Partners III, LP. Carey Ng is the Managing Director of Mesa Verde
    Venture Partners III, LP and in such capacity has the right to vote and dispose of the securities held by such entity.</span></td></tr>
  </table>
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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_015"></span>DESCRIPTION
OF CAPITAL STOCK</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"><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"><span style="font-family: Times New 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
authorized capital stock consists of 200,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred
stock, par value $0.0001 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of May 26, 2022, there were 13 record holders of our securities. As of May 26, 2022, there were 13,885,004 shares of common
stock issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><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 is only a summary. You should also refer to our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws,
copies of which are filed as exhibits 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><b>Common
Stock</b></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
authorized capital stock consists of 200,000,000 shares of common stock, par value $0.0001 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; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
holders of our common stock have no preemptive 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; text-align: justify; text-indent: 31.5pt"><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; text-indent: 31.5pt"><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; text-align: justify; text-indent: 31.5pt"><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"><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"><span style="font-family: Times New 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has the authority, without further action by the stockholders, to issue up to 10 million 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, is able to issue 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><b>Options</b></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
2016 and 2021 Equity Incentive Plans provide for us to sell or issue shares restricted shares of common stock, or to grant incentive
stock options or nonqualified 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. As of May 26, 2022, 1,332,234 options to purchase
common shares were outstanding. For additional information regarding the terms of the 2021 Plan, see &#8220;Executive and Director Compensation
&#8212; 2021 Equity Incentive Plan.&#8221;</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>Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, in connection with the issuance of the Series 2021A Notes, we issued 156,000 warrants with a term of 10 years and an exercise
price of $0.80 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the closing of our IPO, we issued the representative of the underwriters warrants to purchase up to 241,500 shares
of common stock at an exercise price of $6.25 per share. The representative&#8217;s warrants are exercisable at any time and from time
to time, in whole or in part, during the four and one half year period commencing on June 13, 2022.</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>

<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"><b>Exclusive
Forum</b></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Amended and Restated Certificate of Incorporation provides that unless we consent in writing to the selection of an alternative forum,
the State of Delaware is the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of us, (ii) any
action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of our Company to us or our stockholders,
(iii) any action asserting a claim against us, our directors, officers or employees arising pursuant to any provision of the DGCL or
our Amended and Restated Certificate of Incorporation or our Amended and Restated Bylaws or (iv) any action asserting a claim against
us, our directors, officers, employees or agents governed by the internal affairs doctrine, except for, as to each of (i) through (iv)
above, any claim as to which the Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of
the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten
days following such determination), which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery,
or for which the Court of Chancery does not have subject matter jurisdiction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
our Amended and Restated Certificate provides that the foregoing provision shall not apply to suits brought to enforce any liability
or duty created by the Securities Act or the Exchange, or other federal securities laws for which there is exclusive federal or concurrent
federal and state jurisdiction. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock are
deemed to have notice of and consented to this provision.</span></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"><b>Anti-Takeover
Provisions of Delaware Law, our Amended and Restated 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><b><i>Delaware
Law</i></b></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are governed by the provisions of Section 203 of the DGCL. 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><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"><span style="font-family: Times New 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Amended and Restated 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><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"><span style="font-family: Times New 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Amended and Restated Bylaws provide that our stockholders may not take action by written consent. Our Amended and Restated Bylaws further
provide that special meetings of our stockholders may be called by a majority of the board of directors, the President, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><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"><span style="font-family: Times New 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: 31.5pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><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"><span style="font-family: Times New 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: 31.5pt"><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 Stock 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><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; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer agent and registrar for our common stock is Philadelphia Stock Transfer, Inc. The transfer agent and registrar&#8217;s address
is 2320 Haverford Road, Suite 230, Ardmore, PA 19003 and its phone number is (484) 416-3124.</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>

<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"><b><i>Stock
Market Listing</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
common stock is listed on The Nasdaq Capital Market under the symbol &#8220;IMMX.&#8221;</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>


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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_016"></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; 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: 31.5pt"><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 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 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 common stock, has been requested from the Internal Revenue
Service (&#8220;IRS&#8221;) 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; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><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. 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>

<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">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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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    subject to the alternative minimum tax or Medicare contribution tax on net investment income;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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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    organizations or governmental organizations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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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    foreign corporations, passive foreign investment companies and corporations that accumulate earnings to avoid U.S. federal income
    tax;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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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    or dealers in securities or currencies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">traders
    in securities that elect to use a mark-to-market method of accounting for their securities holdings;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">U.S.
    expatriates and certain former citizens or long-term residents of 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>
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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">persons
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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">
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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-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>Non-U.S.
Holders are urged to consult their own tax advisors with respect to the application of the U.S. federal income tax laws to their 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; 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"><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>Non-U.S.
Holder Defined</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a non-U.S. holder (other than a partnership) is any holder of our common stock other than:</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">&#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>
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    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
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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">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; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><b><i>Distributions</i></b></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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 non-taxable return of capital and will first reduce a non-U.S. holder&#8217;s 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;Gain on Disposition of Common
Stock.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><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 a non-U.S. holder
generally will be subject to U.S. withholding tax either at a rate of 30% of the gross amount of the dividend or at such lower rate as
may be specified by an applicable income tax treaty. In order to receive a reduced treaty rate, a non-U.S. holder must provide us (or
the applicable withholding agent) 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; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
received by a non-U.S. holder that are effectively connected with the non-U.S. holder&#8217;s conduct of a U.S. trade or business (and,
if required by an applicable income tax treaty, attributable to a permanent establishment maintained by the non-U.S. holder in the U.S.)
are generally exempt from such withholding tax. In order to obtain this exemption, the non-U.S. holder 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,
dividends received by a non-U.S. holder that is a corporation that are effectively connected with such non-U.S. holder&#8217;s conduct
of a U.S. trade or business may also be subject to a branch profits tax at a rate of 30% or at such lower rate as may be specified by
an applicable income tax treaty. Non-U.S. holders should consult their own tax advisors 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"><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"><b><i>&#160;</i></b></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"><b><i>Gain
on Disposition of Common Stock</i></b></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion below regarding backup withholding and foreign accounts, a non-U.S. holder 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; text-align: justify; text-indent: -0.25in"><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 the non-U.S. holder&#8217;s 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 the non-U.S. holder 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">the
    non-U.S. holder is 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;
    (&#8220;USRPHC&#8221;), for U.S. federal income tax purposes at any time within the shorter of (i) the five-year period preceding
    the non-U.S. holder&#8217;s disposition of our common stock, or (ii) the non-U.S. holder&#8217;s holding period for our common stock.</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: -0.25in"><span style="font-family: Times New 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
a corporation is a USRPHC if the fair market value of its U.S. real property interests equals or exceeds 50% of the sum of the fair market
value of its worldwide real property interests and its other assets used or held for use in a trade or business. 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, a non-U.S. holder would not be subject to U.S. federal income tax on a sale, exchange or other taxable disposition
of shares of our common stock by reason of our status as a USRPHC so long as (i) our common stock is regularly traded on an established
securities market during the calendar year in which such sale, exchange or other taxable disposition of shares of our common stock occurs
and (ii) such non-U.S. holder does not own and is not deemed to own (directly, indirectly or constructively) more than 5% of our common
stock at any time during the relevant period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-U.S.
holders described in the first bullet above 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. Non-U.S. holders described in the
second bullet above, 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 generally be offset by U.S. source capital losses for the year (provided such non-U.S. holders
have timely filed U.S. federal income tax returns with respect to such losses). Non-U.S. holders should consult their own tax advisors
with respect to the application of the foregoing rules to their ownership and disposition of our common stock.</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>

<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"><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"><span style="font-family: Times New 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: 31.5pt"><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 non-U.S. holders, their names and addresses and the amount of tax
withheld, if any. A similar report will be sent to non-U.S. holders. Pursuant to applicable income tax treaties or other agreements,
the IRS may make these reports available to tax authorities in a non-U.S. holder&#8217;s country of residence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><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 non-U.S. holders may be subject to information reporting and backup withholding
at a current rate of 28% unless such non-U.S. holders establish an exemption, for example, by properly certifying their 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; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><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"><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"><b><i>&#160;</i></b></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"><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"><span style="font-family: Times New 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Foreign Account Tax Compliance Act (&#8220;FATCA&#8221;) 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. 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; text-align: justify"><span style="font-family: Times New 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>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"><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"></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_017"></span><b>UNDERWRITING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ThinkEquity
LLC is acting as representative of the underwriters of this offering. We have entered into an underwriting agreement dated &#160;&#160;, 2022, with
the representative. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to each underwriter named
below, and each underwriter named below has severally agreed to purchase from us, at the public offering price per share less the underwriting
discounts set forth on the cover page of this prospectus, the number of shares of common stock listed next to its name in the following
table:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underwriter</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 1.75pt"><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; padding: 0.25pt 0.25pt 0.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of Shares</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 1.75pt"><span style="font-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; padding: 0.25pt; width: 82%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ThinkEquity
    LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; 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; padding: 0.25pt; 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; padding: 0.25pt; width: 15%"><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: 0.25pt; 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; padding: 0.25pt 0.25pt 0.25pt 10.25pt"><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: 0.25pt"><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: 0.25pt"><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: 0.25pt"><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: 0.25pt"><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-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters are committed to purchase all the shares of common stock offered by the Company, other than those covered by the over-allotment
option to purchase additional shares of common stock described below. The obligations of the underwriters may be terminated upon the
occurrence of certain events specified in the underwriting agreement. Furthermore, the underwriting agreement provides that the obligations
of the underwriters to pay for and accept delivery of the shares offered by us in this prospectus are subject to various representations
and warranties and other customary conditions specified in the underwriting agreement, such as receipt by the underwriters of officers&#8217;
certificates and legal opinions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to contribute
to payments the underwriters may be required to make in respect thereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters are offering the shares of common stock subject to prior sale, when, as and if issued to and accepted by them, subject to
approval of legal matters by their counsel and other conditions specified in the underwriting agreement. The underwriters reserve the
right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Over-Allotment
Option</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have granted the representative an over-allotment option. This option, which is exercisable for up to 45 days after the date of this
prospectus, permits the representative to purchase up to an aggregate of 252,525 additional shares of common stock (equal to 15%
of the total number of shares sold in this offering) at the public offering price per share, less the underwriting discounts and commissions,
solely to cover over-allotments, if any. If the underwriters exercise this option in whole or in part, then the underwriters will be
severally committed, subject to the conditions described in the underwriting agreement, to purchase the additional shares of common stock
in proportion to their respective commitments set forth in the prior table.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Discounts,
Commissions and Reimbursement</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt">The representative has
advised us that the underwriters propose to offer the shares of common stock to the public at the public offering price per share set
forth on the cover page of this prospectus. Any shares sold by the underwriter to securities dealers may be sold at a discount of up
to $0.&#160;&#160; per share from the public offering price. After the offering to the public, the public offering price and other selling terms
may be changed by the representative.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the underwriting discounts and commissions and proceeds, before expenses, to us assuming both no exercise
and full exercise by the underwriters of their over-allotment option:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-indent: 31.5pt"><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="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold"><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-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
    Share</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold"><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-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Without<br /> Over-Allotment<br /> Option</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold"><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-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    With<br /> Over-Allotment<br /> Option</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 55%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public offering
    price</span></td><td style="width: 1%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; font-size: 10pt; text-align: right">&#160;</td><td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; font-size: 10pt; text-align: right">&#160;</td><td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; font-size: 10pt; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
    discounts and commissions (7.5%)</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left">$<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accountable
    expense allowance (0.75%)</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds,
    before expenses, to us</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; 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: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have paid an advance of $25,000 to the representative, which will be applied against the actual out-of-pocket accountable expenses that
will be paid by us to the underwriters in connection with this offering, and will be reimbursed to us to the extent not incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we have also agreed to pay the following expenses of the underwriters relating to the offering: (a) all filing fees and
expenses associated with the review of this offering by FINRA; (b) all fees, expenses and disbursements relating to the
registration, qualification or exemption of securities offered under the securities laws of foreign jurisdictions designated by the
underwriter; (c) $29,500 for the underwriters&#8217; use of Ipreo&#8217;s book-building, prospectus tracking and compliance software
for this offering; (d) the costs associated with bound volumes of the public offering materials as well as commemorative mementos
and lucite tombstones not to exceed $3,000, (e) the fees and expenses of the representatives&#8217; legal counsel incurred in
connection with this offering in an amount up to $75,000; (f) up to $10,000 of the representative&#8217;s actual accountable road
show expenses for the offering; (g) $10,000 for data services and communications expenses, and (h) up to $30,000 of the
representative&#8217;s market making and trading, and clearing firm settlement expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that the total expenses of the offering payable by us, excluding the total underwriting discounts and commissions and non-accountable
expense allowance, will be approximately $304,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Representative&#8217;s
Warrants</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>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to issue warrants to ThinkEquity LLC, as representative of the underwriters, upon the closing of this offering, which
entitle it to purchase up to 2.5% of the total number of shares of common stock being sold in this offering (the
&#8220;Representative&#8217;s Warrants&#8221;). The exercise price of the Representative&#8217;s Warrants is equal to $___ per
share, or 125% of the offering price of the common stock offered hereby. The Representative&#8217;s Warrants will be exercisable at
any time and from time to time, in whole or in part, during the four and a half-year period commencing six months from the effective
date of this registration statement. The Representative&#8217;s Warrants are deemed underwriter compensation by FINRA and are
therefore subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of FINRA. The representative (or permitted assignees under Rule
5110(e)(2)(B)) will not sell, transfer, assign, pledge, or hypothecate these warrants or the securities underlying these warrants,
nor will they engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic
disposition of the warrants or the underlying securities for a period of 180 days from the effective date of this offering. In
addition, the Representative&#8217;s Warrants provide for registration rights upon request at the Company&#8217;s expense, in
certain cases. The one-time demand registration right provided will not be greater than five years from the effective date of this
offering in compliance with FINRA Rule 5110(g)(8)(B) and (C), and any other applicable sections under FINRA Rule 5110. The unlimited
piggyback registration right provided will not be greater than seven years from the effective date of this offering in compliance
with FINRA Rule 5110(g)(8)(D). We will bear all fees and expenses attendant to registering the securities issuable on exercise of
the Representative&#8217;s Warrants other than underwriting commissions incurred and payable by the holders. The exercise price and
number of shares issuable upon exercise of the Representative&#8217;s Warrants may be adjusted in certain circumstances including in
the event of a stock dividend or our recapitalization, reorganization, merger, or consolidation. However, neither the Representative
Warrant exercise price, nor the number of shares of common stock underlying such warrants, will be adjusted for issuances of shares
of common stock by the Company at a price below the exercise price of the Representative&#8217;s Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><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: 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; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and a stockholder holding more than 5% of its outstanding common stock have agreed for a period of 3 months after
the date of this prospectus, without the prior written consent of the representative, not to directly or indirectly:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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; padding: 0.25pt; width: 49px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding: 0.25pt; width: 25px"><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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue
    (in the case of us), offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
    to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any shares of common stock or other
    capital stock or any securities convertible into or exercisable or exchangeable for our common stock or other capital 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; text-align: justify; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding: 0.25pt"><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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the case of us, file or cause the filing of any registration statement under the Securities Act with respect to any shares of common
    stock or other capital stock or any securities convertible into or exercisable or exchangeable for our common stock or other capital
    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; text-align: justify; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding: 0.25pt"><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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">complete
    any offering of debt securities of the Company, other than entering into a line of credit, term loan arrangement or other debt instrument
    with a traditional bank; 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; text-align: justify; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding: 0.25pt"><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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
    into any swap or other agreement, arrangement, hedge or transaction that transfers to another, in whole or in part, directly or indirectly,
    any of the economic consequences of ownership of our common stock or other capital stock or any securities convertible into or exercisable
    or exchangeable for our common stock or other capital stock, whether any transaction described in any of the foregoing bullet points
    is to be settled by delivery of our common stock or other capital stock, other securities, in cash or otherwise, or publicly announce
    an intention to do any of the foregoing.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we have agreed that we will not, for a period of 6 months after the date of this prospectus, offer to sell, sell, contract
to sell, grant any option to sell or otherwise dispose of shares of capital stock of our Company or any securities convertible into or
exercisable or exchangeable for shares of capital stock of our Company, directly or indirectly in any at-the-market, continuous equity
or variable rate transaction, without the prior written consent of the representative.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Electronic
Offer, Sale and Distribution of Securities</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
prospectus in electronic format may be made available on the websites maintained by one or more of the underwriters or selling group
members. The representative may agree to allocate a number of securities to underwriters and selling group members for sale to its online
brokerage account holders. Internet distributions will be allocated by the underwriters and selling group members that will make internet
distributions on the same basis as other allocations. Other than the prospectus in electronic format, the information on these websites
is not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part,
has not been approved or endorsed by us, and should not be relied upon by investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stabilization</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with this offering, the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate-covering
transactions, penalty bids and purchases to cover positions created by short sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stabilizing
transactions permit bids to purchase shares so long as the stabilizing bids do not exceed a specified maximum, and are engaged in for
the purpose of preventing or retarding a decline in the market price of the shares while the offering is in progress.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over-allotment
transactions involve sales by the underwriters of shares in excess of the number of shares the underwriters are obligated to purchase.
This creates a syndicate short position which may be either a covered short position or a naked short position. In a covered short position,
the number of shares over-allotted by the underwriters is not greater than the number of shares that they may purchase in the over-allotment
option. In a naked short position, the number of shares involved is greater than the number of shares in the over-allotment option. The
underwriters may close out any short position by exercising their over-allotment option and/or purchasing shares in the open market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Syndicate
covering transactions involve purchases of shares in the open market after the distribution has been completed in order to cover syndicate
short positions. 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 with the price at which they may purchase shares through exercise
of the over-allotment option. If the underwriters sell more shares than could be covered by exercise of the over-allotment option and,
therefore, have a naked short position, the position can be closed out only by buying shares in the open market. A naked short position
is more likely to be created if the underwriters are concerned that after pricing there could be downward pressure on the price of the
shares in the open market that could adversely affect investors who purchase in the offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Penalty
bids permit the representative to reclaim a selling concession from a syndicate member when the shares originally sold by that syndicate
member are purchased in stabilizing or syndicate covering transactions to cover syndicate short positions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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 shares of common stock or preventing or retarding a decline in the market price of our shares of common stock. As a result, the
price of our common stock in the open market may be higher than it would otherwise be in the absence of these transactions. Neither we
nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the price
of our common stock. These transactions may be effected on Nasdaq, in the over-the-counter market or otherwise and, if commenced, may
be discontinued at any time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Passive
Market Making</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with this offering, the underwriter and any selling group members may engage in passive market making transactions in our
common stock on Nasdaq in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of
offers or sales of our common stock and extending through the completion of the distribution. A passive market maker must display its
bid at a price not in excess of the highest independent bid of that security. If all independent bids are lowered below the passive market
maker&#8217;s bid, that bid must then be lowered when specified purchase limits are exceeded.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><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: 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; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer
restrictions outside the United States</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Australia</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus is not a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian
Securities and Investments Commission and does not purport to include the information required of a disclosure document under Chapter
6D of the Australian Corporations Act. Accordingly, (i) the offer of the securities under this prospectus is only made to persons to
whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act under one or more exemptions
set out in section 708 of the Australian Corporations Act, (ii) this prospectus is made available in Australia only to those persons
as set forth in clause (i) above, and (iii) the offeree must be sent a notice stating in substance that by accepting this offer, the
offeree represents that the offeree is such a person as set forth in clause (i) above, and, unless permitted under the Australian Corporations
Act, agrees not to sell or offer for sale within Australia any of the securities sold to the offeree within 12 months after its transfer
to the offeree under this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>China</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information in this document does not constitute a public offer of the securities, whether by way of sale or subscription, in the People&#8217;s
Republic of China (excluding, for purposes of this paragraph, Hong Kong Special Administrative Region, Macau Special Administrative Region
and Taiwan). The securities may not be offered or sold directly or indirectly in the PRC to legal or natural persons other than directly
to &#8220;qualified domestic institutional investors.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>European
Economic Area&#8212;Belgium, Germany, Luxembourg and Netherlands</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information in this document has been prepared on the basis that all offers of securities will be made pursuant to an exemption under
the Directive 2003/71/EC (&#8220;Prospectus Directive&#8221;), as implemented in Member States of the European Economic Area (each, a
&#8220;Relevant Member State&#8221;), from the requirement to produce a prospectus for offers of securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
offer to the public of securities has not been made, and may not be made, in a Relevant Member State except pursuant to one of the following
exemptions under the Prospectus Directive as implemented in that Relevant Member State:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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; padding: 0.25pt; width: 49px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding: 0.25pt; width: 49px"><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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose
    corporate purpose is solely to invest in securities;</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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding: 0.25pt"><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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    any legal entity that has two or more of (i) an average of at least 250 employees during its last fiscal year; (ii) a total balance
    sheet of more than &#8364;43,000,000 (as shown on its last annual unconsolidated or consolidated financial statements) and (iii) an
    annual net turnover of more than &#8364;50,000,000 (as shown on its last annual unconsolidated or consolidated financial statements);</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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding: 0.25pt"><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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    fewer than 100 natural or legal persons (other than qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive)
    subject to obtaining the prior consent of the Company or any underwriter for any such offer; 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; text-align: justify; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding: 0.25pt"><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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of securities shall
    result in a requirement for the publication by the Company of a prospectus pursuant to Article 3 of the Prospectus Directive.</span></td></tr>
  </table>
<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"></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"></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"><b>France</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers)
in France within the meaning of Article L.411-1 of the French Monetary and Financial Code (Code Mon&#233;taire et Financier) and Articles
211-1 et seq. of the General Regulation of the French Autorit&#233; des march&#233;s financiers (&#8220;AMF&#8221;). The securities
have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
document and any other offering material relating to the securities have not been, and will not be, submitted to the AMF for approval
in France and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in France.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
offers, sales and distributions have been and shall only be made in France to (i) qualified investors (investisseurs qualifi&#233;s)
acting for their own account, as defined in and in accordance with Articles L.411-2-II-2&#176; and D.411-1 to D.411-3, D.744-1, D.754-1
;and D.764-1 of the French Monetary and Financial Code and any implementing regulation and/or (ii) a restricted number of non-qualified
investors (cercle restreint d&#8217;investisseurs) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2&#176;
and D.411-4, D.744-1, D.754-1; and D.764-1 of the French Monetary and Financial Code and any implementing regulation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Article 211-3 of the General Regulation of the AMF, investors in France are informed that the securities cannot be distributed (directly
or indirectly) to the public by the investors 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 French Monetary and Financial Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ireland</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information in this document does not constitute a prospectus under any Irish laws or regulations and this document has not been filed
with or approved by any Irish regulatory authority as the information has not been prepared in the context of a public offering of securities
in Ireland within the meaning of the Irish Prospectus (Directive 2003/71/EC) Regulations 2005 (the &#8220;Prospectus Regulations&#8221;).
The securities have not been offered or sold, and will not be offered, sold or delivered directly or indirectly in Ireland by way of
a public offering, except to (i) qualified investors as defined in Regulation 2(l) of the Prospectus Regulations and (ii) fewer than
100 natural or legal persons who are not qualified investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Israel</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
securities offered by this prospectus have not been approved or disapproved by the Israeli Securities Authority (the ISA), or ISA, nor
have such securities been registered for sale in Israel. The shares may not be offered or sold, directly or indirectly, to the public
in Israel, absent the publication of a prospectus. The ISA has not issued permits, approvals or licenses in connection with the offering
or publishing the prospectus; nor has it authenticated the details included herein, confirmed their reliability or completeness, or rendered
an opinion as to the quality of the securities being offered. Any resale in Israel, directly or indirectly, to the public of the securities
offered by this prospectus is subject to restrictions on transferability and must be effected only in compliance with the Israeli securities
laws and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Italy</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering of the securities in the Republic of Italy has not been authorized by the Italian Securities and Exchange Commission (Commissione
Nazionale per le Societ&#8212;$$&#8212;Aga e la Borsa, &#8220;CONSOB&#8221; pursuant to the Italian securities legislation and, accordingly,
no offering material relating to the securities may be distributed in Italy and such securities may not be offered or sold in Italy in
a public offer within the meaning of Article 1.1(t) of Legislative Decree No. 58 of 24 February 1998 (&#8220;Decree No. 58&#8221;), other
than:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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; padding: 0.25pt; width: 49px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding: 0.25pt; width: 49px"><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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    Italian qualified investors, as defined in Article 100 of Decree no.58 by reference to Article 34-ter of CONSOB Regulation no. 11971
    of 14 May 1999 (&#8220;Regulation no. 1197l&#8221;) as amended (&#8220;Qualified Investors&#8221;); 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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding: 0.25pt"><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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    other circumstances that are exempt from the rules on public offer pursuant to Article 100 of Decree No. 58 and Article 34-ter of
    Regulation No. 11971 as amended.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
offer, sale or delivery of the securities or distribution of any offer document relating to the securities in Italy (excluding placements
where a Qualified Investor solicits an offer from the issuer) under the paragraphs above must be:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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; padding: 0.25pt; width: 49px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding: 0.25pt; width: 49px"><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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">made
    by investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Legislative
    Decree No. 385 of 1 September 1993 (as amended), Decree No. 58, CONSOB Regulation No. 16190 of 29 October 2007 and any other applicable
    laws; 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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding: 0.25pt"><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; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    compliance with all relevant Italian securities, tax and exchange controls and any other applicable laws.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
subsequent distribution of the securities in Italy must be made in compliance with the public offer and prospectus requirement rules
provided under Decree No. 58 and the Regulation No. 11971 as amended, unless an exception from those rules applies. Failure to comply
with such rules may result in the sale of such securities being declared null and void and in the liability of the entity transferring
the securities for any damages suffered by the investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Japan</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
securities have not been and will not be registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan
(Law No. 25 of 1948), as amended (the &#8220;FIEL&#8221;) pursuant to an exemption from the registration requirements applicable to a
private placement of securities to Qualified Institutional Investors (as defined in and in accordance with Article 2, paragraph 3 of
the FIEL and the regulations promulgated thereunder). Accordingly, the securities may not be offered or sold, directly or indirectly,
in Japan or to, or for the benefit of, any resident of Japan other than Qualified Institutional Investors. Any Qualified Institutional
Investor who acquires securities may not resell them to any person in Japan that is not a Qualified Institutional Investor, and acquisition
by any such person of securities is conditional upon the execution of an agreement to that effect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Portugal</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
document is not being distributed in the context of a public offer of financial securities (oferta p&#250;blica de valores mobili&#225;rios)
in Portugal, within the meaning of Article 109 of the Portuguese Securities Code (C&#243;digo dos Valores Mobili&#225;rios). The
securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in Portugal. This document
and any other offering material relating to the securities have not been, and will not be, submitted to the Portuguese Securities Market
Commission (Comiss&#259;o do Mercado de Valores Mobili&#225;rios) for approval in Portugal and, accordingly, may not be distributed
or caused to distributed, directly or indirectly, to the public in Portugal, other than under circumstances that are deemed not to qualify
as a public offer under the Portuguese Securities Code. Such offers, sales and distributions of securities in Portugal are limited to
persons who are &#8220;qualified investors&#8221; (as defined in the Portuguese Securities Code). Only such investors may receive this
document and they may not distribute it or the information contained in it to any other person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sweden</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
document has not been, and will not be, registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority).
Accordingly, this document may not be made available, nor may the securities be offered for sale in Sweden, other than under circumstances
that are deemed not to require a prospectus under the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980) om handel
med finansiella instrument). Any offering of securities in Sweden is limited to persons who are &#8220;qualified investors&#8221; (as
defined in the Financial Instruments Trading Act). Only such investors may receive this document and they may not distribute it or the
information contained in it to any other person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"></p>

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    <!-- 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Switzerland</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (&#8220;SIX&#8221;) or on any
other stock exchange or regulated trading facility in Switzerland. This document 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 material relating to the securities may be publicly distributed or otherwise made publicly
available in Switzerland.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
this document nor any other offering material relating to the securities 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 securities will not be supervised by, the Swiss Financial
Market Supervisory Authority (FINMA).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
document is personal to the recipient only and not for general circulation in Switzerland.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>United
Arab Emirates</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
this document nor the securities have been approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates
or any other governmental authority in the United Arab Emirates, nor has the Company received authorization or licensing from the Central
Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or sell the securities within
the United Arab Emirates. This document does not constitute and may not be used for the purpose of an offer or invitation. No services
relating to the securities, including the receipt of applications and/or the allotment or redemption of such shares, may be rendered
within the United Arab Emirates by the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
offer or invitation to subscribe for securities is valid or permitted in the Dubai International Financial Centre.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>United
Kingdom</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Services
Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as
amended (&#8220;FSMA&#8221;) has been published or is intended to be published in respect of the securities. This document is issued
on a confidential basis to &#8220;qualified investors&#8221; (within the meaning of section 86(7) of FSMA) in the United Kingdom, and
the securities may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document,
except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) FSMA. This document should not
be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in
the United Kingdom.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) received in connection with the
issue or sale of the securities has only been communicated or caused to be communicated and will only be communicated or caused to be
communicated in the United Kingdom in circumstances in which section 21(1) of FSMA does not apply to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0; text-align: justify; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters
relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial
Promotions) Order 2005 (&#8220;FPO&#8221;), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high
net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together
&#8220;relevant persons&#8221;). The investments to which this document relates are available only to, and any invitation, offer or agreement
to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document
or any of its contents.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Canada</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>

<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
securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors,
as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted
clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale
of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements
of applicable securities laws. Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies
for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies
for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser&#8217;s
province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&#8217;s
province or territory for particulars of these rights or consult with a legal advisor. Pursuant to section 3A.3 of National Instrument
33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI33-105 regarding
underwriter conflicts of interest in connection with this offering.&#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"><b><span id="a_018"></span>LEGAL
MATTERS</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: 31.5pt"><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 by Sheppard, Mullin, Richter &amp;
Hampton LLP, New York, New York. Certain legal matters in connection with this offering will be passed upon for the underwriters by Dorsey
&amp; Whitney 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_019"></span>EXPERTS</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of Immix Biopharma, Inc. 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 KMJ Corbin &amp; Company LLP, an independent registered public accounting firm, 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; text-align: center"><span id="a_020"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WHERE
YOU CAN FIND MORE INFORMATION</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed with the SEC 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; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registration statement is available at the SEC&#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 SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the information and periodic reporting requirements of the Exchange Act, and, accordingly, are 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 SEC. You will be able to inspect and copy such periodic reports,
proxy statements and other information at the website of the SEC referred to above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also maintain a website at <i>www.immixbio.com</i>, at which you may access these materials free of charge as soon as reasonably practicable
after they are electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our
website is not part of, and is not incorporated into, this prospectus, and the inclusion of our website address in this prospectus is
only as an inactive textual reference.</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>


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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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fc_001"></span>IMMIX
BIOPHARMA, INC.</b></span></p>

<p style="border-bottom: black 1.5pt solid; 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>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS</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>

<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; vertical-align: top; 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; vertical-align: top; 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; width: 0.5in; text-align: center"><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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audited
    Consolidated Financial Statements for the Years Ended December 31, 2021 and 2020:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#j_001">Report
    of Independent Registered Public Accounting Firm</a> (PCAOB ID: <span>170</span>)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#j_002">Consolidated Balance Sheets as of December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">F-</span>3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#j_003">Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">F-</span>4</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#j_004">Consolidated
    Statements of Stockholders&#8217; Equity (Deficit) for the Years Ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">F-</span>5</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#j_005">Consolidated Statements of Cash Flows for the Years Ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">F-</span>6</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#j_006">Notes to the Consolidated Financial Statements for the Years Ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">F-</span>7</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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited
    Condensed Consolidated Financial Statements for the Three Months ended March 31, 2022 and 2021:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt; text-align: justify"><a href="#imm_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">F-20</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: top; padding-left: 10pt; text-align: justify"><a href="#imm_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three months ended March 31, 2022 and 2021 (unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">F-21</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt; text-align: justify"><a href="#imm_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Statements of Stockholders&#8217; Equity (Deficit) for the Three months ended March 31, 2022 and 2021 (unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">F-22</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: top; padding-left: 10pt; text-align: justify"><a href="#f_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Statements of Cash Flows for the Three months ended March 31, 2022 and 2021 (unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">F-23</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt; text-align: justify"><a href="#f_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Condensed Consolidated Financial Statements for the Three months ended March 31, 2022 and 2021 (unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">F-24</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"><b>&#160;</b></span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 21.3pt"></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 id="j_001"></span><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Stockholders and Board of Directors<br />
Immix Biopharma, Inc.</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>

<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>Opinion
on the Consolidated Financial Statements</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"><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">We have audited the accompanying consolidated balance sheets of Immix Biopharma,
Inc. and its subsidiary (the &#8220;Company&#8221;) as of December 31, 2021 and 2020, the related consolidated statements of operations
and comprehensive loss, stockholders&#8217; equity (deficit) and cash flows for each of the two years in the period ended December 31,
2021, and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the consolidated
financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December
31, 2021 and 2020, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2021,
in conformity with accounting principles generally accepted in the United States of America.</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;&#160;</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"><b>Basis
for Opinion</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"><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">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company 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.</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">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated 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.</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">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, 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.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
KMJ Corbin &amp; Company LLP</i></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2021.</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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">March 28, 2022</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 21.3pt"><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: 21.3pt"></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"><b>Immix
Biopharma, Inc.</b></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 id="j_002"></span><b>Consolidated
Balance Sheets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <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: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0094">&#160;</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">&#160;</td></tr>
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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-top: 0pt; margin-bottom: 0pt"></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"><i>See
accompanying notes to the consolidated financial statements.</i> &#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">&#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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Immix
Biopharma, Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="j_003"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
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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>

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  <tr id="xdx_40B_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pp0p0_maPLzl7C_mtILFCOzovL_zhGSz5qynMK9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract_iB_zbNwhjRms6ai" 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: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,375,000</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</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: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><i>See
accompanying notes to the consolidated financial statements.</i></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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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>

<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>Immix
Biopharma, Inc.</b></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"><b><span id="j_004"></span>Consolidated
Statements of Stockholders&#8217; Equity (Deficit)</b></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"><b>For
the Years Ended December 31, 2021 and 2020</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 cellpadding="0" cellspacing="0" id="xdx_308_114_zWIV4YLsYmS3" summary="xdx: Statement - Condensed Consolidated Statements of Stockholders&apos; Equity (Deficit)" 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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Shares</p></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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                                                                                 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Stock</p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Amount</p></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" id="xdx_4BF_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_zf8cfsHIuVn6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Additional</p>
                                                                                 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Paid-in</p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Capital</p></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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                                                                                 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Comprehensive</p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Income</p></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Deficit</p></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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                                                                                 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Stockholders&#8217;</p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Equity
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2019-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">338</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2019-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">68,224</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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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: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none">Shares issued for cash proceeds, net of offering costs</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none">Shares issued for cash proceeds, net of offering costs, shares</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none">Shares issued for conversion of convertible notes payable and
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0258">&#160;</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-01-012020-12-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,147,863</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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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: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0263">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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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-top: 0pt; margin-bottom: 0pt"></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"><i>See
accompanying notes to the consolidated financial statements.</i></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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="j_005"></span>Immix
Biopharma, Inc.</b></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"><b>Consolidated
Statements of Cash Flows</b></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>


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

<table cellpadding="0" cellspacing="0" id="xdx_309_112_z7TpDpyxuxj2" summary="xdx: Statement - Condensed Consolidated Statements of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr id="xdx_403_ecustom--ConvertibleNoteIssuedInExchangeForServices_i02_maNCPBUzAbb_zjuFzT5gOAue" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zIw3Q68Qrmq4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i03N_di_msNCPBUzAbb_zdnoPElFIWJk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zHkMoon3l1ri" 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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_407_eus-gaap--CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_iB_zQsb80sAj11e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<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-top: 0pt; margin-bottom: 0pt"></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"><i>See
accompanying notes to the consolidated financial statements.</i></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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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="j_006"></span>Immix
Biopharma, Inc.</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"><b>Notes
to the Consolidated Financial Statements</b></span></p>

<p id="xdx_04C_c20210101__20211231_zlWtMfzfmB6a" 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">&#160;</span></p>

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

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:NatureOfOperations"><p id="xdx_802_eus-gaap--NatureOfOperations_zTJxjf9E90Rk" 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>Note
1 &#8211; <span id="xdx_82F_z8dCaAn0Vkn4">Nature of Business</span> </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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immix
Biopharma, Inc. (the &#8220;Company&#8221;) is a clinical-stage pharmaceutical company organized as a Delaware corporation on January
7, 2014 to focus on the development of safe and effective therapies for patients with cancer and inflammatory diseases. In August 2016,
the Company established a wholly-owned Australian subsidiary, Immix Biopharma Australia Pty Ltd. (&#8220;IBAPL&#8221;), in order to conduct
various preclinical and clinical activities for its development candidates.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_804_eus-gaap--SignificantAccountingPoliciesTextBlock_z3DYZ2elPZua" 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>Note
2 &#8211; <span id="xdx_823_zlKhQpUcHuL">Summary of Significant Accounting Policies</span></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">The
accompanying consolidated financial statements and related notes have been prepared in accordance with accounting principles generally
accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and in accordance with the rules and regulations of the United States
Securities and Exchange Commission (the &#8220;SEC&#8221;). The Company&#8217;s fiscal year end is December 31.</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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="IMMX:RiskAndUncertaintiesPolicyTextBlock"><p id="xdx_845_ecustom--RiskAndUncertaintiesPolicyTextBlock_zJ9w4BDO5Vjd" 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="xdx_863_z8RzK6FL5brl">Risk
and Uncertainties</span> - </b>The Company operates in a dynamic and highly competitive industry and is subject to risks and uncertainties common
to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological
innovations, protection of proprietary technology, dependence on key personnel, contract manufacturer and contract research organizations,
compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under
development will require significant additional research and development efforts, including extensive preclinical studies and clinical
trials and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate
personnel infrastructure and extensive compliance and reporting. The Company believes that changes in any of the following areas could
have a material adverse effect on the Company&#8217;s future financial position, results of operations, or cash flows; ability to obtain
future financing; advances and trends in new technologies and industry standards; results of clinical trials; regulatory approval and
market acceptance of the Company&#8217;s products; development of sales channels; certain strategic relationships; litigation or claims
against the Company based on intellectual property, patent, product, regulatory, or other factors; and the Company&#8217;s ability to
attract and retain employees necessary to support its growth.</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">Products
developed by the Company require approvals from the U.S. Food and Drug Administration (&#8220;FDA&#8221;) or other international regulatory
agencies prior to commercial sales. There can be no assurance that the Company&#8217;s research and development will be successfully
completed, that adequate protection for the Company&#8217;s intellectual property will be obtained or maintained, that the products will
receive the necessary approvals, or that any approved products will be commercially viable. If the Company was denied approval, approval
was delayed or the Company was unable to maintain approval, it could have a material adverse impact on the Company. Even if the Company&#8217;s
product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The
Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology
companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties.</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">Beginning
in late 2019, the outbreak of a novel strain of virus named SARS-CoV-2 (severe acute respiratory syndrome coronavirus 2), or
coronavirus, which causes coronavirus disease 2019, or COVID-19, evolved into a global pandemic. The extent of the impact of the
coronavirus outbreak on the Company&#8217;s business will depend on certain developments, including the duration and spread of the
outbreak and the extent and severity of the impact on the Company&#8217;s clinical trial activities, research activities and
suppliers, all of which are uncertain and cannot be predicted. At this point, the extent to which the coronavirus outbreak may
materially impact the Company&#8217;s financial condition, liquidity or results of operations is uncertain. The Company has expended
and will continue to expend substantial funds to complete the research, development and clinical testing of product candidates. The
Company will also be required to expend additional funds to establish commercial-scale manufacturing arrangements and to
provide for the marketing and distribution of products that receive regulatory approval. The Company may require additional funds to
commercialize its products. The Company is unable to entirely fund these efforts with its current financial resources. If adequate
funds are unavailable on a timely basis from operations or additional sources of financing, the Company may have to delay, reduce
the scope of or eliminate one or more of its research or development programs which may materially and adversely affect its
business, financial condition and operations.</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"></p>

<ix:exclude><!-- Field: Page; Sequence: 132; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_84B_eus-gaap--UseOfEstimates_z0vyaOcRrPR5" 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="xdx_866_znBKKWoBhTo2">Use
of Estimates in Financial Statement Presentation</span> -</b> The preparation of these consolidated financial statements in
conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.
The Company uses significant judgements when making estimates related to the valuation of deferred tax assets and related valuation
allowances, accrual and prepayment of research and development expenses, valuation of stock-based compensation, and the valuation of
derivative financial instruments. Actual results could differ from those estimates.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="IMMX:ForwardStockSplitPolicyTextBlock"><p id="xdx_843_ecustom--ForwardStockSplitPolicyTextBlock_z5FT71iejup4" 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="xdx_861_zSbO3GNn52Zg">Forward
Stock Split</span> &#8211; </b>On October 4, 2021, the Company effected a <span id="xdx_90C_eus-gaap--StockholdersEquityNoteStockSplit_c20211003__20211004_zWslll20HpO3" title="Forward stock split"><ix:nonNumeric contextRef="From2021-10-032021-10-04" name="us-gaap:StockholdersEquityNoteStockSplit">3-for-1</ix:nonNumeric></span> forward stock split of its issued and outstanding common stock.
Accordingly, all share and per-share amounts relating to the common stock, stock options and warrants for all periods presented in the
accompanying consolidated financial statements have been retroactively adjusted, where applicable, to reflect the forward stock split.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_84C_eus-gaap--ConsolidationPolicyTextBlock_zv0ScVOgLwWi" 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="xdx_864_zIqa3bSPxzuh">Principles
of Consolidation </span>&#8211; </b>The accompanying consolidated financial statements include the accounts of Immix Biopharma, Inc. and the
accounts of its 100% owned subsidiary, IBAPL. All intercompany transactions and balances have been eliminated in consolidation.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="IMMX:LiquidityAndGoingConcernPolciyTextBlock"><p id="xdx_844_ecustom--LiquidityAndGoingConcernPolciyTextBlock_zJVaG4DOjYYd" 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="xdx_867_zcJ7hEUz8gV1">Liquidity
and Going Concern</span> -</b> These consolidated financial statements have been prepared on a going concern basis, which assumes
the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of
the Company as a going concern is dependent upon the ability of the Company to obtain financing to continue operations. In December
2021, the Company received $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211201__20211231_zpT3pSSmNZOb" title="Proceeds from initial public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-12-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,648,934</ix:nonFraction></span>
in net proceeds from the initial public offering (&#8220;IPO&#8221;) of its common stock (see Note 5). In January 2022, the Company
raised additional net proceeds of $<span id="xdx_90B_eus-gaap--ProceedsFromStockOptionsExercised_c20220101__20220131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zosAWGbTarCb" title="Proceeds from options exercised"><ix:nonFraction name="us-gaap:ProceedsFromStockOptionsExercised" contextRef="From2022-01-012022-01-31_us-gaap_SubsequentEventMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,913,750</ix:nonFraction></span>
from the exercise of the underwriter&#8217;s over-allotment option in connection with the Company&#8217;s IPO (See Note 8). The
Company has a history of, and expects to continue to report, negative cash flows from operations and a net loss. Management believes
that its cash on hand at December 31, 2021 and the net proceeds received in
January 2022 will be sufficient to meet the Company&#8217;s working capital requirements through at least March 31, 2023.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_zTrIvHq5RqMk" 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="xdx_861_zlyxIVZr0Tqj">Concentration
of Credit Risk</span> -</b> Periodically, the Company may carry cash balances at financial institutions in excess of the federally insured limit
of $<span id="xdx_90B_eus-gaap--CashFDICInsuredAmount_iI_c20211231_zEKub1XrOZJ6" title="FDIC insured amount"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span>, or the Australian insured limit of AUD <span id="xdx_908_eus-gaap--CashFDICInsuredAmount_iI_uAUD_c20211231_zLJFE5bM8eB7" title="FDIC insured amount"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">250,000</ix:nonFraction></span>. As of December 31, 2021, the Company had $<span id="xdx_904_eus-gaap--CashUninsuredAmount_iI_uUSD_c20211231_z6aMg2qfAS1c" title="Uninsured amount"><ix:nonFraction name="us-gaap:CashUninsuredAmount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,365,222</ix:nonFraction></span> in excess of the FDIC
insurance limit and <span id="xdx_905_eus-gaap--CashUninsuredAmount_iI_do_uAUD_c20211231_z0ElqDe2ZcSf" title="Uninsured amount"><ix:nonFraction name="us-gaap:CashUninsuredAmount" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="AUD">no</ix:nonFraction></span> amounts in excess of the Australian insured limit. The Company has not experienced losses on these accounts and
management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not
significant.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_841_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z7dErT2HslRg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_867_z4nMjW7cyMRj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equipment
</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
Equipment is recorded at cost and depreciated over its estimated useful lives using the straight-line depreciation method as follows:</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_899_eus-gaap--PropertyPlantAndEquipmentTextBlock_zR7WAy0gYERa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B6_zLeDKdcFaYwe" style="display: none">Schedule
of Property and Equipment Estimated Useful Lives</span><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: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer
    equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 58%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_ziIzI6DAbnJg" title="Property and equipment, useful life"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_ComputerEquipmentMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery
    and equipment</span></td>
    <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"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zg5TyEqmnqrg" title="Property and equipment, useful life"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_MachineryAndEquipmentMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture
    and office equipment</span></td>
    <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"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zjQJEJ9bAW8e" title="Property and equipment, useful life"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">7</ix:nonNumeric></span>
    years</span></td></tr>
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</ix:nonNumeric><p id="xdx_8A4_z9Sw7pA8LzZj" 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">Repairs
and maintenance costs are expensed as incurred.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_848_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zJ0yUilmmdTh" 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="xdx_860_zAz3OPpcklzf">Impairment
of Long-lived Assets</span> &#8211;</b> The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances
indicate that the carrying amount of such assets may not be recoverable. Recoverability of a long-lived asset is measured by comparison
of the carrying amount to the expected future undiscounted cash flows that the asset is expected to generate. Any impairment to be recognized
is measured by the amount by which the carrying amount of the asset exceeds its fair value.</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"></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_84B_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zuVBLRgYCNBc" 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="xdx_86F_z5fL9exfcYBb">Fair
Value of Financial Instruments</span> &#8211; </b>The carrying value of short-term instruments, including cash, tax receivable, accounts payable
and accrued expenses, and notes payable approximate fair value due to the relatively short period to maturity for these instruments.
Derivative instruments are carried at fair value based on unobservable market inputs (see Note 4).</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">Fair
value is defined 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 maximize the use of observable inputs and minimize the use of unobservable inputs. The
Company utilizes a three-level valuation hierarchy for disclosures of fair value measurements, defined as follows:</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">Level
1 &#8211; inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</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">Level
2 &#8211; inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs
that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</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">Level
3 &#8211; inputs to the valuation methodology are unobservable and significant to the fair value.</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">Prior
to the conversion of the convertible notes payable in December 2021, the Company was required to measure and record its derivative instruments
at fair value on a recurring basis (see Notes 3 and 4).</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DerivativesPolicyTextBlock"><p id="xdx_844_eus-gaap--DerivativesPolicyTextBlock_zncvPgZr6wY4" 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="xdx_862_zIT959ycPETi">Derivative
Instruments</span></b> &#8211; The Company evaluated its convertible notes to determine if those contracts or embedded components of those contracts
qualified as derivatives to be separately accounted for in accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 815,
<i>Derivatives and Hedging</i>. The result of this accounting treatment is that the fair value of the embedded derivative is marked to
market each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in
fair value is recorded in the consolidated statements of operations and comprehensive loss as other income or expense. Upon conversion
or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified
to equity.</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">In
circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other
embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments
are accounted for as a single, compound derivative instrument.</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">The
Company determined that the convertible notes contained embedded features that provided the noteholders with multiple settlement alternatives.
Certain of these settlement features provided the noteholders the right to receive cash or a variable number of shares upon the completion
of a capital raising transaction, change of control or default by the Company, which are referred to as &#8220;redemption features.&#8221;</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">The
redemption features of the convertible notes met the requirements for separate accounting and were accounted for as a single
derivative instrument. The derivative instrument was recorded at fair value at inception and was subject to remeasurement to fair
value at each balance sheet date, with any changes in fair value recognized in the consolidated statements of operations and
comprehensive loss (see Notes 3 and 4).</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zBXeTKxCHhl1" 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="xdx_868_zQOXXjg1c877">Income
Taxes</span> &#8211;</b> The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets
and liabilities are determined based on the differences between the financial reporting and the tax bases of reported assets and liabilities
and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company
must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is
more likely than not that some portion or all of a deferred tax asset will not be realized.</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">The
Company accounts for uncertain tax positions in accordance with the provisions of ASC 740-10 which prescribes a recognition threshold
and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on its tax return. The
Company evaluates and records any uncertain tax positions based on the amount that management deems is more likely than not to be sustained
upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which it operates.</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"></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="IMMX:AustralianTaxIncentivePolicyTextBlock"><p id="xdx_84B_ecustom--AustralianTaxIncentivePolicyTextBlock_zyjYmpXOyhyj" 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="xdx_860_zyhkyydLX9Af">Australian
Tax Incentive</span>&#8211;- </b>IBAPL is eligible to receive a cash refund from the Australian Taxation Office for eligible research and development
(&#8220;R&amp;D&#8221;) expenditures under the Australian R&amp;D Tax Incentive Program (the &#8220;Australian Tax Incentive&#8221;).
The Australian Tax Incentive is recognized as a reduction to R&amp;D expense when there is reasonable assurance that the relevant expenditure
has been incurred, the amount can be reliably measured and that the Australian Tax Incentive will be received. The Company recognized
reductions to R&amp;D expense of $<span id="xdx_903_eus-gaap--ResearchAndDevelopmentExpense_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AustralianTaxIncentiveMember_zsK78ARaLvck" title="Research and development expense"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2021-01-012021-12-31_custom_AustralianTaxIncentiveMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">79,978</ix:nonFraction></span> and $<span id="xdx_909_eus-gaap--ResearchAndDevelopmentExpense_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--AustralianTaxIncentiveMember_zqkjBPiljnxc" title="Research and development expense"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2020-01-012020-12-31_custom_AustralianTaxIncentiveMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">212,521</ix:nonFraction></span> for the years ended December 31, 2021 and 2020, respectively.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:CompensationRelatedCostsPolicyTextBlock"><p id="xdx_84C_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zjqVh7rgYtkb" 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="xdx_862_zMNgOfwLJXCj">Stock-Based
Compensation</span> &#8211;</b> Stock-based compensation expense represents the estimated grant date fair value of the Company&#8217;s equity
awards, consisting of stock options issued under the Company&#8217;s stock option plan and restricted common stock (see Note 5). The
fair value of equity awards is recognized over the requisite service period of such awards (usually the vesting period) on a straight-line
basis. The Company estimates the fair value of stock options using the Black-Scholes option pricing model on the date of grant and recognizes
forfeitures as they occur. For stock awards for which vesting is subject to performance-based milestones, the expense is recorded over
the remaining service period after the point when the achievement of the milestone is probable, or the performance condition has been
achieved.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock"><p id="xdx_84E_eus-gaap--GoodwillAndIntangibleAssetsPolicyTextBlock_zZnUh7HUiS2a" 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="xdx_86F_zfle4BuwCjEk">Patent
Costs</span> &#8211;</b> Although the Company believes that its patents have continuing value, the amount of future benefits to be derived from
the patents is uncertain. Accordingly, patent costs are expensed as incurred.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:AdvertisingCostsPolicyTextBlock"><p id="xdx_84A_eus-gaap--AdvertisingCostsPolicyTextBlock_zj4vyQWXj1W7" 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="xdx_868_zGP3emRfRV1j">Advertising
Costs</span> &#8211;</b> The Company expenses advertising costs as incurred. Advertising costs were not significant during the years ended December
31, 2021 and 2020.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ResearchAndDevelopmentExpensePolicy"><p id="xdx_84E_eus-gaap--ResearchAndDevelopmentExpensePolicy_zdREGuVVOOT8" 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="xdx_86C_zub64G60q60c">Research
and Development Costs</span>&#8211;-</b> R&amp;D costs consist primarily of clinical research fees paid to consultants and
outside service providers, and other expenses relating to design, development and testing of the Company&#8217;s therapy candidates.
R&amp;D costs are expensed as incurred.</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">Clinical
trial costs are a component of R&amp;D expenses. The Company estimates expenses incurred for clinical trials that are
in process based on services performed under contractual agreements with clinical research organizations and actual clinical investigators.
Included in the estimates are (1) the fee per patient enrolled as specified in the clinical trial contract with each institution participating
in the clinical trial and (2) progressive data on patient enrollments obtained from participating clinical trial sites and the actual
services performed. Changes in clinical trial assumptions, such as the length of time estimated to enroll all patients, rate of screening
failures, patient drop-out rates, number and nature of adverse event reports, and the total number of patients enrolled can impact the
average and expected cost per patient and the overall cost of the clinical trial. The Company monitors the progress of the trials and
their related activities and adjusts expense accruals, when applicable. Adjustments to accruals are charged to expense in the period
in which the facts give rise to the adjustments become known.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><p id="xdx_84A_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_z9wxTCesWlRf" 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="xdx_869_zp5XJ3R2xQK9">Other
Comprehensive Income (Loss)</span> &#8211; </b>Other comprehensive income (loss) includes foreign currency translation gains and losses. The
cumulative amount of translation gains and losses are reflected as a separate component of stockholders&#8217; equity (deficit) in the
consolidated balance sheets, as accumulated other comprehensive income.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_84D_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zx1l11wAawj7" 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="xdx_86F_zMmZdmaMG398">Foreign
Currency Translation and Transaction Gains (Losses)</span>&#8211;- </b>The Company maintains its accounting records in U.S. dollars.
The Company&#8217;s operating subsidiary, IBAPL, is located in Australia and maintains its accounting records in Australian dollars,
which is its functional currency. Assets and liabilities of the subsidiary are translated into U.S. dollars at exchange rates at the
balance sheet date, equity accounts are translated at historical exchange rate and revenues and expenses are translated by using the
average exchange rates for the period. Translation adjustments are reported as a separate component of other comprehensive income
(loss) in the consolidated statements of operations and comprehensive loss. Foreign currency denominated transactions are translated
at exchange rates approximating those in effect at the transaction dates. Exchange gains (losses) are recognized in earnings and
were $(<span id="xdx_906_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_c20210101__20211231_znCFiyqa37Zb" title="Foreign currency transaction gains and losses"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,093</ix:nonFraction></span>)
and $<span id="xdx_90E_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_c20200101__20201231_zxYzncFGStJb" title="Foreign currency transaction gains and losses"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,681</ix:nonFraction></span>
for the years ended December 31, 2021 and 2020, respectively, and are included in general and administrative expenses in the
accompanying consolidated statements of operations and comprehensive loss.</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"></p>

<ix:exclude><!-- Field: Page; Sequence: 135; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_849_eus-gaap--EarningsPerSharePolicyTextBlock_zLCxvOscXmEf" 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="xdx_863_zDd7FdzxuY41">Loss
Per Common Share</span>&#8211;</b>- Basic loss per common share is computed by dividing net loss available to common stockholders by
the weighted-average number of common shares outstanding during the period. Diluted loss per common share is determined using the
weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock
equivalents. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock
equivalents, because their inclusion would be anti-dilutive. As of December 31, 2021 and 2020, the Company&#8217;s potentially
dilutive shares and options, which were not included in the calculation of net loss per share, included stock options and warrants
exercisable for <span id="xdx_904_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210101__20211231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsAndWarrantsMember_zgwrmS97tOh6" title="Anti dilutive securites excluded from computation from EPS"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-12-31_custom_StockOptionsAndWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,686,984</ix:nonFraction></span>
and <span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20200101__20201231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsAndWarrantsMember_zpm4qD8YVRT4" title="Anti dilutive securites excluded from computation from EPS"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-01-012020-12-31_custom_StockOptionsAndWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">291,984</ix:nonFraction></span>
common shares, respectively.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="IMMX:EmergingGrowthCompanyStatusPolicyTextBlock"><p id="xdx_84D_ecustom--EmergingGrowthCompanyStatusPolicyTextBlock_z5DZMvQrCg1d" 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="xdx_863_zUoIl9jaRFE2">Emerging
Growth Company Status</span> - </b>The Company is an &#8220;emerging growth company&#8221; (&#8220;EGC&#8221;) as defined in the Jumpstart Our
Business Startups Act (the &#8220;JOBS Act&#8221;), and may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer
an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting
standards. As a result of this election, the Company&#8217;s financial statements may not be comparable to companies that comply with
public company Financial Accounting Standards Board (&#8220;FASB&#8221;) standards&#8217; effective dates. The Company may take advantage
of these exemptions until it is no longer an EGC.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_844_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_ze21BmZvuiJk" 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="xdx_862_zdGOsJrgaVMf">Recent
Accounting Pronouncements</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted,
would have a material effect on the accompanying consolidated financial statements.</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>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_805_eus-gaap--DebtDisclosureTextBlock_zYbz9wINmE2i" 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>Note
3 &#8211; <span>Notes Payable</span></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;<span id="xdx_825_zMmgBV3rSpy8" style="display: none">Note Payable</span></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"><i>Convertible
Notes</i></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">On
September 1, 2016, the Company entered into a secured convertible promissory note, as amended, with an entity affiliated with a
stockholder of the Company for aggregate borrowings of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20160901__us-gaap--ShortTermDebtTypeAxis__custom--SecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandSixteenNoteHolderMember_zAthbaL8KBn2" title="Debt instrument, principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2016-09-01_custom_SecuredConvertiblePromissoryNoteMember_custom_TwoThousandSixteenNoteHolderMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,000,000</ix:nonFraction></span>
(as amended, &#8220;2016 Note&#8221;). The 2016 Note was scheduled to mature on <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20160830__20160901__us-gaap--ShortTermDebtTypeAxis__custom--SecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandSixteenNoteHolderMember_zqwYIq4tEIXb" title="Debt instrument, maturity date"><ix:nonNumeric contextRef="From2016-08-302016-09-01_custom_SecuredConvertiblePromissoryNoteMember_custom_TwoThousandSixteenNoteHolderMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">March
31, 2022</ix:nonNumeric></span>, and accrued interest at the applicable federal rate per annum. The 2016 Note was secured by (i) all of the
Company&#8217;s purchased equipment (to the extent not already encumbered) and (ii) any amounts received as a tax rebate or
incentive during the term of the 2016 Note. On December 20, 2021, the outstanding principal and accrued interest were converted into
shares of the Company&#8217;s common stock in connection with the Company&#8217;s IPO (see below). As of December 31, 2020, the
outstanding principal balance on the 2016 Note was $<span id="xdx_901_eus-gaap--ConvertibleNotesPayable_iI_c20201231__us-gaap--ShortTermDebtTypeAxis__custom--SecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandSixteenNoteHolderMember_zRsLQoOpN1t7" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2020-12-31_custom_SecuredConvertiblePromissoryNoteMember_custom_TwoThousandSixteenNoteHolderMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,000,000</ix:nonFraction></span>.</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">On
October 30, 2018, the Company entered into an unsecured convertible promissory note in the principal amount of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20181030__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandEighteenNoteHolderMember_zU5L2u8t0FK" title="Debt instrument, principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2018-10-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandEighteenNoteHolderMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span>
(as amended, &#8220;2018 Note&#8221;). The 2018 Note was scheduled to mature on <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20181028__20181030__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandEighteenNoteHolderMember_zO7ORcbYBcD9" title="Debt instrument, maturity date"><ix:nonNumeric contextRef="From2018-10-282018-10-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandEighteenNoteHolderMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">March
31, 2022</ix:nonNumeric></span>, and accrued interest at a rate of <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20181030__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandEighteenNoteHolderMember_zcHkiN5SBt96" title="Debt instrument, interest rate, percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2018-10-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandEighteenNoteHolderMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction>%</span>
per annum. On December 20, 2021, the outstanding principal and accrued interest were converted into shares of the Company&#8217;s
common stock in connection with the Company&#8217;s IPO (see below). As of December 31, 2020, the outstanding principal balance on
the 2018 Note was $<span id="xdx_907_eus-gaap--ConvertibleNotesPayable_iI_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandEighteenNoteHolderMember_zwHc40Cdt93a" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-12-31_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandEighteenNoteHolderMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span>.</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"><i>&#160;</i></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">On
October 30, 2019, the Company entered into a series of unsecured convertible promissory notes (as amended, &#8220;2019 Notes&#8221;)
in the aggregate principal amount of $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_c20191030__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandNineteenNoteHolderMember_zuZnpWaEPxci" title="Debt instrument, principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-10-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandNineteenNoteHolderMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">800,000</ix:nonFraction></span>.
The 2019 Notes were scheduled to mature on <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_dd_c20191028__20191030__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandNineteenNoteHolderMember_zodR64YWQks" title="Debt instrument, maturity date"><ix:nonNumeric contextRef="From2019-10-282019-10-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandNineteenNoteHolderMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">March
31, 2022</ix:nonNumeric></span> and accrued interest at a rate of <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20191030__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandNineteenNoteHolderMember_zZXAfw9dZ9y" title="Debt instrument, interest rate, percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-10-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandNineteenNoteHolderMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction>%</span>
per annum. On December 20, 2021, the outstanding principal and accrued interest was converted into shares of the Company&#8217;s
common stock in connection with the Company&#8217;s IPO (see below). As of December 31, 2020, the outstanding principal balance on
the 2019 Notes was $<span id="xdx_902_eus-gaap--ConvertibleNotesPayable_iI_c20201231__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandNineteenNoteHolderMember_zE2uWVGcvgb8" title="Convertible notes payable"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2020-12-31_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandNineteenNoteHolderMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">800,000</ix:nonFraction></span>.</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"></p>

<ix:exclude><!-- Field: Page; Sequence: 136; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">In
March and April 2021, the Company issued a series of unsecured convertible promissory notes (&#8220;2021A Notes&#8221;) in the
aggregate principal amount of $260,000 to the Company&#8217;s Chief Financial Officer and Alwaysraise LLC, an entity in which the
Company&#8217;s Chief Financial Officer is the sole member</span>. Of the $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_c20210430__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyOneANoteHolderMember_zVIfChLuVCLh"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-04-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandTwentyOneANoteHolderMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">260,000</ix:nonFraction> </span>principal
amount, the Company received $<span id="xdx_900_eus-gaap--ProceedsFromConvertibleDebt_c20210301__20210430__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyOneANoteHolderMember_zDmv6pz4hC72"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2021-03-012021-04-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandTwentyOneANoteHolderMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction> </span>in
cash proceeds and issued a $<span id="xdx_90A_eus-gaap--ConvertibleNotesPayable_iI_c20210430__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyOneANoteHolderMember_z7ujarUJko13"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-04-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandTwentyOneANoteHolderMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">60,000</ix:nonFraction> </span>note
in exchange for services. The 2021A Notes were scheduled to mature on <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20210301__20210430__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyOneANoteHolderMember_zCqY1Hkax2i2"><ix:nonNumeric contextRef="From2021-03-012021-04-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandTwentyOneANoteHolderMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">March
1, 2023</ix:nonNumeric></span>, and accrued interest at a rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20210430__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyOneANoteHolderMember_zd3245mnkkfh"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-04-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandTwentyOneANoteHolderMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction>% </span>per
annum. In connection with the issuance of the 2021A Notes, the Company issued ten-year warrants to purchase <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20210430__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyOneANoteHolderMember_zRSzjyafTk14"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-04-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandTwentyOneANoteHolderMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">156,000</ix:nonFraction> </span>shares
of the Company&#8217;s common stock at an exercise price of $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20210430__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyOneANoteHolderMember_zfXIwcZb9HE9"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-04-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandTwentyOneANoteHolderMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.80</ix:nonFraction> </span>per
share. The warrants were valued using the Black-Scholes option pricing model with the following inputs: an expected and contractual
life of <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210301__20210430__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyOneANoteHolderMember_zw6gCpP0Bpb4"><ix:nonNumeric contextRef="From2021-03-012021-04-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandTwentyOneANoteHolderMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">10</ix:nonNumeric> </span>years,
an assumed volatility of <span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20210430__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyOneANoteHolderMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_znw9XkJybhU8"><span style="-sec-ix-hidden: xdx2ixbrl0540">117%</span></span>,
a <span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dc_uPure_c20210430__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyOneANoteHolderMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zBQxx7yJ6Qnb"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-04-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandTwentyOneANoteHolderMember_us-gaap_MeasurementInputExpectedDividendRateMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Pure">zero </ix:nonFraction></span>dividend
rate, and a risk free rate of <span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20210430__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyOneANoteHolderMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zBC9BhoKu1m5"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-04-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandTwentyOneANoteHolderMember_us-gaap_MeasurementInputRiskFreeInterestRateMember" format="ixt:numunitdecimalin" decimals="INF" unitRef="Pure">1.70</ix:nonFraction>%</span>.
The relative fair value of the warrants amounting to $<span id="xdx_907_ecustom--WarrantsFairValue_c20210301__20210430__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyOneANoteHolderMember_zO9SeluZjlFb" title="Fair value of warrant"><ix:nonFraction name="IMMX:WarrantsFairValue" contextRef="From2021-03-012021-04-30_custom_UnsecuredConvertiblePromissoryNoteMember_custom_TwoThousandTwentyOneANoteHolderMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">74,603</ix:nonFraction> </span>was
recorded to debt discount and was amortized to interest expense through the date of the Company&#8217;s IPO, at which time the
outstanding principal and accrued interest was converted into shares of the Company&#8217;s common stock (see below).</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">The
2016 Note, 2018 Note, 2019 Notes and 2021A Notes are collectively referred to as the &#8220;Notes.&#8221; In the event that the Company
issued and sold shares of its equity securities (&#8220;Equity Securities&#8221;) to investors (the &#8220;Investors&#8221;) prior to
the maturity dates of the Notes in an equity financing with total proceeds to the Company of not less than $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--NotesMember__srt--RangeAxis__srt--MinimumMember_z5XFmQ4iW3oc" title="Proceeds from sale or issuance of equity"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-012021-12-31_custom_NotesMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000,000</ix:nonFraction></span> (including the
conversion of the Notes, other indebtedness or other convertible securities issued for capital raising purposes (e.g., Simple Agreements
for Future Equity)) (a &#8220; Qualified Financing&#8221;), then the outstanding principal amount of the Notes and any unpaid accrued
interest would automatically convert in whole without any further action by the holders into Equity Securities sold in the Qualified
Financing at a conversion price equal to the lesser of (i) the price paid per share for Equity Securities by the Investors in the Qualified
Financing multiplied by 0.80, and (ii) the quotient resulting from dividing $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--NotesMember_zpCw6Lzdspe4" title="Proceeds from sale or issuance of equity"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-012021-12-31_custom_NotesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000,000</ix:nonFraction></span> by the number of pre-split outstanding shares
of the common stock of the Company immediately prior to the Qualified Financing (assuming conversion of all securities convertible into
common stock and exercise of all outstanding options and warrants, including all shares of common stock reserved and available for future
grant under any equity incentive or similar plan of the Company, and/or any equity incentive or similar plan created or increased in
connection with Qualified Financing, and including the shares of equity securities of the Company issued for capital raising purposes
(e.g., Simple Agreements for Future Equity)). The issuance of Equity Securities pursuant to the conversion of the Notes were subject
to the same terms and conditions applicable to Equity Securities sold in the Qualified Financing.</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">Upon
the occurrence of a change of control prior to a Qualified Financing or maturity, the 2019 Notes and the 2021A Notes would upon the election
of the holders either (i) become due and payable upon closing of such change of control in cash in an amount equal to (a) the outstanding
principal amount plus any unpaid accrued interest, plus (b) a repayment premium equal to 200% of the outstanding principal amount, or
(ii) be converted such that the outstanding principal balance and any unpaid accrued interest would convert into shares of the Company&#8217;s
common stock at a conversion price equal to the quotient resulting from dividing $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--NotesMember_zpY6TsOAN8V1" title="Proceeds from sale or issuance of equity"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-012021-12-31_custom_NotesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000,000</ix:nonFraction></span> by the number of outstanding shares of common
stock of the Company immediately prior to the change of control (assuming conversion of all securities convertible into common stock
and exercise of all outstanding options and warrants, and including the shares of equity securities of the Company issuable upon the
conversion of notes, other indebtedness or other convertible securities issued for capital raising purposes).</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">On
December 20, 2021, in connection with the Company&#8217;s IPO, which was deemed a Qualified Financing, the Notes along with the
corresponding accrued interest, were automatically converted into an aggregate of <span id="xdx_90E_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20211218__20211220__us-gaap--DebtInstrumentAxis__custom--NotesMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zyIegaKE7aAf" title="Debt conversion, shares issued"><span title="Shares converted"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2021-12-182021-12-20_custom_NotesMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,633,689</ix:nonFraction></span></span>
shares of the Company&#8217;s common stock. As a result of the conversion, the Company recorded a loss on debt extinguishment of
$<span id="xdx_902_eus-gaap--GainsLossesOnExtinguishmentOfDebt_iN_di_c20210101__20211231_z1Vgt8SjTtlh" title="Loss on debt extinguishment"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">86,170</ix:nonFraction></span>.</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">The
Notes contained embedded derivative instruments, including automatic conversion into equity securities upon completion of a Qualified
Financing, that were required to be bifurcated and accounted for separately as a single derivative instrument initially and subsequently
measured at fair value with the change in fair value recorded in other income (expense) in the accompanying consolidated statements of
operations and comprehensive loss. The Company determined that the issuance date fair values of the derivative instruments for the 2016
Note, 2018 Note, and 2019 Notes, was nominal based on its assumptions of probabilities of a Qualified Financing or change of control
transaction. For the 2021A Notes issued during March and April 2021, the Company recorded the fair value of the derivative instruments
of $80,000, as a debt discount on the issuance dates which was amortized to interest expense through the date of the Company&#8217;s
IPO, at which time the 2021A Notes were converted into shares of the Company&#8217;s common stock. During the years ended December 31,
2021 and 2020, the Company recognized expense of $<span id="xdx_90F_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_pp0p0_di_c20210101__20211231_z9qBNL7TQcTj"><ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">22,759,829</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90A_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_pp0p0_di_c20200101__20201231_zd0z4p4okRg"><ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">575,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, related to the change in fair value of the derivative instruments. Upon the conversion of the Notes, the Company reclassified
the estimated fair value of the derivative liability of $<span id="xdx_904_eus-gaap--DerivativeLiabilities_iI_pp0p0_c20211231_zkJiNv27DLz6"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">23,414,829</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to additional paid-in capital. At December
31, 2020, the estimated fair value of the derivative instruments was $<span id="xdx_906_eus-gaap--DerivativeLiabilitiesCurrent_c20201231_pp0p0"><span style="-sec-ix-hidden: xdx2ixbrl0558">575,000.</span></span></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">Interest
expense related to the Notes was $<span id="xdx_90D_eus-gaap--InterestExpenseDebt_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--NotesMember_z97AHBg9oYij" title="Interest expense debt"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-01-012021-12-31_custom_NotesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">118,904</ix:nonFraction></span> and $<span id="xdx_90C_eus-gaap--InterestExpenseDebt_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--NotesMember_z64Ysd7ys3Ef" title="Interest expense debt"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2020-01-012020-12-31_custom_NotesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">99,824</ix:nonFraction></span> for the years ended December 31, 2021 and 2020, respectively. As of December 31,
2021 and 2020, accrued interest on the Notes was $<span id="xdx_90D_eus-gaap--InterestPayableCurrent_iI_c20211231__us-gaap--DebtInstrumentAxis__custom--NotesMember_z2GbDbgu9Glf" title="Accrued interest"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2021-12-31_custom_NotesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span> and $<span id="xdx_90E_eus-gaap--InterestPayableCurrent_iI_c20201231__us-gaap--DebtInstrumentAxis__custom--NotesMember_zLPVtm5wzVf7" title="Accrued interest"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2020-12-31_custom_NotesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">334,988</ix:nonFraction></span>, respectively. Amortization of the debt discounts related to the 2021A
Notes was $<span id="xdx_903_eus-gaap--AmortizationOfDebtDiscountPremium_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyOneANoteHolderMember_zM1hi6hFcNQ7" title="Amortization of debt discount"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2021-01-012021-12-31_custom_TwoThousandTwentyOneANoteHolderMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">58,157</ix:nonFraction></span> for the year ended December 31, 2021.</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"></p>

<ix:exclude><!-- Field: Page; Sequence: 137; 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 -->12<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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"><i>Note
Payable &#8211; Related Party</i></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"><i>&#160;</i></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">On
September 14, 2014, the Company issued an unsecured promissory note in the principal amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20140914__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zN1tuAyOYMDb" title="Debt instrument, principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2014-09-14_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span>
to a stockholder of the Company. The note matured on <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20140912__20140914__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zJq7a7M0ENQ" title="Debt instrument, maturity date"><ix:nonNumeric contextRef="From2014-09-122014-09-14_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">September
14, 2017</ix:nonNumeric></span> and accrued interest at a rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20140914__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_z0bTSCBAKcJl" title="Debt instrument, interest rate, percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2014-09-14_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.5</ix:nonFraction>%</span>
per annum. On June 9, 2021, the note was amended to extend the maturity date to <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20210607__20210609__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--LoanRestructuringModificationAxis__us-gaap--ExtendedMaturityMember_zrACkiUrZgtd" title="Debt instrument, maturity date"><ix:nonNumeric contextRef="From2021-06-072021-06-09_custom_UnsecuredConvertiblePromissoryNoteMember_us-gaap_ExtendedMaturityMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">September
14, 2022</ix:nonNumeric></span>. As of December 31, 2021 and 2020, the outstanding principal balance on this note was $<span id="xdx_90C_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zU0jhQEk511k" title="Notes payable - related party"><span id="xdx_905_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_c20201231__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zut2C0IrFUL2" title="Notes payable - related party"><ix:nonFraction name="us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2020-12-31_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></ix:nonFraction></span></span>.</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">Interest
expense related to the Note was $<span id="xdx_90B_eus-gaap--InterestExpenseDebt_c20210101__20211231__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zYogjWSVzFdg" title="Interest expense debt"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-01-012021-12-31_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,250</ix:nonFraction></span> and $<span id="xdx_90B_eus-gaap--InterestExpenseDebt_c20200101__20201231__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zZP6x0MLp856" title="Interest expense debt"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2020-01-012020-12-31_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,253</ix:nonFraction></span> for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021
and 2020, accrued interest on the Notes was $<span id="xdx_907_eus-gaap--InterestPayableCurrent_iI_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_z9yrLowSJjTi" title="Accrued interest"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2021-12-31_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,099</ix:nonFraction></span> and $<span id="xdx_907_eus-gaap--InterestPayableCurrent_iI_c20201231__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zOPZ7ZSYy5R7" title="Accrued interest"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2020-12-31_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,849</ix:nonFraction></span>, respectively.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueDisclosuresTextBlock"><p id="xdx_804_eus-gaap--FairValueDisclosuresTextBlock_zBOHdY4NAmBb" 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>Note
4 &#8211; <span id="xdx_82A_z43IL3mFaK1b">Fair Value Measurements</span></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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock"><p id="xdx_892_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_z96cT8x7nwD3" 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">The
following table presents information about the Company&#8217;s financial liabilities measured at fair value on a recurring basis and
indicate the level of the fair value hierarchy utilized to determine such fair values:</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 id="xdx_8B9_zxgY8hNkaXVb" style="display: none">Schedule
of Liabilities Fair Value Measured on a Recurring Basis</span></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; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: left; padding-bottom: 1.5pt">Derivative liability</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total liabilities measured at fair value</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesFairValueDisclosure" contextRef="AsOf2020-12-31_us-gaap_FairValueInputsLevel3Member" format="ixt:numdotdecimal" decimals="0" unitRef="USD">575,000</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A1_zLQZLrZNose9" 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">The
fair value of the embedded derivative instrument identified in the Notes has been estimated using a two-step approach to valuation, employing
a probability-weighted scenario valuation method and then comparing the instrument&#8217;s value with-and-without the derivative features
in order to estimate their combined fair value, using unobservable inputs, which are classified as Level 3 within the fair value hierarchy.
In order to estimate the fair value of the Notes, the Company estimated the future payoff in each scenario, discounted them to a present
value and then probability weighted them based upon the Company&#8217;s best likelihood of each event occurring. The primary inputs for
the valuation approach included the probability of achieving various settlement scenarios that provide the noteholders the rights or
the obligations to receive cash or a variable number of shares upon the completion of a Qualified Financing. At December 31, 2020, the
Company estimated a 5% probability of a Qualified Financing occurring, a de minimis probability of a change of control occurring and
a 20% probability of bankruptcy or dissolution of the Company. As of December 31, 2020, the embedded derivative was remeasured to $<span id="xdx_903_eus-gaap--DerivativeLiabilities_iI_c20201231_zEB6Ywuwh1Ql" title="Derivative liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">575,000</ix:nonFraction></span>.
As such, an expense of $<span id="xdx_905_eus-gaap--DerivativeLiabilities_iI_c20201231_zEjuMrsufESc" title="Derivative liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">575,000</ix:nonFraction></span> was recorded in the fourth quarter of 2020. Immediately prior to the conversion of the Notes in connection
with the Company&#8217;s IPO, the Company estimated a 100% probability of a Qualified Financing occurring, a de minimis probability of
a change of control occurring and a 0% probability of bankruptcy or dissolution of the Company. Accordingly, the estimated fair value
of the embedded derivative was remeasured at $<span id="xdx_900_ecustom--AdjustmentsOfAdditionalPaidInCapitalConversionOfConvertibleNotesPayableFairValue_c20210101__20211231_zC1yZsTENhN5" title="Settlement of derivative liability upon conversion of convertible notes payable"><ix:nonFraction name="IMMX:AdjustmentsOfAdditionalPaidInCapitalConversionOfConvertibleNotesPayableFairValue" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,414,829</ix:nonFraction></span>. A loss of $<span id="xdx_90A_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_pp0p0_di_c20210101__20211231_zCrMQAI4tDEi" title="Change in fair value of derivative liability"><ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">22,759,829</ix:nonFraction></span> related to the change in fair value of the derivative
liability was recorded during the year ended December 31, 2021. There were no transfers among Level 1, Level 2 or Level 3 categories
in the years ended December 31, 2021 and 2020.</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"></p>

<ix:exclude><!-- Field: Page; Sequence: 138; 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 -->13<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"><p id="xdx_89A_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zpHMTIuMlWO6" 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">The
following table provides a summary of changes in fair value of the Company&#8217;s Level 3 financial liabilities for the years ended
December 31, 2021 and 2020:</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><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span id="xdx_8B5_zTLjl1ujnJbf" style="display: none">Summary
of Changes in Fair Value of  Level 3 Financial Liabilities</span></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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</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; width: 78%; text-align: left; padding-bottom: 1.5pt">Loss from change in fair value included in earnings</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif">Balance, December 31, 2020</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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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; text-align: left">Additions - initial issuance of 2021A Notes recognized as debt discount</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98B_ecustom--RecognizedAsDebtDiscountFairValue_c20210101__20211231_zqTDI9p7XYo5" title="Initial issuance of note recognized as debt discount" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="IMMX:RecognizedAsDebtDiscountFairValue" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">80,000</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</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">Loss from change in fair value included in earnings</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_c20210101__20211231_zGFyibqjy1zd" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,759,829</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</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; padding-bottom: 1.5pt">Reclassification to additional paid-in capital upon conversion of convertible
    notes payable</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 id="xdx_985_ecustom--AdjustmentsOfAdditionalPaidInCapitalConversionOfConvertibleNotesPayableFairValue_iN_di_c20210101__20211231_zV0vcWJTD3He" title="Reclassification to additional paid in capital of conversion of convertible note payable" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="IMMX:AdjustmentsOfAdditionalPaidInCapitalConversionOfConvertibleNotesPayableFairValue" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,414,829</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">)</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Balance, December 31, 2021</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_986_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_c20210101__20211231_z9KALZw0sPG5" title="Fair value measurement with unobservable inputs reconciliation, ending balance" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0625">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zAJprsvuZgm5" 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"></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80F_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zrTE19Pg4ZUl" 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>Note
5 &#8211; <span id="xdx_82A_zPCDoaB2fkui">Stockholders&#8217; Equity</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 210.75pt; text-align: justify"><span 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">The
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share.</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">On
December 20, 2021, the Company closed  its IPO of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20211218__20211220__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zxjLJfbgJkX1" title="Stock issued during period shares new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-12-182021-12-20_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,200,000</ix:nonFraction></span>
shares of its common stock offered at a price of $<span id="xdx_906_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20211220__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zdL1pl2JJTta" title="Shares offered at a price"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-20_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.00</ix:nonFraction></span>
per share for gross proceeds of $<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20211218__20211220__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zmbtgg2sutza" title="Gross proceeds from issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-12-182021-12-20_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,000,000</ix:nonFraction></span>.
In connection with the IPO, the Company paid $<span id="xdx_90C_eus-gaap--PaymentsOfDebtIssuanceCosts_c20211218__20211220__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z4acQtVdJvw3" title="Payment for debt issuance cost"><ix:nonFraction name="us-gaap:PaymentsOfDebtIssuanceCosts" contextRef="From2021-12-182021-12-20_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,351,066</ix:nonFraction></span>
in offering costs resulting in net proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20210101__20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zfoT4uwwNQFf" title="Net proceeds from issuance of shares"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-01-012021-12-31_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,648,934</ix:nonFraction></span>.</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">On
December 20, 2021, in connection with the IPO, the Notes along with the related accrued interest, were automatically converted into
an aggregate of <span id="xdx_904_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20211218__20211220__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zReTMjnUyDtj" title="Debt conversion, shares issued"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2021-12-182021-12-20_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,633,689</ix:nonFraction></span>
shares of the Company&#8217;s common stock.</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">On
December 20, 2021, the Company issued <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_c20211218__20211220__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zN5Gl6KhZEJ3"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" contextRef="From2021-12-182021-12-20_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
of restricted common stock to an unrelated third party for entering into an investor relations contract. The stock was valued at a
share price of $<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20211220__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zysl4wgGuQl"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-20_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.00</ix:nonFraction></span>, the closing price of the Company&#8217;s common stock on date of issuance, for a total value of $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20211218__20211220__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z4ZN6VoHwDd"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2021-12-182021-12-20_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">59,000</ix:nonFraction></span> related to services which is included in
general and administrative expenses.</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>Fair
Value of Common Stock &#8211; prior to establishing a public market</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to establishing a public market for the Company&#8217;s common stock, the estimated fair value of the Company&#8217;s common stock was determined by the Company&#8217;s board of directors
as of the date of each option grant, with input from management, considering the Company&#8217;s most recently available third-party valuations of common
stock, and the Company&#8217;s board of directors&#8217; assessment of additional objective and subjective factors that it believed were relevant and
which may have changed from the date of the most recent valuation through the date of the grant.</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">Third-party
valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants&#8217; Accounting
and Valuation Guide, <i>Valuation of Privately-Held-Company Equity Securities Issued as Compensation</i>. The Company&#8217;s common stock valuations
were prepared using a hybrid method that incorporated elements of both a probability-weighted expected return method (&#8220;PWERM&#8221;)
and an option pricing method (&#8220;OPM&#8221;).</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">The
OPM was based on the Black-Scholes option pricing model, which allows for the identification of a range of possible future outcomes.
The OPM treats common stock and convertible instruments as call options on the total equity value of a company, with exercise prices
based on the value thresholds at which the allocation among the various holders of a company&#8217;s securities changes. A discount for
lack of marketability of the common stock was applied to arrive at an indication of value for the common stock.</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">PWERM
involves a forward-looking analysis of the possible future outcomes of the enterprise. This method is particularly useful when discrete
future outcomes can be predicted at a relatively high confidence level with a probability distribution. Discrete future outcomes considered
under the PWERM included an initial public offering, as well as non-initial public offering market-based outcomes. Determining the fair
value of the enterprise using the PWERM required the Company to develop assumptions and estimates for both the probability of an initial
public offering liquidity event and stay private outcomes, as well as the values the Company expected those outcomes could yield.</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"></p>

<ix:exclude><!-- Field: Page; Sequence: 139; 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 -->14<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">Prior
to establishing a public trading market for the Company&#8217;s capital stock, the Company&#8217;s board of directors exercised reasonable judgment
and considered a number of objective and subjective factors to determine its estimate of the fair value of the Company&#8217;s common stock,
including changes in the following factors between the date of the valuation and the grant date:</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 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the Company&#8217;s business, financial condition and results of operations, including related industry trends affecting the Company&#8217;s operations;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the lack of marketability of the Company&#8217;s common stock;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the market performance of comparable publicly traded companies; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
U.S. and global economic and capital market conditions and outlook.</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">The
assumptions underlying the Company&#8217;s board of directors&#8217; valuations represented the board&#8217;s best estimates, which involved inherent
uncertainties and the application of the board&#8217;s judgment. As a result, if factors or expected outcomes had changed or the Company&#8217;s board
of directors had used significantly different assumptions or estimates, the Company&#8217;s equity-based compensation expense could have been materially
different. Following the completion of the Company&#8217;s IPO, the Company&#8217;s board of directors will determine the fair value of the Company&#8217;s common stock based on the
quoted market prices of the Company&#8217;s common stock.</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>Stock
Options&#9;</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">In
2016, the board of directors of the Company approved the Immix Biopharma, Inc. 2016 Equity Incentive Plan (the &#8220;2016
Plan&#8221;). The 2016 Plan allows for the board of directors to grant various forms of incentive awards covering up to <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20161231__us-gaap--PlanNameAxis__custom--TwoThousandSixteenPlanMember_z4wzW2Pt3IG1" title="Number of shares available for grant"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2016-12-31_custom_TwoThousandSixteenPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">417,120</ix:nonFraction></span>
shares of the Company&#8217;s common stock. During the year ended December 31, 2021, the board of directors amended the 2016 Plan to
increase the aggregate number of shares available for issuance under the 2016 Plan to <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20211231__us-gaap--PlanNameAxis__custom--TwoThousandSixteenPlanMember_zrZjJVRr6FZe" title="Number of shares available for grant"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2021-12-31_custom_TwoThousandSixteenPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,761,120</ix:nonFraction></span>
shares of common stock. On September 10, 2021, the board of directors approved the 2021 Equity Incentive Plan (the &#8220;2021
Plan&#8221;), reserving <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20210910__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOnePlanMember_zTcljYThCSUk" title="Number of shares available for grant"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2021-09-10_custom_TwoThousandTwentyOnePlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">900,000</ix:nonFraction></span>
shares of the Company&#8217;s common stock for future issuance under the 2021 Plan. As of December 31, 2021, there were an aggregate of <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20210910__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOnePlanAndTwoThousandSixteenPlanMember_zsfMOi9GVFJ9" title="Number of shares available for grant"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2021-09-10_custom_TwoThousandTwentyOnePlanAndTwoThousandSixteenPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,340,136</ix:nonFraction></span>
shares of the Company&#8217;s common stock remaining for issuance under the 2016 Plan and 2021 Plan.</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">During
the year ended December 31, 2021, the Company granted options to purchase <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20210101__20211231__srt--TitleOfIndividualAxis__srt--OfficerMember_zr9AIwSbzjQ" title="Options granted to purchase common stock"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31_srt_OfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">736,500</ix:nonFraction></span>
shares of the Company&#8217;s common stock to officers of the Company, and options to purchase <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20210101__20211231__srt--TitleOfIndividualAxis__srt--DirectorMember_zeaYHhXMdXY1" title="Options granted to purchase common stock"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31_srt_DirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">292,500</ix:nonFraction></span>
shares of the Company&#8217;s common stock to members of the board of directors and scientific advisors of the Company. The exercise
price of the options is $<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_z0dZAyHBpS4e" title="Options exercise price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.80</ix:nonFraction></span>-$<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zRydf50VuUzb" title="Options exercise price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.86</ix:nonFraction></span>
and the options expire <span id="xdx_904_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2_dc_c20210101__20211231_zSE2qaC6aHyb" title="Stock options weighted average remaining contractual term"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:durwordsen" name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2">ten
years</ix:nonNumeric></span> following grant. <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20210101__20211231_zejFOLjSppXh" title="Share based payment award, vesting, description"><ix:nonNumeric contextRef="From2021-01-012021-12-31" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">The
options vest in equal monthly installments beginning on the grant date ranging from 24 to 48 months</ix:nonNumeric></span>.</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">The
Company estimated the fair value of the stock options using the Black-Scholes option pricing model. The fair value of stock options is
being amortized on a straight-line basis over the requisite vesting period of the awards. The fair value of stock options was estimated
using the following assumptions for the year ended December 31, 2021: an expected and contractual life of <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231_zCeXZiSisvV5" title="Expected and contractual life"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">10</ix:nonNumeric></span> years, an assumed volatility
of <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_c20210101__20211231_zov6sOXYkCol" title="Voltalit rate, minimum"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">117</ix:nonFraction></span>%-<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_c20210101__20211231_z09uzMvRnoHa" title="Voltality rate, maximum"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">128</ix:nonFraction></span>%, a <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dcp_c20210101__20211231_zficnUkzUWKh" title="Dividend rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-01-012021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Pure">zero</ix:nonFraction></span> dividend rate, a risk free rate of <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_c20210101__20211231_zRkoFLKFVex" title="Risk free interest rate, minimum"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.37</ix:nonFraction></span>%-<span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_c20210101__20211231_zA6RZBDW9FDg" title="Risk free interest rate, maximum"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.74</ix:nonFraction></span>%, and fair value of common stock of $<span id="xdx_90C_eus-gaap--SharePrice_iI_pid_c20211231_zumuTZFXjSt7" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.83</ix:nonFraction></span>. The Company recognized
stock-based compensation of $<span id="xdx_90F_eus-gaap--AllocatedShareBasedCompensationExpense_c20210101__20211231_za6jFrCTXGsd" title="Share based compensation"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">159,983</ix:nonFraction></span> related to stock options for the year ended December 31, 2021, which is included in general and
administrative expenses.</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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zYqDqtCg2O2j" 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">The
following table summarizes the stock option activity under the 2016 Plan for the years ended December 31, 2021 and 2020:</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 id="xdx_8BD_zRy1nuDYLcXe" style="display: none">Schedule
of Stock Option Activity</span></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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><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>&#160;</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"><b>&#160;</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"><b>Options</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Weighted-Average Exercise Price
    Per Share</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</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: 60%">Outstanding and exercisable, January 1, 2020</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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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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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20200101__20201231_zVBQS1d2jm36" title="Options, Exercised" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0696">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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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: left">&#160;</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_c20200101__20201231_zYlHcQ86maD" title="Options, Forfeited" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0700">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_c20200101__20201231_zTRPD4zEjilb" title="Options, Expired" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0704">-</span></td><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>
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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">
    <td style="font: 10pt Times New Roman, Times, Serif">Exercised</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20210101__20211231_zIqG7wM1g8ui" title="Options, Exercised" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0716">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <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">Forfeited</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_c20210101__20211231_zRNoV0ztbMhe" title="Options, Forfeited" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0720">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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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; padding-bottom: 1.5pt">Expired</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 id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_c20210101__20211231_zrTScQZhEy1c" title="Options, Expired" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0724">-</span></td><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="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20210101__20211231_zAB8Dy08c8i7" title="Weighted-Average Exercise Price Per Share, Expired" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0726">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A9_zV3O8XjRxoMb" 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>


<ix:exclude><!-- Field: Page; Sequence: 140; 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 -->15<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock_zHfwvipOt6g8" 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">The
following table discloses information regarding outstanding and exercisable options at December 31, 2021:</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 id="xdx_8B1_zTZiVIh5hzF6" style="display: none">Schedule
of  Stock Outstanding and Exercisable</span></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; 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; padding-bottom: 1.5pt"><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">
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    <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; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231_z7ON0zt5oqjf"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2">8.14</ix:nonNumeric></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">&#160;</span></td><td id="xdx_984_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions_iI_c20211231_z5itGPsViS65" title="Exercisable, Number of Option Shares" 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"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">484,422</ix:nonFraction></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="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">$</span></td><td id="xdx_984_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1_iI_c20211231_zEUP0rVkbOLc" title="Exercisable, Weighted Average Exercise Price" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.33</ix:nonFraction></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>


</ix:nonNumeric><p id="xdx_8A5_zzi41bBXNoBk" 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">Aggregate
intrinsic value is calculated as the difference between the exercise price of the underlying stock option and the fair value of the Company&#8217;s
common stock for stock options that were in-the-money at year end. As of December 31, 2021, the intrinsic value for the options vested
and outstanding was $<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iI_c20211231_zmJeoIM79lca" title="Intrinsic value option vested"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,079,254</ix:nonFraction></span> and $<span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_c20211231_zSYohPEOPc6k" title="Intrinsic value outstanding"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,671,341</ix:nonFraction></span>, respectively.</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>Stock
Warrants</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March and April 2021, in connection with the issuance of the 2021A Notes as discussed in Note 3, the Company issued ten-year
warrants for the purchase of <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20210430_zwpBr1X6wm9c"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-04-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">156,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
of the Company&#8217;s common stock at an exercise price of $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20210430_zX85HeD2bmbi"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-04-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.80</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share, which vested immediately.</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">In
December 2021, in connection with the IPO, the Company issued five-year warrants for the purchase of <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zGKELJW0lWVi"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-12-31_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">210,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
of the Company&#8217;s common stock at an exercise price of $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zfQYDev3dXg1"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.25</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share which vest six months after the date of issuance.</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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zoflYZSN72t4" 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">The
following table summarizes the stock warrant activity for the year ended December 31, 2021:</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 id="xdx_8B4_zTRjVNJ1sAs8" style="display: none">Schedule
of Stock Warrant Activity</span></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; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Weighted-Average Exercise Price Per Share</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
  <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">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20210101__20211231_z35pbeQ5qVx" title="Warrants, Outstanding and exercisable, Beginning" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0786">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iS_c20210101__20211231_zU0oImmiPajb" title="Weighted-Average Exercise Price Per Share, Outstanding and exercisable Beginning" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0788">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify">Granted</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20210101__20211231_z2MZSjXqobAk" title="Warrants, Granted" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">366,000</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityWeightedAverageExercisePriceGranted_c20210101__20211231_z6PW81Gft593" title="Weighted-Average Exercise Price Per Share, Granted" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><ix:nonFraction name="IMMX:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityWeightedAverageExercisePriceGranted" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.93</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</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">Exercised</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20210101__20211231_zBXaWya6FmCk" title="Warrants, Exercised" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0794">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityWeightedAverageExercisePriceExercised_c20210101__20211231_zJVPAtXTylO3" title="Weighted-Average Exercise Price Per Share, Exercised" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0796">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Forfeited</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_c20210101__20211231_zIRrsgjyDE4" title="Warrants, Forfeited" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0798">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityWeightedAverageExercisePriceForfeitures_c20210101__20211231_zMCd08Ilm3Fc" title="Weighted-Average Exercise Price Per Share, Forfeited" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0800">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</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; padding-bottom: 1.5pt">Expired</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 id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_c20210101__20211231_zmcfuSGddPA7" title="Warrants, Expired" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0802">-</span></td><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">$</td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityWeightedAverageExercisePriceExpirations_c20210101__20211231_zOIx31Qy5sC3" title="Weighted-Average Exercise Price Per Share, Expired" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0804">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Outstanding and exercisable, December 31, 2021</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20210101__20211231_zce5pvqyOnKh" title="Warrants, Outstanding and exercisable, Ending" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">366,000</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iE_c20210101__20211231_zcQILX7xRyF6" title="Weighted-Average Exercise Price Per Share, Outstanding and exercisable Ending" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.93</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_z8GYxPjfd5A2" 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_WarrantMember" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zxO3aRG8tT42" 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">The
following table discloses information regarding outstanding and exercisable warrants at December 31, 2021:</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 id="xdx_8BA_zI8x86Ucwuyc" style="display: none">Schedule
of  Stock Outstanding and Exercisable</span></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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</ix:nonNumeric><p id="xdx_8A8_z0x5NotaVbxe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 102.75pt; text-align: justify"><span 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">Aggregate
intrinsic value is calculated as the difference between the exercise price of the underlying stock warrant and the fair value of the
Company&#8217;s common stock for stock warrants that were in-the-money at year end. As of December 31, 2021, the intrinsic value for
the warrants vested and outstanding was $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zgRKmVSVTR1h" title="Intrinsic value option vested"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z7jzP5chIusl" title="Intrinsic value outstanding"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue" contextRef="AsOf2021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" contextRef="AsOf2021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">430,560</ix:nonFraction></ix:nonFraction></span></span>.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<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"></p>

<ix:exclude><!-- Field: Page; Sequence: 141; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80B_eus-gaap--IncomeTaxDisclosureTextBlock_zHocPI8UXGe9" 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>Note
6 &#8211; <span id="xdx_829_zZ5nIsexIgxe">Income Taxes</span> </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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to taxation in the United States, California and Australia. At December 31, 2021, the Company had federal, state, and
foreign net operating loss (&#8220;NOL&#8221;) carryforwards of approximately $<span id="xdx_90E_eus-gaap--OperatingLossCarryforwards_iI_c20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zWACmavRF0g" title="Operating loss carryforwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31_us-gaap_DomesticCountryMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,875,000</ix:nonFraction></span>, $<span id="xdx_900_eus-gaap--OperatingLossCarryforwards_iI_c20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zctIaiKubjed" title="Operating loss carryforwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31_us-gaap_StateAndLocalJurisdictionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,875,000</ix:nonFraction></span> and $<span id="xdx_909_eus-gaap--OperatingLossCarryforwards_iI_c20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zqri10Hq9k7b" title="Operating loss carryforwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31_us-gaap_ForeignCountryMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">680,000</ix:nonFraction></span>, respectively. <span id="xdx_905_eus-gaap--OperatingLossCarryforwardsLimitationsOnUse_c20210101__20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zbrGyA3cXgad" title="Operating loss carryforward, limitation on use"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_DomesticCountryMember" name="us-gaap:OperatingLossCarryforwardsLimitationsOnUse">The
federal loss carryforwards generated after 2017 of approximately $<span id="xdx_907_ecustom--OperatingLossCarryforwardNotSubjectToExpiration_iI_c20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zy9aumKAKK9c" title="Operating loss carryforward not subject to expiration"><ix:nonFraction name="IMMX:OperatingLossCarryforwardNotSubjectToExpiration" contextRef="AsOf2021-12-31_us-gaap_DomesticCountryMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,270,000</ix:nonFraction></span> will carryforward indefinitely and can be used to offset
up to 80% of future annual taxable income, while those loss carryforwards generated prior to 2018 begin expiring in 2034, unless previously
utilized</ix:nonNumeric></span>. <span id="xdx_908_eus-gaap--OperatingLossCarryforwardsLimitationsOnUse_c20210101__20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_z7WOqKPd03Ja" title="Operating loss carryforward, limitation on use"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_StateAndLocalJurisdictionMember" name="us-gaap:OperatingLossCarryforwardsLimitationsOnUse">State loss carryforwards also begin expiring in 2034, unless previously utilized</ix:nonNumeric></span>, while the <span id="xdx_90F_eus-gaap--OperatingLossCarryforwardsLimitationsOnUse_c20210101__20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zdY1oDopNA44" title="Operating loss carryforward, limitation on use"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_ForeignCountryMember" name="us-gaap:OperatingLossCarryforwardsLimitationsOnUse">Company&#8217;s foreign loss carryforward
do not expire</ix:nonNumeric></span>. The Company also has federal and California R&amp;D credit carryforwards totaling $<span id="xdx_90F_eus-gaap--TaxCreditCarryforwardAmount_iI_c20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember__us-gaap--TaxCreditCarryforwardAxis__us-gaap--ResearchMember_zMqejpJyv33" title="Tax credit carryforward"><ix:nonFraction name="us-gaap:TaxCreditCarryforwardAmount" contextRef="AsOf2021-12-31_us-gaap_DomesticCountryMember_us-gaap_ResearchMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,697</ix:nonFraction></span> and $<span id="xdx_903_eus-gaap--TaxCreditCarryforwardAmount_iI_c20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember__us-gaap--TaxCreditCarryforwardAxis__us-gaap--ResearchMember_zofW44YdDo76" title="Tax credit carryforward"><ix:nonFraction name="us-gaap:TaxCreditCarryforwardAmount" contextRef="AsOf2021-12-31_us-gaap_StateAndLocalJurisdictionMember_us-gaap_ResearchMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,905</ix:nonFraction></span>,
respectively. <span id="xdx_901_eus-gaap--TaxCreditCarryforwardLimitationsOnUse_c20210101__20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zrshSbGsstsf" title="Tax credit carryforward, limitation on use"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_DomesticCountryMember" name="us-gaap:TaxCreditCarryforwardLimitationsOnUse">The Federal credits begin to expire in 2026, unless previously utilized</ix:nonNumeric></span>, while <span id="xdx_902_eus-gaap--TaxCreditCarryforwardLimitationsOnUse_c20210101__20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_z3dpzqiurcA3" title="Tax credit carryforward, limitation on use"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_StateAndLocalJurisdictionMember" name="us-gaap:TaxCreditCarryforwardLimitationsOnUse">the state credits do not expire</ix:nonNumeric></span>. The Company
also has foreign withholding tax carryforwards totaling $<span id="xdx_90C_eus-gaap--TaxCreditCarryforwardAmount_iI_c20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zVGF9X2bItTf" title="Tax credit carryforward"><ix:nonFraction name="us-gaap:TaxCreditCarryforwardAmount" contextRef="AsOf2021-12-31_us-gaap_ForeignCountryMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">63,058</ix:nonFraction></span> at December 31, 2021. <span id="xdx_90E_eus-gaap--TaxCreditCarryforwardLimitationsOnUse_c20210101__20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zhBb1VNji0P" title="Tax credit carryforward, limitation on use"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_ForeignCountryMember" name="us-gaap:TaxCreditCarryforwardLimitationsOnUse">The foreign withholding tax carryforward credit
begins to expire in 2028, unless previously utilized</ix:nonNumeric></span>.</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">The
Company&#8217;s NOL and credit carryforwards to offset future taxable income may be subject to a substantial annual limitation as a result
of ownership changes that could occur in the future pursuant to Internal Revenue Code Sections 382 and 383. These ownership changes may
limit the amount of NOL and credit carryforwards that can be utilized to offset future taxable income and income tax, respectively. In
general, an &#8220;ownership change&#8221; as defined by the tax code results from a transaction or series of transactions over a three-year
period resulting in an ownership change of more than 50 percent of the outstanding stock of a company by certain stockholders or public
groups.</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">The
Company&#8217;s federal income tax returns from 2014 forward, state income tax returns from 2014 forward, and its Australian tax returns
beginning in 2017 are subject to examination by tax authorities.</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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zU15Ez0vOBs1" 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">A
reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate to the loss
from operations for the years ended December 31, 2021 and 2020 is as follows:</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"><span id="xdx_8B9_zwnWJsAAzljf" style="display: none">Schedule of Provision for Income Taxes</span></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl0883">&#160;</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"></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif">Tax effect of:</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzPmd_z8KKPfN05HUf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Change in federal valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">299,385</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Change in fair value of derivative liability</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="IMMX:IncomeTaxReconciliationChangeInFairValueOfDerivativeLiability" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,779,564</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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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</ix:nonNumeric><p id="xdx_8AD_zbB3RnRb4Y7" style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realization
of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Management assesses the
available positive and negative evidence to estimate if sufficient future taxable income will be generated to use existing deferred tax
assets. Based on the weight of available evidence, including the Company&#8217;s history of operating losses, management has determined
that it is more likely than not that the Company&#8217;s net deferred tax assets will not be realized. Accordingly, a valuation allowance
has been established by the Company to fully offset these net deferred tax assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</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"><span id="xdx_8BE_zGn5fiaUpRv1" style="display: none">Schedule
of Pre-tax Loss</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</ix:nonNumeric><p id="xdx_8A1_zkDgMkrouBCb" 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_804_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zRQeUZM6x7kf" 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>Note
7 &#8211; <span id="xdx_82D_zlQT1w22pIfk">Commitments and Contingencies</span></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>Indemnifications</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties
and may provide for indemnification of the counterparty. The Company&#8217;s exposure under these agreements is unknown because it involves
claims that may be made against it in the future but have not yet been made. To date, the Company has not been subject to any claims
or been required to defend any action related to its indemnification obligations.</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">The
Company indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits, while the director
is or was serving at the Company&#8217;s request in such capacity, as permitted under Delaware law and in accordance with its certificate
of incorporation and bylaws. The term of the indemnification period lasts as long as the director or officer may be subject to any proceeding
arising out of acts or omissions of such individual in such capacity. The maximum amount of potential future indemnification is unlimited.
The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized
any liabilities relating to these obligations as of December 31, 2021 and 2020.</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>Royalty
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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">On
December 22, 2014, the Company entered into a Master Service Agreement (&#8220;MSA&#8221;) with AxioMx, Inc. (&#8220;AxioMx&#8221;).
AxioMx is in the business of developing and supplying custom affinity reagents. AxioMx and the Company entered into the MSA to serve
as a master agreement governing multiple sets of projects as may be agreed upon by them from time to time. Pursuant to the MSA, AxioMx
is entitled to royalties on the sale of any Deliverable (as defined in the MSA) that is used for diagnostic, prognostic or therapeutic
purposes, in humans or animals, or for microbiology testing, including food safety testing or environmental monitoring. Specifically,
<span id="xdx_90D_ecustom--RoyaltiesDescriptions_c20141221__20141222__us-gaap--TypeOfArrangementAxis__custom--ServiceAgreementMember__us-gaap--RelatedPartyTransactionAxis__custom--AixoMxMember_ztHGfXVH9B1e" title="Royalties description"><ix:nonNumeric contextRef="From2014-12-212014-12-22_custom_ServiceAgreementMember_custom_AixoMxMember" name="IMMX:RoyaltiesDescriptions">the Company shall pay AxioMx a royalty of 3.5% of Net Sales (as defined in the MSA) of assigned products for each Deliverable used in
licensed products for therapeutic purposes. In addition, the Company shall pay AxioMx a royalty of 1.5% of Net Sales of assigned products
for each Deliverable used in licensed products for diagnostic or prognostic purposes; provided, however, if three Deliverables are used
in an assigned product for diagnostic or prognostic purposes, the royalty shall be 4.5%. Through December 31, 2021, no amounts have been
paid or accrued under the MSA</ix:nonNumeric></span>.</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"></p>

<ix:exclude><!-- Field: Page; Sequence: 143; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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>Legal
Proceedings</b></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">From
time to time we may be involved in claims that arise during the ordinary course of business. Although the results of litigation and claims
cannot be predicted with certainty, we do not currently have any pending litigation to which we are a party or to which our property
is subject that we believe to be material. Regardless of the outcome, litigation can be costly and time consuming, and it can divert
management&#8217;s attention from important business matters and initiatives, negatively impacting our overall operations.</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>Employment
Agreements</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 18, 2021, the Company entered into an Employment Agreement with Ilya Rachman (the &#8220;Rachman Employment Agreement&#8221;),
effective for a three-year term. Pursuant to the Rachman Employment Agreement, the Company employs Dr. Rachman as Chief Executive
Officer and Dr. Rachman is entitled to a base salary of $<span id="xdx_902_eus-gaap--SalariesAndWages_c20210617__20210618__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--DrRachmanMember_zaPbWeKH2edk" title="Salaries and wages"><ix:nonFraction name="us-gaap:SalariesAndWages" contextRef="From2021-06-172021-06-18_custom_EmploymentAgreementMember_custom_DrRachmanMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">360,000</ix:nonFraction></span>
annually. Dr. Rachman is also entitled to a performance-based bonus of <span id="xdx_903_ecustom--PerformanceBonusesPercentage_dp_uPure_c20210617__20210618__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--DrRachmanMember_zkv7DPl275Mb" title="Performance bonuses percentage"><ix:nonFraction name="IMMX:PerformanceBonusesPercentage" contextRef="From2021-06-172021-06-18_custom_EmploymentAgreementMember_custom_DrRachmanMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
of the base salary (subject to, and determined by, the board in its sole discretion) plus additional performance bonuses to be
determined by the board. Unless terminated by the Company without &#8220;cause&#8221; or by Dr. Rachman with &#8220;good
reason&#8221; (as such terms are defined in the Rachman Employment Agreement), upon termination, Dr. Rachman will be entitled only to
his base salary through the date of termination, valid expense reimbursements and unused vacation pay. If terminated by the Company without
&#8220;cause&#8221; or by Dr. Rachman with &#8220;good reason,&#8221; he is entitled to be paid his base salary through the end of
the term at the rate of <span id="xdx_90F_ecustom--ReimburesmentsAndAccuredPercentage_dp_uPure_c20210617__20210618__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--DrRachmanMember_zPxQrnTlLWXg" title="Reimburesments and accured percentage"><ix:nonFraction name="IMMX:ReimburesmentsAndAccuredPercentage" contextRef="From2021-06-172021-06-18_custom_EmploymentAgreementMember_custom_DrRachmanMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">150</ix:nonFraction></span>%,
valid expense reimbursements and accrued but unused vacation pay. Dr. Rachman&#8217;s employment agreement contains provisions for
the protection of the Company&#8217;s intellectual property and contains non-compete restrictions in the event of his termination other than by the Company
without &#8220;cause&#8221; or by Dr. Rachman with &#8220;good reason&#8221; (generally imposing restrictions on <span id="xdx_90A_ecustom--CommitmentsAndContingenciesDescription_c20210617__20210618__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--DrRachmanMember_zKfCwQ88y463" title="Commitments and contingencies description"><ix:nonNumeric contextRef="From2021-06-172021-06-18_custom_EmploymentAgreementMember_custom_DrRachmanMember" name="IMMX:CommitmentsAndContingenciesDescription">(i)
employment or consultation with competing companies or customers, (ii) recruiting or hiring employees for a competing company and
(iii) soliciting or accepting business from our customers for a period of six months following termination)</ix:nonNumeric></span>. Pursuant to the
Rachman Employment Agreement, Dr. Rachman may serve as a consultant to, or on boards of directors of, or in any other capacity to
other companies provided that they will not interfere with the performance of his duties to the Company.</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">On
March 18, 2021, the Company entered into the Management Services Agreement with Alwaysraise LLC, an entity which Gabriel Morris is sole
member, effective for a three-year term, which was amended effective June 18, 2021 (the &#8220;Morris MSA&#8221;). Pursuant to the Morris
MSA, the Company employs Mr. Morris as Chief Financial Officer and Mr. Morris is entitled to a base salary of $<span id="xdx_90F_eus-gaap--SalariesAndWages_c20210317__20210318__us-gaap--TypeOfArrangementAxis__custom--ManagementSevicesAgreementMember__srt--TitleOfIndividualAxis__custom--MrMorrisMember_zD8IczUpROC1" title="Salaries and wages"><ix:nonFraction name="us-gaap:SalariesAndWages" contextRef="From2021-03-172021-03-18_custom_ManagementSevicesAgreementMember_custom_MrMorrisMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">240,000</ix:nonFraction></span> annually beginning in December
2021 ($120,000 annually prior). Mr. Morris is also entitled to a performance-based bonus of <span id="xdx_905_ecustom--PerformanceBonusesPercentage_dp_uPure_c20210317__20210318__us-gaap--TypeOfArrangementAxis__custom--ManagementSevicesAgreementMember__srt--TitleOfIndividualAxis__custom--MrMorrisMember_zYcPYMUBn8di" title="Performance bonuses percentage"><ix:nonFraction name="IMMX:PerformanceBonusesPercentage" contextRef="From2021-03-172021-03-18_custom_ManagementSevicesAgreementMember_custom_MrMorrisMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the base salary (subject to, and
determined by, the board in its sole discretion) plus additional performance bonuses to be determined by the board. Unless terminated
by the Company without &#8220;cause&#8221; or by Alwaysraise LLC (as such terms are defined in the Morris MSA), upon termination Mr. Morris will
be entitled only to his base salary through the date of termination, valid expense reimbursements and unused vacation pay. If terminated
by the Company without &#8220;cause&#8221; he is entitled to be paid his base salary through the end of the term at the rate of <span id="xdx_902_ecustom--ReimburesmentsAndAccuredPercentage_dp_uPure_c20210317__20210318__us-gaap--TypeOfArrangementAxis__custom--ManagementSevicesAgreementMember__srt--TitleOfIndividualAxis__custom--MrMorrisMember_zBzl8nCsmLOb" title="Reimburesments and accured percentage"><ix:nonFraction name="IMMX:ReimburesmentsAndAccuredPercentage" contextRef="From2021-03-172021-03-18_custom_ManagementSevicesAgreementMember_custom_MrMorrisMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">150</ix:nonFraction></span>%, valid expense
reimbursements and accrued but unused vacation pay. The Morris MSA contains provisions for the protection of the Company&#8217;s intellectual property
and confidential information.</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">On
June 24, 2021, the Company issued an offer letter to Graham Ross Oncology Consulting Services Ltd., a United Kingdom company, of which
Graham Ross, the Company&#8217;s consulting Acting Chief Medical Officer and Head of Clinical Development is the sole member, regarding Dr. Ross&#8217;
provision of consultative services to the Company (the &#8220;Offer Letter&#8221;). Pursuant to the Offer Letter (signed by Dr. Ross on June 24,
2021), Dr. Ross is entitled to an hourly rate for his consulting services and an option grant. On June 24, 2021, the Company also entered into a mutual
confidentiality and non-disclosure agreement with Graham Ross Oncology Consulting Services Ltd.</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>Collaboration
Agreement</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2021, the Company entered into a Clinical Collaboration and Supply Agreement with BeiGene Ltd. (&#8220;BeiGene&#8221;) for a combination
Phase 1b clinical trial in solid tumors of IMX-110 and anti-PD-1 Tislelizumab (the subject of a collaboration and license agreement among
BeiGene and Novartis). Under the terms of the agreement, the Company will conduct the combination trial. The cost of Tislelizumab manufacture
and supply (including shipping, taxes and duty if applicable and any third-party license payments that may be due) will be solely borne
by BeiGene.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80C_eus-gaap--SubsequentEventsTextBlock_z4tuNBfPBUH3" 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>Note
8 &#8211; <span id="xdx_82F_zlg49VVYlAbb">Subsequent Events</span></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">On
January 5, 2022, the Company sold an additional <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220104__20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z9n9gepdYKyc" title="Sale of stock number of shares issued in transaction"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-01-042022-01-05_us-gaap_SubsequentEventMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">630,000</ix:nonFraction></span>
shares of its common stock pursuant to the full exercise of the underwriters&#8217; over-allotment option in connection with the
Company&#8217;s IPO. The additional shares were sold at the IPO price of $<span id="xdx_900_eus-gaap--SharePrice_iI_c20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zbYUE04t323" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-01-05_us-gaap_SubsequentEventMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.00</ix:nonFraction></span>
per share, resulting in additional gross proceeds of <span id="xdx_909_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20220104__20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zPGEI244uG16" title="Gross proceeds">$<ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2022-01-042022-01-05_us-gaap_SubsequentEventMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,150,000</ix:nonFraction></span>
and bringing the total gross proceeds from the IPO to $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20220104__20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z0EZQ3adkMh3" title="Net proceeds from issuance of common stock"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2022-01-042022-01-05_us-gaap_SubsequentEventMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,150,000</ix:nonFraction></span>.
In connection with the exercise of the underwriters&#8217; over-allotment, the Company paid $<span id="xdx_904_eus-gaap--PaymentsOfStockIssuanceCosts_c20220104__20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zUAsByqRsR0h" title="Payment of stock issuance cost"><ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="From2022-01-042022-01-05_us-gaap_SubsequentEventMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">243,275</ix:nonFraction></span>
in offering costs resulting in net proceeds of $<span id="xdx_908_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20220104__20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z0I0zOlyAwr8" title="Gross proceeds"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2022-01-042022-01-05_us-gaap_SubsequentEventMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,913,750</ix:nonFraction></span>
and bringing total net proceeds from the IPO to $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20220104__20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_ztyKESUwfT2a" title="Net proceeds from issuance of common stock"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2022-01-042022-01-05_us-gaap_SubsequentEventMember_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,562,684</ix:nonFraction></span>.</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">On
January 5, 2022, in connection with the exercise of the over-allotment option, the Company issued five-year warrants to purchase <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zfYrROYjwctf"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2022-01-05_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">31,500</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
of the Company&#8217;s common stock at an exercise price of $<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zOvH7CsX8t16"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-01-05_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.25</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share which vest <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20220104__20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zH0hnwddAz8h"><ix:nonNumeric contextRef="From2022-01-042022-01-05_us-gaap_SubsequentEventMember" format="ixt-sec:durwordsen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">six
months</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">after the date of
issuance.</span></p>

</ix:nonNumeric><p id="xdx_819_zWoiNCAwxLW7" 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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 21.3pt"></p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

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

<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="imm_001"></span><span></span>Immix
Biopharma, Inc.</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"><b>Condensed
Consolidated Balance Sheets</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" id="xdx_305_111_zXTvb3y9dmlf" summary="xdx: Statement - Condensed Consolidated Balance Sheets" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" id="xdx_493_20220331_ztId90D2bP8c" style="border-bottom: Black 1.5pt solid; text-align: center">March 31, 2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20211231_zVCXW9L4gnxi" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">(Unaudited)</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--AssetsAbstract_iB_zOw6wbx9Z7Aa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">ASSETS</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>
  <tr id="xdx_403_eus-gaap--AssetsCurrentAbstract_i01B_zNMC9Fih3G5e" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--AssetsCurrent_i01TI_zSAp52FVV2bf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentNet_i01I_zKOlBfh525mb" 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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  <tr id="xdx_404_eus-gaap--Assets_i01TI_zkZGXlMSq5yk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zpsL3rtoWH28" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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>
  <tr id="xdx_406_eus-gaap--LiabilitiesCurrentAbstract_i01B_zkNDdllfhKS4" style="vertical-align: bottom; background-color: White">
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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>
  <tr id="xdx_405_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_i02I_zJ8KvoWUbeS4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40E_eus-gaap--InterestPayableCurrent_i02I_zGIld0HNSXjb" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_eus-gaap--NotesPayableCurrent_i02I_zfbQ6SgLvdo9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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>
  <tr id="xdx_400_eus-gaap--LiabilitiesCurrent_i01TI_zCSq1pkRp3Af" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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>
  <tr id="xdx_40D_eus-gaap--Liabilities_i01TI_zJzWsY3xObCg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total liabilities</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"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">202,039</ix:nonFraction></td><td style="padding-bottom: 1.5pt; 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>
  <tr id="xdx_407_eus-gaap--CommitmentsAndContingencies_i01I_zhnAmhGpWtR1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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>
  <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>
  <tr id="xdx_402_eus-gaap--StockholdersEquityAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Stockholders&#8217; equity:</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>
  <tr id="xdx_40B_eus-gaap--PreferredStockValue_i02I_pp0p0_zVy8tX8HWofd" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="-sec-ix-hidden: xdx2ixbrl1027">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--CommonStockValue_i02I_pp0p0_z1QVDjF2mg6d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_zQcCajC9DEzl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>See
accompanying notes to the unaudited condensed consolidated financial statements.</i></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"><i>&#160;</i></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-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="imm_002"></span><span></span>Immix
Biopharma, Inc.</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"><b>Condensed
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<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>(Unaudited)</b></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-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>See
accompanying notes to the unaudited condensed consolidated financial statements.</i></span></p>

<p style="font: bold 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"><b>&#160;</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"><b><span id="imm_003"></span><span></span>Immix
Biopharma, Inc.</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"><b>Condensed
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<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>For
the Three Months Ended March 31, 2022 and 2021</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"><b>(Unaudited)</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>

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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><td>&#160;</td>
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  <tr id="xdx_432_c20210101__20210331_eus-gaap--StockholdersEquity_iS_zkJK8UWgA9of" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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><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><td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--AdjustmentsToAdditionalPaidInCapitalWarrantIssued_zEC5T3f7QFJk" 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-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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>See
accompanying notes to the unaudited condensed consolidated financial statements.</i></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"><i>&#160;</i></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-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span><span id="f_004"></span></span>Immix
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<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>Condensed
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<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>(Unaudited)</b></span></p>

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  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInInterestPayableNet_i03_ze6eu1IJAdWh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_zmOLpdtOhkli" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zusTOongwgpk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_zGR2nU3mDLKg" style="vertical-align: bottom; background-color: White">
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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></tr>
  <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_zLT6HqjvjtK3" style="vertical-align: bottom; background-color: White">
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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></tr>
  <tr id="xdx_400_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zkzjWM2Eqwze" style="vertical-align: bottom; background-color: White">
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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><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 id="xdx_400_eus-gaap--ProceedsFromNotesPayable_i01_zS5vCaJDi8m1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eus-gaap--PaymentOfFinancingAndStockIssuanceCosts_i01N_di_zL8BelG4tkjl" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Payments of deferred offering costs</td><td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_z1AWmBzVl815" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,913,750</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"><span style="-sec-ix-hidden: xdx2ixbrl1261">&#160;</span></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: 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>
  <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_zhU3VsGcNbS7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">65,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; 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>
  <tr id="xdx_409_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_zt513xqTZVN5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Effect of foreign currency on cash</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">(<ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,722</ix:nonFraction></td><td style="padding-bottom: 1.5pt; 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 style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,043</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</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>
  <tr id="xdx_40C_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_zTAbuiRjuNVb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0pt; text-align: left">Net change in cash</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">210,291</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zBnXLtECw5b" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0pt; text-align: left; padding-bottom: 1.5pt">Cash &#8211; beginning of year</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"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">391,086</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zWPFIhlvq91h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0pt; text-align: left; padding-bottom: 2.5pt">Cash &#8211; end of year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,060,684</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--SupplementalCashFlowInformationAbstract_iB_z9lqXMJ7Pphi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0pt; text-align: left">Supplemental Disclosures of Cash Flow Information:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--InterestPaidNet_i01_zrX5o0vB1uvj" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Interest paid</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">80</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1282">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Income taxes paid</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1285">-</span></td><td style="padding-bottom: 2.5pt; 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>
  <tr id="xdx_406_eus-gaap--CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_i01B_z3CVjk5WVIAj" 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-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>See
accompanying notes to the unaudited condensed consolidated financial statements.</i></span></p>

<p style="font: bold 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"><b>&#160;</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"><b><span id="f_006"></span><span></span>Immix
Biopharma, Inc.</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"><b>Notes
to the Condensed Consolidated Financial Statements</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"><b>(Unaudited)</b></span></p>

<p id="xdx_043_c20220101__20220331_zZfvPwkQryzf" 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:NatureOfOperations"><p id="xdx_805_eus-gaap--NatureOfOperations_zJXFR6ZP8gd5" style="font: 10pt Times New Roman, Times, Serif; 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>Note
1 &#8211; <span id="xdx_82B_zK9rMoL29F6h">Nature of Business</span> </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">Immix
Biopharma, Inc. (the &#8220;Company&#8221;) is a clinical-stage pharmaceutical company organized as a Delaware corporation on January
7, 2014 to focus on the development of safe and effective therapies for patients with cancer and inflammatory diseases. In August 2016,
the Company established a wholly-owned Australian subsidiary, Immix Biopharma Australia Pty Ltd. (&#8220;IBAPL&#8221;), in order to conduct
various preclinical and clinical activities for its development candidates.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_805_eus-gaap--SignificantAccountingPoliciesTextBlock_zs5TEzQUvkd5" style="font: 10pt Times New Roman, Times, Serif; 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>Note
2 &#8211; <span id="xdx_82B_zmzAeVtvuWx2">Summary of Significant Accounting Policies</span></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">The
accompanying condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles
generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and in accordance with the rules and regulations of the
United States Securities and Exchange Commission (the &#8220;SEC&#8221;). The Company&#8217;s fiscal year end is December 31.</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">The
condensed consolidated financial statements and related disclosures as of March 31, 2022 and for the three months ended March 31, 2022
and 2021 are unaudited, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.
In our opinion, these unaudited condensed consolidated financial statements include all adjustments (consisting only of normal
recurring adjustments) necessary for the fair statement of the results for the interim periods. These unaudited condensed consolidated
financial statements should be read in conjunction with the audited financial statements of the Company for the years ended December
31, 2021 and 2020 which are included in our Form 10-K filed with the SEC on March 28, 2022. The results of operations for the three months
ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="IMMX:RiskAndUncertaintiesPolicyTextBlock"><p id="xdx_846_ecustom--RiskAndUncertaintiesPolicyTextBlock_zUqvQmP2f2D2" style="font: 10pt Times New Roman, Times, Serif; 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><span id="xdx_864_zHkkWrCM3Nx9">Risk
and Uncertainties</span> &#8211; </b>The Company operates in a dynamic and highly competitive industry and is subject to risks and uncertainties
common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological
innovations, protection of proprietary technology, dependence on key personnel, contract manufacturer and contract research organizations,
compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under
development will require significant additional research and development efforts, including extensive preclinical studies and clinical
trials and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate
personnel infrastructure and extensive compliance and reporting. The Company believes that changes in any of the following areas could
have a material adverse effect on the Company&#8217;s future financial position, results of operations, or cash flows; ability to obtain
future financing; advances and trends in new technologies and industry standards; results of clinical trials; regulatory approval and
market acceptance of the Company&#8217;s products; development of sales channels; certain strategic relationships; litigation or claims
against the Company based on intellectual property, patent, product, regulatory, or other factors; and the Company&#8217;s ability to
attract and retain employees necessary to support its growth.</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">Products
developed by the Company require approvals from the U.S. Food and Drug Administration (&#8220;FDA&#8221;) or other international regulatory
agencies prior to commercial sales. There can be no assurance that the Company&#8217;s research and development will be successfully
completed, that adequate protection for the Company&#8217;s intellectual property will be obtained or maintained, that the products will
receive the necessary approvals, or that any approved products will be commercially viable. If the Company was denied approval, approval
was delayed or the Company was unable to maintain approval, it could have a materially adverse impact on the Company. Even if the Company&#8217;s
product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The
Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology
companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties.</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>


<ix:exclude><!-- Field: Page; Sequence: 149; Value: 1 -->
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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-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning
in late 2019, the outbreak of a novel strain of virus named SARS-CoV-2 (severe acute respiratory syndrome coronavirus 2), or coronavirus,
which causes coronavirus disease 2019, or COVID-19,  evolved into a global pandemic. The extent of the impact of the coronavirus outbreak
on the Company&#8217;s business will depend on certain developments, including the duration and spread of the outbreak and the extent
and severity of the impact on the Company&#8217;s clinical trial activities, research activities and suppliers, all of which are uncertain
and cannot be predicted. At this point, the extent to which the coronavirus outbreak may materially impact the Company&#8217;s financial
condition, liquidity or results of operations is uncertain. The Company has expended and will continue to expend substantial funds to
complete the research, development and clinical testing of product candidates. The Company also will be required to expend additional
funds to establish commercial-scale manufacturing arrangements and to provide for the marketing and distribution of products that receive
regulatory approval. The Company may require additional funds to commercialize its products. The Company is unable to entirely fund these
efforts with its current financial resources. If adequate funds are unavailable on a timely basis from operations or additional sources
of financing, the Company may have to delay, reduce the scope of or eliminate one or more of its research or development programs which
would materially and adversely affect its business, financial condition and operations.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_846_eus-gaap--UseOfEstimates_zwFzyhUCW5Eh" style="font: 10pt Times New Roman, Times, Serif; 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><span id="xdx_861_zJTv79Ub6iKi">Use
of Estimates in Financial Statement Presentation</span> &#8211;</b> The preparation of these condensed consolidated financial statements in
conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company uses
significant judgements when making estimates related to the valuation of deferred tax assets and related valuation allowances, accrual
and prepayment of research and development expenses, and the valuation of derivative financial instruments. Actual results could differ
from those estimates.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_842_eus-gaap--ConsolidationPolicyTextBlock_zW8atsWhAjb7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_866_zhNNwkPYAzn7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principles
of Consolidation</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211; </span></b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying condensed consolidated financial statements include the accounts of Immix Biopharma, Inc. and the accounts of its <span id="xdx_90D_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20220331__srt--OwnershipAxis__custom--ImmixBiopharmaAustraliaPtyLtdMember_zaf0tNCCIY7f" title="Non-controlling interest rate"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2022-03-31_custom_ImmixBiopharmaAustraliaPtyLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
owned subsidiary, IBAPL. All intercompany transactions and balances have been eliminated in consolidation.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="IMMX:LiquidityAndGoingConcernPolciyTextBlock"><p id="xdx_840_ecustom--LiquidityAndGoingConcernPolciyTextBlock_zamHVqESAxN" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_867_zo6LUTY5I1ng" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Going Concern</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
These condensed consolidated financial statements have been prepared on a going concern basis, which assumes the Company will
continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going
concern is dependent upon the ability of the Company to obtain financing to continue operations. In December 2021, the Company received
$<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211201__20211231_pp0p0"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-12-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">18,648,934</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
net proceeds from the initial public offering (&#8220;IPO&#8221;) of its common stock and in January 2022, the Company raised additional
net proceeds of $<span id="xdx_901_eus-gaap--ProceedsFromStockOptionsExercised_pp0p0_c20220101__20220131__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zkxxcaPnSKff"><ix:nonFraction name="us-gaap:ProceedsFromStockOptionsExercised" contextRef="From2022-01-012022-01-31_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,913,750</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">from the exercise of the underwriter&#8217;s
over-allotment option in connection with the Company&#8217;s IPO. The Company has a history of, and expects to continue to report, negative
cash flows from operations and a net loss. Management believes that its cash on hand at March 31, 2022 will be sufficient to meet the
Company&#8217;s working capital requirements through at least May 15, 2023.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_84A_eus-gaap--ConcentrationRiskCreditRisk_zv2Hf2yoO93d" style="font: 10pt Times New Roman, Times, Serif; 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><span id="xdx_864_zhxLICgtRnUk">Concentration
of Credit Risk</span> &#8211;</b> Periodically, the Company may carry cash balances at financial institutions in excess of the federally insured
limit of $<span id="xdx_903_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20220331_zhvFTQ2YVSih" title="FDIC insured amount"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction></span>, or the Australian insured limit of AUD <span id="xdx_902_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_uAUD_c20220331_zo3ATqsXwW7a" title="FDIC insured amount"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="AUD">250,000</ix:nonFraction></span>. As of March 31, 2022, the Company had $<span id="xdx_90B_eus-gaap--CashUninsuredAmount_iI_pp0p0_c20220331_zhCMPMfNTMW1" title="Uninsured amount"><ix:nonFraction name="us-gaap:CashUninsuredAmount" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">18,815,000</ix:nonFraction></span> in excess of the
FDIC insurance limit and <span id="xdx_90B_eus-gaap--CashUninsuredAmount_iI_pp0p0_do_uAUD_c20220331_zB9AEwLEbfjd"><ix:nonFraction name="us-gaap:CashUninsuredAmount" contextRef="AsOf2022-03-31" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="AUD">no</ix:nonFraction></span> amounts in excess of the Australian insured limit. The Company has not experienced losses on these accounts
and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is
not significant.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_843_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zGXCpi1wr6hj" style="font: 10pt Times New Roman, Times, Serif; 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><span id="xdx_866_zli12MK5WrXc">Fair
Value of Financial Instruments</span> &#8211; </b>The carrying value of short-term instruments, including cash, tax receivable, accounts payable
and accrued expenses, and notes payable approximate fair value due to the relatively short period to maturity for these instruments.
Derivative instruments are carried at fair value based on unobservable market inputs.</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">Fair
value is defined 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 maximize the use of observable inputs and minimize the use of unobservable inputs. The
Company utilizes a three-level valuation hierarchy for disclosures of fair value measurements, defined as follows:</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">Level
1 &#8211; inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</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; 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-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 &#8211; inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs
that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</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">Level
3 &#8211; inputs to the valuation methodology are unobservable and significant to the fair value.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="IMMX:AustralianTaxIncentivePolicyTextBlock"><p id="xdx_84C_ecustom--AustralianTaxIncentivePolicyTextBlock_zDJFP9lY1NFf" style="font: 10pt Times New Roman, Times, Serif; 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><span id="xdx_86A_zpWK3mQuB4s4">Australian
Tax Incentive</span>&#8211;- </b>IBAPL is eligible to receive a cash refund from the Australian Taxation Office for eligible research and development
(&#8220;R&amp;D&#8221;) expenditures under the Australian R&amp;D Tax Incentive Program (the &#8220;Australian Tax Incentive&#8221;).
The Australian Tax Incentive is recognized as a reduction to R&amp;D expense when there is reasonable assurance that the relevant expenditure
has been incurred, the amount can be reliably measured and that the Australian Tax Incentive will be received. The Company recognized
reductions to R&amp;D expense of $<span id="xdx_90E_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20220101__20220331__us-gaap--TypeOfArrangementAxis__custom--AustralianTaxIncentiveMember_zaaHOGbs6hTg" title="Research and development expense"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2022-01-012022-03-31_custom_AustralianTaxIncentiveMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">35,960</ix:nonFraction></span> and $<span id="xdx_90D_eus-gaap--ResearchAndDevelopmentExpense_pp0p0_c20210101__20210331__us-gaap--TypeOfArrangementAxis__custom--AustralianTaxIncentiveMember_z3PcxDB7Y2x6" title="Research and development expense"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2021-01-012021-03-31_custom_AustralianTaxIncentiveMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">21,114</ix:nonFraction></span> for the three months ended March 31, 2022 and 2021, respectively.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:CompensationRelatedCostsPolicyTextBlock"><p id="xdx_842_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zG9pD3Jts2Of" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_86D_z6uce6lr29i7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock-Based
Compensation</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
Stock-based compensation expense represents the estimated grant date fair value of the Company&#8217;s equity awards, consisting of stock
options issued under the Company&#8217;s stock option plan and restricted common stock (see Note 4). The fair value of equity
awards is recognized over the requisite service period of such awards (usually the vesting period) on a straight-line basis. The Company
estimates the fair value of stock options using the Black-Scholes option pricing model on the date of grant and recognizes forfeitures
as they occur. For stock awards for which vesting is subject to performance-based milestones, the expense is recorded over the remaining
service period after the point when the achievement of the milestone is probable, or the performance condition has been achieved.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ResearchAndDevelopmentExpensePolicy"><p id="xdx_841_eus-gaap--ResearchAndDevelopmentExpensePolicy_zdhnuU7yhQk7" style="font: 10pt Times New Roman, Times, Serif; 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><span id="xdx_86E_z80lTXkpZQg3">Research
and Development Costs</span>&#8211;-</b> Research and development costs consist primarily of clinical research fees paid to consultants and
outside service providers, and other expenses relating to design, development and testing of the Company&#8217;s therapy candidates.
Research and development costs are expensed as incurred.</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">Clinical
trial costs are a component of research and development expenses. The Company estimates expenses incurred for clinical trials that are
in process based on services performed under contractual agreements with clinical research organizations and actual clinical investigators.
Included in the estimates are (1) the fee per patient enrolled as specified in the clinical trial contract with each institution participating
in the clinical trial and (2) progressive data on patient enrollments obtained from participating clinical trial sites and the actual
services performed. Changes in clinical trial assumptions, such as the length of time estimated to enroll all patients, rate of screening
failures, patient drop-out rates, number and nature of adverse event reports, and the total number of patients enrolled can impact the
average and expected cost per patient and the overall cost of the clinical trial. The Company monitors the progress of the trials and
their related activities and adjusts expense accruals, when applicable. Adjustments to accruals are charged to expense in the period
in which the facts give rise to the adjustments become known.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><p id="xdx_840_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_zYHfZEtj2T34" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_862_zwOwPFJzuYy7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Comprehensive Income (Loss)</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211; </span></b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
comprehensive income (loss) includes foreign currency translation gains and losses. The cumulative amount of translation gains and losses
are reflected as a separate component of stockholders&#8217; equity  in the condensed consolidated balance sheets, as
accumulated other comprehensive income.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_84E_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zK3VlArqhP98" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_868_zmfOZKNe7pdl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Currency Translation and Transaction Gains (Losses)</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;- </span></b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company maintains its accounting records in US Dollars. The Company&#8217;s operating subsidiary, IBAPL, is located in Australia and
maintains its accounting records in Australian Dollars, which is its functional currency. Assets and liabilities of the subsidiary
are translated into U.S. dollars at exchange rates at the balance sheet date, equity accounts are translated at historical exchange
rate and revenues and expenses are translated by using the average exchange rates for the period. Translation adjustments are
reported as a separate component of other comprehensive income (loss) in the consolidated statements of operations and comprehensive
loss. Foreign currency denominated transactions are translated at exchange rates approximating those in effect at the transaction
dates. Exchange gains and losses are recognized in operations and were $<span id="xdx_90C_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pp0p0_c20220101__20220331_zE399lnMnVY3"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,615</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_909_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pp0p0_c20210101__20210331_zuvXtTjfQLh4"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">310</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
the three months ended March 31, 2022 and 2021, respectively, and are included in general and administrative expenses in the
accompanying condensed consolidated statements of operations and comprehensive loss.</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"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_841_eus-gaap--EarningsPerSharePolicyTextBlock_zjhBidpL9hr" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_86F_z5WKGsfWV2a8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Loss
Per Common Share</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
Basic loss per common share is computed by dividing net loss available to common stockholders by the weighted-average number of
common shares outstanding during the period. Diluted loss per common share is determined using the weighted-average number of common
shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are
reported, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would
be anti-dilutive. As of March 31, 2022 and 2021, the Company&#8217;s potentially dilutive shares and options, which were not
included in the calculation of net loss per share, included stock options and warrants exercisable for <span id="xdx_90D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20220101__20220331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsAndWarrantsExerciableMember_z0M5fMUL6f83"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2022-01-012022-03-31_custom_StockOptionsAndWarrantsExerciableMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,729,734</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
and <span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20210101__20210331__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsAndWarrantsExerciableMember_zujlzT0ualm"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-03-31_custom_StockOptionsAndWarrantsExerciableMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">644,484</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
common shares, respectively.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84F_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zDM2z5ZpTewf" style="font: 10pt Times New Roman, Times, Serif; 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><span id="xdx_866_zuSCnt8BVMU9">Recent
Accounting Pronouncements</span></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">The
Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted,
would have a material effect on the accompanying condensed consolidated financial statements.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; 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>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_801_eus-gaap--DebtDisclosureTextBlock_zYznS3CeIO76" style="font: 10pt Times New Roman, Times, Serif; 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>Note
3 &#8211; <span id="xdx_82B_z44zhCtcxeMh">Note Payable</span></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"><i>Note
Payable &#8211; Related Party</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 14, 2014, the Company issued an unsecured promissory note in the principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_c20140914__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zAKh8e9DNyl6"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2014-09-14_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the &#8220;Note&#8221;) to</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
a stockholder of the Company. The Note matured on <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20140912__20140914__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zIbMvnRQT3D"><ix:nonNumeric contextRef="From2014-09-122014-09-14_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">September
14, 2017</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and accrues interest at <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20140914__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zKYhUq5ZDIIi"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2014-09-14_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
per annum. On June 9, 2021, the Note was amended to extend the maturity date to <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_dd_c20210607__20210609__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember__us-gaap--LoanRestructuringModificationAxis__us-gaap--ExtendedMaturityMember_zYBZqOsBmmEg"><ix:nonNumeric contextRef="From2021-06-072021-06-09_custom_UnsecuredConvertiblePromissoryNoteMember_us-gaap_ExtendedMaturityMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">September
14, 2022</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. As of March 31, 2022 and December
31, 2021, the outstanding principal balance on this note was $<span id="xdx_903_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_c20220331__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zRAbqCXfZpy1"><span id="xdx_90B_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zso7RO9EThl7"><ix:nonFraction name="us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2022-03-31_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></ix:nonFraction></span></span></span><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Interest
expense related to the Note was $<span id="xdx_90A_eus-gaap--InterestExpenseDebt_c20220101__20220331__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zcczQA6mXG2e"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2022-01-012022-03-31_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">308</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_909_eus-gaap--InterestExpenseDebt_c20210101__20210331__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zLKs8gGriHRg"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-01-012021-03-31_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">308</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the three months ended March 31, 2022 and
2021, respectively. As of March 31, 2022 and December 31, 2021, accrued interest on the Note was $<span id="xdx_90F_eus-gaap--InterestPayableCurrent_iI_c20220331__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zinp8TJz5Bw2"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2022-03-31_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,407</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90B_eus-gaap--InterestPayableCurrent_iI_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--UnsecuredConvertiblePromissoryNoteMember_zfiB6XIAyci7"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2021-12-31_custom_UnsecuredConvertiblePromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,099</ix:nonFraction></span>, respectively.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_806_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zbcLV6fgGNg8" style="font: 10pt Times New Roman, Times, Serif; 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>Note
4 &#8211; <span id="xdx_825_zafVqpVssKk">Stockholders&#8217; Equity</span></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: 210.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">The
Company has authorized <span id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_c20220331_zo5jSecA1Suh" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000,000</ix:nonFraction></span> shares of common stock and <span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20220331_zziDYp5kV859" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span> shares of preferred stock each with a par value of $<span id="xdx_909_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20220331_z18pLuxzsSvj" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 5, 2022, the Company sold <span id="xdx_90A_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220104__20220105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zxwNcJAH3Im9"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-01-042022-01-05_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">630,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of its common stock pursuant to the full
exercise of the over-allotment option in connection with the Company&#8217;s IPO. The shares were sold at the IPO price of $<span id="xdx_901_eus-gaap--SharePrice_iI_c20220105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zJ0A7ZIfN1G3"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-01-05_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.00</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, resulting in gross proceeds of $<span id="xdx_906_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20220104__20220105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zyVgiO5JFHa7"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2022-01-042022-01-05_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,150,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and bringing the total gross proceeds of the
IPO to $<span id="xdx_905_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20220104__20220105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zOyRg6cZFkI9"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2022-01-042022-01-05_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,150,000</ix:nonFraction></span></span><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">In connection with the exercise of the over-allotment, the Company paid $<span id="xdx_900_eus-gaap--PaymentsOfStockIssuanceCosts_c20220104__20220105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zymrPW3HuiIf"><ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="From2022-01-042022-01-05_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">243,275</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in offering costs resulting in net proceeds of
$<span id="xdx_903_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20220104__20220105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z4JV3h4dk1ik"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2022-01-042022-01-05_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,913,750</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and bringing total net proceeds to $<span id="xdx_905_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20220104__20220105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zUr5bnFxLaqe"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2022-01-042022-01-05_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,562,684</ix:nonFraction></span></span><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>Stock
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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2016, the Board of Directors of the Company approved the Immix Biopharma, Inc. 2016 Equity Incentive Plan (the &#8220;2016 Plan&#8221;).
The 2016 Plan allows for the Board of Directors to grant various forms of incentive awards for up to <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20161231__us-gaap--PlanNameAxis__custom--TwoThousandSixteenPlanMember_zqspYSSQqCxd" title="Number of shares available for grant"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2016-12-31_custom_TwoThousandSixteenPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">417,120</ix:nonFraction></span> shares of common stock.
During the year ended December 31, 2021, the Board of Directors amended the 2016 Plan to increase the aggregate number of shares available
for issuance under the 2016 Plan to <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20211231__us-gaap--PlanNameAxis__custom--TwoThousandSixteenPlanMember_zDzfMmd6BPDd" title="Number of shares available for grant"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2021-12-31_custom_TwoThousandSixteenPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,761,120</ix:nonFraction></span> shares of common stock. On September 10, 2021, the Board of Directors approved the 2021
Equity Incentive Plan (the &#8220;2021 Plan&#8221;), which reserves <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20210910__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOnePlanMember_zmIHY1NUigb3" title="Number of shares available for grant"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2021-09-10_custom_TwoThousandTwentyOnePlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">900,000</ix:nonFraction></span> shares of common stock for future issuance under the 2021
Plan. As of March 31, 2022, there are <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20220331__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOnePlanAndTwoThousandSixteenPlanMember_zXIcLrpQSJTb" title="Number of shares available for grant"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2022-03-31_custom_TwoThousandTwentyOnePlanAndTwoThousandSixteenPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,328,886</ix:nonFraction></span> awards remaining to be issued under the 2016 Plan and 2021 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 13, 2022, the Company granted options to purchase <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220111__20220113__srt--TitleOfIndividualAxis__custom--AdvisorsMember_zA9gNZFXVle7"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-01-112022-01-13_custom_AdvisorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,250</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s common stock to
advisors of the Company, with a term of <span id="xdx_908_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2_dtY_c20220111__20220113_zU8xUn9I0A6h"><ix:nonNumeric contextRef="From2022-01-112022-01-13" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2">10</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years and an exercise price of $<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20220111__20220113_zlMVZGfG0N4f"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2022-01-112022-01-13" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.83</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share which <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20220111__20220113_z1TmsyD79lnf"><ix:nonNumeric contextRef="From2022-01-112022-01-13" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights">vest
in equal monthly installments over 48 months</ix:nonNumeric></span></span><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">The
Company estimated the fair value of the stock options using the Black-Scholes option pricing model. The fair value of stock options is
being amortized on a straight-line basis over the requisite vesting period of the awards. The fair value of stock options was estimated
using the following assumptions for the three months ended March 31, 2022: an expected and contractual life of <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20220101__20220331_zfwQ9fZrCSaf"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">10</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years, an assumed volatility of <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_c20220101__20220331_zW8VVmiV4ld9"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">118.25</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
a <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dcp_c20220101__20220331_z7D1w9TBAtjh"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2022-01-01to2022-03-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Pure">zero
</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dividend rate, and a risk free rate of
<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_c20220101__20220331_zjJC2FIWb4Wd"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.70</ix:nonFraction></span></span><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 152; Value: 1 -->
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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-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognized stock-based compensation of $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_c20220101__20220331_zefY9rrtEC2g"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">65,074</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_c20210101__20210331_zTcVdMQn0Jul">$<ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,247</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related to stock options for the three months
ended March 31, 2022 and 2021, respectively, which is included in general and administrative expenses.</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zd4SMbgPaCU8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the stock option activity for the three months ended March 31, 2022:</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 id="xdx_8B0_zrG01imQs6ae" style="display: none">Schedule of Stock Option Activity</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="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">Options</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#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">Weighted-<br />
Average Exercise<br />
 Price Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">Outstanding and exercisable, January 1, 2022</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20220101__20220331_zxGEeB6U392i" title="Options, Outstanding and exercisable, Beginning" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,320,984</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">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20220101__20220331_zIHn8XR8Aq61" title="Weighted-Average Exercise Price Per Share, Outstanding and exercisable, Beginning" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.54</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Granted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220101__20220331_zdPW4P8sKGt3" title="Options, Granted" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,250</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20220101__20220331_z7Nimjmofsa9" title="Weighted-Average Exercise Price Per Share, Granted" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.83</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercised</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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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="text-align: left; padding-bottom: 2.5pt">Outstanding and expected to vest, March 31, 2022</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8AA_z8DfNmPwFgsd" style="font: 10pt Times New Roman, Times, Serif; 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock_zSWcUFsLfIEb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table discloses information regarding outstanding and exercisable options at March 31, 2022:</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 id="xdx_8BD_zMIL82lRhBwl" style="display: none">Schedule of Stock Outstanding and Exercisable</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="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Exercise Price</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">Number of<br />
 Option <br />
Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 Average<br />
 Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#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">Weighted<br />
 Average<br />
 Remaining<br />
 Life (Years)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#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">Number of<br />
 Option <br />
Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#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">Weighted<br />
 Average<br />
 Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <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="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_c20220331__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeTwoMember_z9t2YJY5PtMb" title="Outstanding, Number of Option Shares" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions" contextRef="AsOf2022-03-31_custom_RangeTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">291,984</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_c20220331__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeTwoMember_zYYKFZ9wTOk9" title="Outstanding, Weighted Average Exercise Price" style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1" contextRef="AsOf2022-03-31_custom_RangeTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.33</ix:nonFraction></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_909_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dtY_c20220101__20220331__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeTwoMember_zLmoP9rwdbLb" title="Outstanding, Weighted Average Remaining Life (Years)"><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_RangeTwoMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2">3.42</ix:nonNumeric></span></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 style="text-align: center">$<span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20220331__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--RangeThreeMember_znoSKa1FInVj" title="Outstanding, Exercise Price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2022-03-31_custom_RangeThreeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.86</ix:nonFraction></span></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_984_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1_iI_c20220331_z6EkXRcIFQfb" title="Exercisable, Weighted Average Exercise Price" style="padding-bottom: 2.5pt; text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.35</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A9_zgM0Wo820uU2" style="font: 10pt Times New Roman, Times, Serif; 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">Aggregate
intrinsic value is calculated as the difference between the exercise price of the underlying stock option and the fair value of the Company&#8217;s
common stock for stock options that were in-the-money at period end. As of March 31, 2022, the intrinsic value for the options vested
and outstanding was $<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iI_c20220331_zlFbg0cqPgMe" title="Intrinsic value option vested"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">600,344</ix:nonFraction></span> and $<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_c20220331_zKd4E8oVu18" title="Intrinsic value outstanding"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,152,209</ix:nonFraction></span>, respectively.</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>Stock
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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 5, 2022, in connection with the issuance of the over-allotment purchase discussed above, the Company issued warrants for the
purchase of <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20220105_zg51Qj6Vmqya"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2022-01-05" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">31,500</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s common stock, with
a term of <span id="xdx_904_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2_dtY_c20220104__20220105_z3y8944Qohxa"><ix:nonNumeric contextRef="From2022-01-042022-01-05" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2">5</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years and an exercise price of $<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220105_za7YfxPZAYzi"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-01-05" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.25</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share which vest <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20220104__20220105_zB2fr1e53svi"><ix:nonNumeric contextRef="From2022-01-042022-01-05" format="ixt-sec:durwordsen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">six
months</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">after the date of issuance.</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zxCjjsvWcHEg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the stock warrant activity for the three months ended March 31, 2022:</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 id="xdx_8B0_zCtVuMIus6u2" style="display: none">Schedule of Stock Warrant Activity</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">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted-Average<br />
 Exercise Price Per <br />
Share</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding and exercisable, January 1, 2022</span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20220101__20220331_zT42ElLLw5a2" title="Warrants, Outstanding and exercisable, Beginning" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">366,000</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">$</td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iS_c20220101__20220331_zBiFS9GJh9g5" title="Weighted-Average Exercise Price Per Share, Outstanding and exercisable Beginning" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.93</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20220101__20220331_zyrvQzeSTNQd" title="Warrants, Granted" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">31,500</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityWeightedAverageExercisePriceGranted_c20220101__20220331_zN0hy2nc5V4d" title="Weighted-Average Exercise Price Per Share, Granted" style="text-align: right"><ix:nonFraction name="IMMX:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityWeightedAverageExercisePriceGranted" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.25</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20220101__20220331_zCu2SE9BUsJi" title="Warrants, Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1488">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityWeightedAverageExercisePriceExercised_c20220101__20220331_zBxmqwaT1Gha" title="Weighted-Average Exercise Price Per Share, Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1490">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_c20220101__20220331_zhDJ87GGzMmc" title="Warrants, Forfeited" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1492">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_981_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityWeightedAverageExercisePriceForfeitures_c20220101__20220331_zgvGOVrhVdu7" title="Weighted-Average Exercise Price Per Share, Forfeited" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1494">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired</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_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_c20220101__20220331_z58r1o5sXs68" title="Warrants, Expired" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1496">-</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">$</td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityWeightedAverageExercisePriceExpirations_c20220101__20220331_zeENxHJlKgN3" title="Weighted-Average Exercise Price Per Share, Expired" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1498">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding and exercisable, March 31, 2022</span></td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20220101__20220331_zzsVYsB1ET0h" title="Warrants, Outstanding and exercisable, Ending" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">397,500</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iE_c20220101__20220331_zcpzWfZ2FWI6" title="Weighted-Average Exercise Price Per Share, Outstanding and exercisable Ending" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.11</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zIkRx0s4H9Gj" 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>


<ix:exclude><!-- Field: Page; Sequence: 153; 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 -->28<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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>

<ix:nonNumeric contextRef="From2022-01-012022-03-31_us-gaap_WarrantMember" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock_hus-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zOy0EkN3Tkh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table discloses information regarding outstanding and exercisable warrants at March 31, 2022:</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 id="xdx_8B1_zeFSYS4Seqx2" style="display: none">Schedule of Stock Outstanding and Exercisable</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">
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  <tr style="vertical-align: bottom">
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 Average <br />
Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 Average <br />
Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

</ix:nonNumeric><p id="xdx_8A5_zywcAOqy7und" 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate
intrinsic value is calculated as the difference between the exercise price of the underlying stock warrant and the fair value of the
Company&#8217;s common stock for stock warrants that were in-the-money at period end. As of March 31, 2022, the intrinsic value for the
warrants vested and outstanding was $<span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iI_c20220331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zmv87iQ7OvA3" title="Intrinsic value option vested"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_c20220331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zYXUlXg2DvO4" title="Intrinsic value outstanding"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue" contextRef="AsOf2022-03-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" contextRef="AsOf2022-03-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">251,160</ix:nonFraction></ix:nonFraction></span></span>.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_805_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zi6X7SXsONUi" style="font: 10pt Times New Roman, Times, Serif; 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>Note
5 &#8211; <span id="xdx_82C_zOWF0We1ldb5">Commitments and Contingencies</span></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>Indemnifications</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">In
the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties
and may provide for indemnification of the counterparty. The Company&#8217;s exposure under these agreements is unknown because it involves
claims that may be made against it in the future but have not yet been made. To date, the Company has not been subject to any claims
or been required to defend any action related to its indemnification obligations.</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">The
Company indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits, while the director
is or was serving at the Company&#8217;s request in such capacity, as permitted under Delaware law and in accordance with its certificate
of incorporation and bylaws. The term of the indemnification period lasts as long as the director or officer may be subject to any proceeding
arising out of acts or omissions of such individual in such capacity. The maximum amount of potential future indemnification is unlimited.
The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized
any liabilities relating to these obligations as of March 31, 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>Royalty
Agreement</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">On
December 22, 2014, the Company entered into a Master Service Agreement (&#8220;MSA&#8221;) with AxioMx, Inc. (&#8220;AxioMx&#8221;).
AxioMx is in the business of developing and supplying custom affinity reagents. AxioMx and the Company entered into the MSA to serve
as a master agreement governing multiple sets of projects as may be agreed upon by them from time to time. Pursuant to the MSA, AxioMx
is entitled to royalties on the sale of any Deliverable (as defined in the MSA) that is used for diagnostic, prognostic or therapeutic
purposes, in humans or animals, or for microbiology testing, including food safety testing or environmental monitoring. Specifically,
<span id="xdx_902_ecustom--RoyaltiesDescription_c20141221__20141222__us-gaap--TypeOfArrangementAxis__custom--ServiceAgreementMember__us-gaap--RelatedPartyTransactionAxis__custom--AixoMxMember_znZozTFieb36" title="Royalties description"><ix:nonNumeric contextRef="From2014-12-212014-12-22_custom_ServiceAgreementMember_custom_AixoMxMember" name="IMMX:RoyaltiesDescription">the Company shall pay AxioMx a royalty of 3.5% of Net Sales (as defined in the MSA) of assigned products for each Deliverable used in
licensed products for therapeutic purposes. In addition, the Company shall pay AxioMx a royalty of 1.5% of Net Sales of assigned products
for each Deliverable used in licensed products for diagnostic or prognostic purposes; provided, however, if three Deliverables are used
in an assigned product for diagnostic or prognostic purposes, the royalty shall be 4.5%. Through March 31, 2022, no amounts have been
paid or accrued under the MSA.</ix:nonNumeric></span></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>Legal
Proceedings</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">From
time to time we may be involved in claims that arise during the ordinary course of business. Although the results of litigation and claims
cannot be predicted with certainty, we do not currently have any pending litigation to which we are a party or to which our property
is subject that we believe to be material. Regardless of the outcome, litigation can be costly and time consuming, and it can divert
management&#8217;s attention from important business matters and initiatives, negatively impacting our overall operations.</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>


<ix:exclude><!-- Field: Page; Sequence: 154; Value: 1 -->
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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-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 18, 2021, the Company entered into an Employment Agreement with Ilya Rachman (the &#8220;Rachman Employment Agreement&#8221;), effective
for a three-year term. Pursuant to the Rachman Employment Agreement, the Company employs Dr. Rachman as Chief Executive Officer and Dr.
Rachman is entitled to a base salary of $<span id="xdx_903_eus-gaap--SalariesAndWages_c20210617__20210618__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--DrRachmanMember_pp0p0" title="Salaries and wages"><ix:nonFraction name="us-gaap:SalariesAndWages" contextRef="From2021-06-172021-06-18_custom_EmploymentAgreementMember_custom_DrRachmanMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">360,000</ix:nonFraction></span> annually. Dr. Rachman is also entitled to a performance-based bonus of <span id="xdx_90F_ecustom--PerformanceBonusesPercentage_pid_dp_c20210617__20210618__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--DrRachmanMember_zx3KY5pDVAwa" title="Performance bonuses percentage"><ix:nonFraction name="IMMX:PerformanceBonusesPercentage" contextRef="From2021-06-172021-06-18_custom_EmploymentAgreementMember_custom_DrRachmanMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the base
salary (subject to, and determined by, the Board in its sole discretion) plus additional performance bonuses to be determined by the
Board. Unless terminated by us without &#8220;cause&#8221; or by Dr. Rachman with &#8220;good reason&#8221; (as such terms are defined
in the Rachman Employment Agreement), upon termination Dr. Rachman will be entitled only to his base salary through the date of termination,
valid expense reimbursements and unused vacation pay. If terminated by us without &#8220;cause&#8221; or by Dr. Rachman with &#8220;good
reason,&#8221; he is entitled to be paid his base salary through the end of the term at the rate of <span id="xdx_903_ecustom--ReimburesmentsAndAccuredPercentage_pid_dp_c20210617__20210618__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--DrRachmanMember_z3pPwetBIVb2" title="Reimburesments and accured percentage"><ix:nonFraction name="IMMX:ReimburesmentsAndAccuredPercentage" contextRef="From2021-06-172021-06-18_custom_EmploymentAgreementMember_custom_DrRachmanMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">150</ix:nonFraction></span>%, valid expense reimbursements
and accrued but unused vacation pay. Dr. Rachman&#8217;s employment agreement contains provisions for the protection of our intellectual
property and contains non-compete restrictions in the event of his termination other than us without &#8220;cause&#8221; or by Dr. Rachman
with &#8220;good reason&#8221; (generally imposing restrictions on (i) employment or consultation with competing companies or customers,
(ii) recruiting or hiring employees for a competing company and (iii) soliciting or accepting business from our customers for a period
of six months following termination). Pursuant to the Rachman Employment Agreement, Dr. Rachman may serve as a consultant to, or on boards
of directors of, or in any other capacity to other companies provided that they will not interfere with the performance of his duties
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">On
March 18, 2021, the Company entered into the Management Services Agreement with Alwaysraise LLC, an entity which Gabriel Morris is sole
member, effective for a three-year term, which was amended effective June 18, 2021 (the &#8220;Morris MSA&#8221;). Pursuant to the Morris
MSA, we employ Mr. Morris as Chief Financial Officer and Mr. Morris is entitled to a base salary of $<span id="xdx_906_eus-gaap--SalariesAndWages_pp0p0_c20210317__20210318__us-gaap--TypeOfArrangementAxis__custom--ManagementSevicesAgreementMember__srt--TitleOfIndividualAxis__custom--MrMorrisMember_zdSk1WgnCj3c" title="Salaries and wages"><ix:nonFraction name="us-gaap:SalariesAndWages" contextRef="From2021-03-172021-03-18_custom_ManagementSevicesAgreementMember_custom_MrMorrisMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">240,000</ix:nonFraction></span> annually beginning in December
2021 ($<span id="xdx_907_eus-gaap--SalariesAndWages_pp0p0_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--ManagementSevicesAgreementMember__srt--TitleOfIndividualAxis__custom--MrMorrisMember_z6vLamcmHgx2"><ix:nonFraction name="us-gaap:SalariesAndWages" contextRef="From2020-01-012020-12-31_custom_ManagementSevicesAgreementMember_custom_MrMorrisMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">120,000</ix:nonFraction></span> annually prior). Mr. Morris is also entitled to a performance-based bonus of <span id="xdx_907_ecustom--PerformanceBonusesPercentage_pid_dp_c20210317__20210318__us-gaap--TypeOfArrangementAxis__custom--ManagementSevicesAgreementMember__srt--TitleOfIndividualAxis__custom--MrMorrisMember_zG6xeQD6uBKf" title="Performance bonuses percentage"><ix:nonFraction name="IMMX:PerformanceBonusesPercentage" contextRef="From2021-03-172021-03-18_custom_ManagementSevicesAgreementMember_custom_MrMorrisMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the base salary (subject to, and
determined by, the Board in its sole discretion) plus additional performance bonuses to be determined by the Board. Unless terminated
by us without &#8220;cause&#8221; or by Alwaysraise LLC (as such terms are defined in the Morris MSA), upon termination Mr. Morris will
be entitled only to his base salary through the date of termination, valid expense reimbursements and unused vacation pay. If terminated
by us without &#8220;cause&#8221; he is entitled to be paid his base salary through the end of the term at the rate of <span id="xdx_90E_ecustom--ReimburesmentsAndAccuredPercentage_pid_dp_c20210317__20210318__us-gaap--TypeOfArrangementAxis__custom--ManagementSevicesAgreementMember__srt--TitleOfIndividualAxis__custom--MrMorrisMember_zYFfxqy76j26" title="Reimburesments and accured percentage"><ix:nonFraction name="IMMX:ReimburesmentsAndAccuredPercentage" contextRef="From2021-03-172021-03-18_custom_ManagementSevicesAgreementMember_custom_MrMorrisMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">150</ix:nonFraction></span>%, valid expense
reimbursements and accrued but unused vacation pay. The Morris MSA contains provisions for the protection of our intellectual property
and confidential information.</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">On
June 24, 2021, the Company issued an offer letter to Graham Ross Oncology Consulting Services Ltd., a United Kingdom company, of which
Graham Ross, our consulting Acting Chief Medical Officer and Head of Clinical Development is the sole member, regarding Dr. Ross&#8217;s
provision of consultative services to us (the &#8220;Offer Letter&#8221;). Pursuant to the Offer Letter (signed by Dr. Ross on June 24,
2021), Dr. Ross is entitled to an hourly rate for his consulting services and an option grant. On June 24, 2021 we also signed a mutual
confidentiality and non-disclosure agreement with Graham Ross Oncology Consulting Services Ltd.</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>Collaboration
Agreement</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">In
August 2021, the Company signed a Clinical Collaboration and Supply Agreement with BeiGene Ltd. (&#8220;BeiGene&#8221;) for a combination
Phase 1b clinical trial in solid tumors of IMX-110 and anti-PD-1 Tislelizumab (the subject of a collaboration and license agreement among
BeiGene and Novartis). Under the terms of the agreement, the Company will conduct the combination trial. The cost of tislelizumab manufacture
and supply (including shipping, taxes and duty if applicable and any third-party license payments that may be due) will be solely borne
by BeiGene.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80D_eus-gaap--SubsequentEventsTextBlock_zGa9ZAwRqMda" style="font: 10pt Times New Roman, Times, Serif; 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>Note
6 &#8211; <span id="xdx_823_zwCfp2xYuwEe">Subsequent Events</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequent events have been evaluated subsequent
to the consolidated balance sheet date of March 31, 2022 through the filing date of this registration statement. Based on management&#8217;s
evaluation, there are no other events that required recognition or disclosure, other than those discussed elsewhere in the notes hereto.</p>
<p style="font: 10pt Times New Roman, Times, Serif; 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">On
April 14, 2022, the Company issued <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_c20220412__20220414__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zrj2ohcc9Vy7" title="Restricted stock issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" contextRef="From2022-04-122022-04-14_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">26,315</ix:nonFraction></span> shares of restricted common stock to an unrelated third party for entering into an investor
relations contract. The stock was valued at a share price of $<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_c20220414__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zDBj6uvmH88a" title="Share issued price per shares"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-04-14_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.90</ix:nonFraction></span>, the closing price of the Company&#8217;s common stock on the date
prior to issuance, for a total value of $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_c20220412__20220414__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z073hiLfdrYk" title="Common stock value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" contextRef="From2022-04-122022-04-14_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span>.</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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">On May
9, 2022, the Company&#8217;s board of directors authorized a share repurchase program to acquire up to $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn6n6_c20220507__20220509__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zgXrjaUMt3ej" title="Comon stock acquired value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2022-05-072022-05-09_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">1</ix:nonFraction></span> million of the Company&#8217;s
common stock. The Company may purchase common stock on the open market, through privately negotiated transactions, or otherwise, in compliance
with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. The timing, amount of
shares repurchased, and prices paid for the stock under this program will depend on market conditions as well as corporate and regulatory
limitations, including blackout period restrictions. The repurchase program does not obligate the Company to acquire any particular amount
of shares, and the repurchase program may be suspended or discontinued at any time at the Company&#8217;s discretion.</p>
<p style="font: 10pt Times New Roman, Times, Serif; 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>

</ix:nonNumeric><p id="xdx_818_zgpoJH4zW9uk" 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</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: 14pt"><b>1,683,502
</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt"><b>Shares of Common Stock</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_052.jpg" alt="" style="height: 167px; width: 576px" /></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: 18pt"><b>Immix
Biopharma, Inc.</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: 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">&#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>PROSPECTUS</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: center"></p>

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

<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: 18pt"><b>ThinkEquity</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: 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"></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">,
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"></span></p>


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    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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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>PART
II &#8212; INFORMATION NOT REQUIRED IN PROSPECTUS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
13. Other Expenses of Issuance and Distribution</b></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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.</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>

<table cellpadding="0" cellspacing="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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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paid</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
  <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; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">534</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">5,000</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <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: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">20,000</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">175,000</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</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">Printing and engraving expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">5,000</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <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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  </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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
14. Indemnification of Directors and Officers</b></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><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-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: 31.5pt"><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 Amended and Restated
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 expenses (including attorneys&#8217; fees), judgments,
fines and amounts paid in settlement (if such settlement is approved in advance by the corporation, which approval shall not be unreasonably
withheld) 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 in
defense of any action, suit or proceeding, or in defense of any claim, issue or matter therein, he or she will be indemnified by us against
all expenses (including attorneys&#8217; fees) actually and reasonably incurred in connection therewith. Expenses incurred in defending
a civil or criminal action, suit or proceeding by an Indemnitee, may, subject to the board of directors, be paid in advance of the final
disposition of such action, suit or proceeding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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; text-indent: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
and Restated Certificate of Incorporation <span style="background-color: white">and Amended and Restated Bylaws against any and all expenses,
judgments, fines, penalties and amounts paid in settlement of any claim (if such settlement is approved in advance, which approval shall
not be unreasonably withheld). 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 under applicable law and
our </span>Amended and Restated Certificate of Incorporation <span style="background-color: white">and Amended and Restated Bylaws.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we obtained 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-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><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-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>Item
15. Recent Sales of Unregistered Securities</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the three years preceding the filing of this registration statement, we have issued the following securities that were not registered
under the Securities Act. No underwriters were involved in the sales and the certificates representing the securities sold and issued
contain legends restricting transfer of the securities without registration under the Securities Act or an applicable exemption from
registration.</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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 30, 2019, we entered into a series of unsecured convertible promissory notes (&#8220;Series 2019 Notes&#8221;) in the aggregate
principal amount of $800,000. The Series 2019 Notes mature on October 31, 2021 and bear interest at 6% per annum. In the event that the
Company issues and sells shares of its equity securities (&#8220;Equity Securities&#8221;) to investors (the &#8220;Investors&#8221;)
prior to the maturity dates of the Series 2019 Notes in an equity financing with total proceeds to the Company of not less than $10,000,000
(including the conversion of the Notes, other indebtedness or other convertible securities issued for capital raising purposes (e.g.,
Simple Agreements for Future Equity)) (a &#8220;Qualified Financing&#8221;), then the outstanding principal amount of the Series 2019
Notes and any unpaid accrued interest shall automatically convert in whole without any further action by the holders into Equity Securities
sold in the Qualified Financing at a conversion price equal to the lesser of (i) the price paid per share for Equity Securities by the
Investors in the Qualified Financing multiplied by 0.80, and (ii) the quotient resulting from dividing $10,000,000 by the number of pre-split
outstanding shares of the common stock of the Company immediately prior to the Qualified Financing (assuming conversion of all securities
convertible into common stock and exercise of all outstanding options and warrants, including all shares of common stock reserved and
available for future grant under any equity incentive or similar plan of the Company, and/or any equity incentive or similar plan created
or increased in connection with Qualified Financing, and including the shares of equity securities of the Company issued for capital
raising purposes (e.g., Simple Agreements for Future Equity)). The issuance of Equity Securities pursuant to the conversion of the Series
2019 Notes shall be upon and subject to the same terms and conditions applicable to Equity Securities sold in the Qualified Financing.
Upon the occurrence of a change of control prior to a Qualified Financing or maturity, the Series 2019 Notes would upon the election
of the holders either (i) become due and payable upon closing of such change of control in cash in an amount equal to (a) the outstanding
principal amount plus any unpaid accrued interest, plus (b) a repayment premium equal to 200% of the outstanding principal amount, or
(ii) be converted such that the outstanding principal balance and any unpaid accrued interest would convert into shares of the Company&#8217;s
common stock at a conversion price equal to the quotient resulting from dividing $10,000,000 by the number of pre-split outstanding shares
of common stock of the Company immediately prior to the change of control (assuming conversion of all securities convertible into common
stock and exercise of all outstanding options and warrants, and including the shares of equity securities of the Company issuable upon
the conversion of notes, other indebtedness or other convertible securities issued for capital raising 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>


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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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 26, 2021, the Company entered into an amendment with the holders of the Series 2019 Notes which provides for the extension of
the maturity dates of these convertible notes to March 31, 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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March and April 2021 the Company entered into a series of unsecured convertible promissory notes (as amended, &#8220;Series 2021A Notes&#8221;)
with both related and unrelated parties in the aggregate principal amount of $260,000. Of the $260,000 principal amount, the Company
received $200,000 in cash proceeds and issued $60,000 in notes in exchange for services. The Series 2021A Notes mature on March 1, 2023
and bear interest at 6% per annum. In the event that the Company issues and sells shares of its Equity Securities to Investors prior
to the maturity date of the Series 2021A Notes in an equity financing with total proceeds to the Company of not less than $10,000,000
in a Qualified Financing, then the outstanding principal amount of the Series 2021A Notes and any unpaid accrued interest shall automatically
convert in whole without any further action by the holders into Equity Securities sold in the Qualified Financing at a conversion price
equal to the lesser of (i) the price paid per share for Equity Securities by the Investors in the Qualified Financing multiplied by 0.80,
and (ii) the quotient resulting from dividing $10,000,000 by the pre-split number of outstanding shares of the common stock of the Company
immediately prior to the Qualified Financing (assuming conversion of all securities convertible into common stock and exercise of all
outstanding options and warrants, including all shares of common stock reserved and available for future grant under any equity incentive
or similar plan of the Company, and/or any equity incentive or similar plan created or increased in connection with Qualified Financing,
and including the shares of equity securities of the Company issued for capital raising purposes (e.g., Simple Agreements for Future
Equity)). The issuance of Equity Securities pursuant to the conversion of the Series 2021A Notes shall be upon and subject to the same
terms and conditions applicable to Equity Securities sold in the Qualified Financing. The Series 2021A Notes also provide for a change
of control repayment premium similar to the terms of the Series 2019 Notes (see above paragraph). In connection with the sale of the
Series 2021A Notes, the Company issued 156,000 warrants with a term of 10 years and an exercise price of $0.80 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.5pt"><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: 31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 20, 2021, the Company issued an aggregate of 5,633,689 shares of common stock upon the conversion of outstanding notes.</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: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt">During the year ended December
31, 2021, we granted options to purchase up to 736,500 shares of our common stock to our officers and options to purchase up to 292,500
shares of our common stock to members of our board of directors and our scientific advisors.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt">In March and April 2021,
we entered into a series of unsecured convertible promissory notes with both related and unrelated parties in the aggregate principal
amount of $260,000. Of the $260,000 principal amount, we received $200,000 in cash proceeds and issued $60,000 in notes in exchange for
services.</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; text-indent: 31.5pt">On April 14, 2022, the
Company issued 26,315 shares of common stock to a third party in consideration for services provided to the Company.</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: 31.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
deemed the offers, sales and issuances of the securities described above to be exempt from registration under the Securities Act in reliance
on Section 4(a)(2) of the Securities Act, including Regulation D and Rule 506 promulgated thereunder, relative to transactions by an
issuer not involving a public offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 31.7pt"><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"><b>&#160;</b></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"><b>Item
16. Exhibits and Financial Statement Schedules</b></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>

<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>EXHIBIT
INDEX</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>

<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="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; 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: center"><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">1.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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="ex1-1.htm">Form of Underwriting Agreement</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">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-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/1873835/000149315221032048/ex3-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
    Amended and Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 to the Company&#8217;s Current Report
    on Form 8-K filed with the SEC on December 20, 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">3.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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/1873835/000149315221032048/ex3-2.htm" style="-sec-extract: exhibit">Amended
    and Restated Bylaws (Incorporated by reference to Exhibit 3.2 to the Company&#8217;s Current Report on Form 8-K filed with
    the SEC on December 20, 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">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-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/1873835/000149315221024809/ex4-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Stock Certificate evidencing the shares of common stock (Incorporated by reference to Exhibit 4.1 to the Company&#8217;s Registration Statement on Form S-1 filed with the SEC on October 6, 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">4.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-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="ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Representative&#8217;s Warrant</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">5.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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="ex5-1.htm">Opinion of Sheppard, Mullin, Richter &amp; Hampton LLP</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">10.1+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-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/1873835/000149315221024809/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021 Equity Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company&#8217;s Registration Statement on Form S-1 filed with the SEC on October 6, 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">10.2+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-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/1873835/000149315221024809/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indemnification Agreement with directors and executive officers (Incorporated by reference to Exhibit 10.2 to the Company&#8217;s Registration Statement on Form S-1 filed with the SEC on October 6, 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">10.3#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-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/1873835/000149315221024809/ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IP License Agreement by and between the Company and Immix Biopharma Australia Pty Ltd dated January 23, 2017 (Incorporated by reference to Exhibit 10.3 to the Company&#8217;s Registration Statement on Form S-1 filed with the SEC on October 6, 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">10.4+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-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/1873835/000149315221024809/ex10-4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016 Equity Incentive Plan (Incorporated by reference to Exhibit 10.4 to the Company&#8217;s Registration Statement on Form S-1 filed with the SEC on October 6, 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">10.5+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-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/1873835/000149315221024809/ex10-5.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement by and between the Company and Ilya Rachman dated June 18, 2021 (Incorporated by reference to Exhibit 10.5 to the Company&#8217;s Registration Statement on Form S-1 filed with the SEC on October 6, 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">10.6+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-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/1873835/000149315221024809/ex10-6.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Services Agreement by and between the Company and Alwaysraise LLC, dated March 18, 2021 (Incorporated by reference to Exhibit 10.6 to the Company&#8217;s Registration Statement on Form S-1 filed with the SEC on October 6, 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">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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/1873835/000149315221024809/ex10-7.htm" style="-sec-extract: exhibit">Master Service Agreement by and between the Company and AxioMx, Inc. dated December 22, 2014 (Incorporated by reference to Exhibit 10.7 to the Company&#8217;s Registration Statement on Form S-1 filed with the SEC on October 6, 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">10.8#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-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/1873835/000149315221025617/ex10-8.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clinical Collaboration and Supply Agreement by and between the Company and BeiGene Switzerland GmbH dated August 20, 2021 (Incorporated by reference to Exhibit 10.8 to the Company&#8217;s Registration Statement on Form S-1 filed with the SEC on October 15, 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">23.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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="ex23-1.htm">Consent of KMJ Corbin &amp; Company LLP, independent registered public accounting firm</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">23.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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="ex5-1.htm">Consent of Sheppard, Mullin, Richter &amp; Hampton, LLP (included in Exhibit 5.1)</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">24.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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="#ag_001">Power of Attorney (included on the signature page of this registration statement)</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">107*</td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#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"><a href="ex107.htm">Filing Fee Table</a></p></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"><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-top: 0pt; margin-bottom: 0pt; text-align: justify"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+
Indicates a management contract or any compensatory plan, contract or arrangement.</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">#
Pursuant to Item 601(b)(10) of Regulation S-K, certain confidential portions of this exhibit were omitted by means of marking such portions
with an asterisk because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly
disclosed.</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>

<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"></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
Statement Schedules</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"><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-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"><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>Item
17. Undertakings</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>

<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">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"><span style="font-family: 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 <span style="background-color: white">Immix Biopharma, Inc.</span> pursuant to the foregoing provisions, or otherwise, <span style="background-color: white">Immix
    Biopharma, Inc. </span>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 <span style="background-color: white">Immix Biopharma, Inc.</span> of expenses incurred or paid by a director,
    officer or controlling person of <span style="background-color: white">Immix Biopharma, Inc.</span> 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, <span style="background-color: white">Immix Biopharma, Inc. </span>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>
  </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>

<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">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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; 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">
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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">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 <span style="background-color: white">Immix
    Biopharma, Inc. </span>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">
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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)</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</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"><b>&#160;</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; 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">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 City of Los Angeles, State of California, on the 27<sup>th
</sup>day of May, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; 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"><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"><b>IMMIX
    BIOPHARMA, INC.</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>
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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; width: 3%"><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; width: 47%"><p style="margin: 0"><i>/s/
                                            Ilya Rachman</i></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">&#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">Ilya
    Rachman</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Chief
    Executive Officer <i>(Principal Executive Officer)</i></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; background-color: white"><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; 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: 0; text-align: justify; background-color: white"><span style="background-color: white">KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Ilya Rachman, his true and lawful
attorney-in-fact and agent with full power of substitution and re-substitution, for him and in his name, place and stead, in any and
all capacities to sign any or all amendments (including, without limitation, post-effective amendments) to this Registration Statement,
any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and any or all pre- or
post-effective amendments thereto, and to file the same, with all exhibits thereto, and all other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform
each and every act and thing requisite and necessary to be done in and about the premises, as fully for all intents and purposes as he
or she might or could do in person, hereby ratifying and confirming that said attorney-in-fact and agent, or any substitute or substitutes
for him, may lawfully do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities Act of 1933, as amended,
the following persons in the capacities and on the dates indicated have signed this Registration Statement below.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span id="ag_001"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-1 has been signed by the following
persons in the capacities and on the dates indicated below.</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>

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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 48%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title</b></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="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date</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; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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></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; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>/s/
                                            Ilya Rachman</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer and Chairman</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">May
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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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ilya
    Rachman</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Principal
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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: center"><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">&#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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>/s/
                                            Gabriel Morris</i></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">Chief
    Financial Officer and Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    27, 2022</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabriel
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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"><i>(Principal
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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: center"><span 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; vertical-align: top"><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: top"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top; text-align: center"><span 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="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>/s/
                                            Jason Hsu</i></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top; text-align: center"><span 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; vertical-align: top"><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: top"><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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top; text-align: center"><span 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="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>/s/
                                            Magda Marquet</i></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Magda
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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: top"><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">&#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">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>/s/
                                            Helen C. Adams</i></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">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; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    27, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Helen
    C. Adams</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">&#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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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: top"><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">&#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">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>/s/
                                            Carey Ng</i></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">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; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    27, 2022</span></td></tr>
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    Ng</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">&#160;</span></td>
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    <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"><span style="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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>/s/
                                            Jane Buchan</i></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">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; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    27, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane
    Buchan</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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">&#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>
  </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>


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{"company-data": {"conformed-name": "Immix Biopharma, Inc.", "cik": "0001873835", "assigned-sic": "2834", "irs-number": "454869378", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-265292", "film-number": "22978323"}, "business-address": {"street1": "11400 WEST OLYMPIC BLVD.", "street2": "SUITE 200", "city": "LOS ANGELES", "state": "CA", "zip": "90064", "phone": "(888) 958-1084"}, "mail-address": {"street1": "10573 W. PICO BLVD.", "street2": "#58", "city": "LOS ANGELES", "state": "CA", "zip": "90064"}}
As
filed with the U.S. Securities and Exchange Commission on
May 27, 2022.
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
S-1
REGISTRATION
STATEMENT
UNDER
THE SECURITIES ACT OF 1933
IMMIX
BIOPHARMA, INC.
(Exact
Name of Registrant as Specified in its Charter)
Delaware
2834
45-4869378
(State
                                            or other jurisdiction of
incorporation
    or organization)
(Primary
                                            Standard Industrial
Classification
    Code Number)
(I.R.S.
                                            Employer
Identification
    Number)
11400
West Olympic Blvd.
,
Suite 200
Los
Angeles
,
CA
90064
(310)
651-8041
(Address,
including zip code, and telephone number, including area code, of Registrant's principal executive offices)
Ilya
Rachman, MD PhD
Chief
Executive Officer
11400
West Olympic Blvd.
,
Suite 200
Los
Angeles
,
CA
90064
(310)
651-8041
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Jeffrey
                                            J. Fessler, Esq.
Nazia
    J. Khan, Esq.
Sheppard,
    Mullin, Richter & Hampton LLP
30
    Rockefeller Plaza
New
    York, NY 10112-0015
Tel.:
    (212) 653-8700
Gabriel
                                            Morris
Chief
    Financial Officer
11400
    West Olympic Blvd., Suite 200
Los
    Angeles, CA 90064
Tel.:
    (310) 651-8041
Anthony
                                            J. Marsico, Esq.
Anthony
    Epps, Esq.
Dorsey
    & Whitney LLP
51
    West 52
nd
Street
New
    York, NY 10019-6119
Tel.:
    (212) 415-9200
Approximate
date of commencement of proposed sale to the public:
As soon as practicable after the effective date hereof.
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 earliest 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 earliest 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 contained 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 these securities
and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
PRELIMINARY
    PROSPECTUS
SUBJECT
    TO COMPLETION
DATED
    MAY 27, 2022
1,683,502
Shares
Common
Stock
Immix
Biopharma, Inc.
We
are offering 1,683,502 shares of our common stock at an assumed public offering price of $2.97 per share, the last reported
sale price of our common stock as reported on The Nasdaq Capital Market on May 26, 2022. The actual public offering price per
share of common stock will be determined between us and the underwriters at the time of pricing and may be at a discount to this assumed
offering price. Therefore, the assumed public offering price used throughout this prospectus may not be indicative of the final offering
price.
Our
common stock is listed on The Nasdaq Capital Market under the symbol "IMMX."
We
are an "emerging growth company" as that term is used in the Jumpstart Our Business Startups Act of 2012 and, as such, have
elected to comply with certain reduced public company reporting requirements.
Investing
in our common stock is highly speculative and involves a high degree of risk. See "
Risk Factors
" beginning on
page 14 of this prospectus for a discussion of information that should be considered in connection with an investment in our common
stock.
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 Share
Total
Price to the public
$
$
Underwriting discounts and commissions
$
$
Proceeds to us (before expenses)
(1)
$
$
(1)
Underwriting
    discounts and commissions do not include a non-accountable expense allowance equal to 0.75% of the public offering price payable
    to the underwriters. We refer you to "Underwriting" beginning on page 121 of this prospectus for additional information
    regarding underwriting compensation.
We
have granted the underwriters a 45-day option to purchase up to 252,525 additional shares of common stock from us at the offering
price, less the underwriting discount to cover over-allotments, if any, assuming a public offering price of $2.97 per share, the
last reported sale price of our common stock as reported on The Nasdaq Capital Market on May 26, 2022.
The
underwriters expect to deliver our shares in the offering on or about          , 2022.
ThinkEquity
The
date of this prospectus is             , 2022
-
2
-
TABLE
OF CONTENTS
Page
PROSPECTUS SUMMARY
4
RISK FACTORS
14
INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
42
INDUSTRY AND MARKET DATA
43
USE OF PROCEEDS
43
DIVIDEND POLICY
44
CAPITALIZATION
44
DILUTION
45
MANAGEMENT'S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
47
BUSINESS
54
MANAGEMENT
100
EXECUTIVE AND DIRECTOR COMPENSATION
107
CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS
112
PRINCIPAL STOCKHOLDERS
114
DESCRIPTION OF CAPITAL STOCK
115
MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF OUR COMMON STOCK
118
UNDERWRITING
121
LEGAL MATTERS
125
EXPERTS
125
WHERE YOU CAN FIND MORE INFORMATION
125
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 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 consolidated financial statements and related notes included elsewhere in this prospectus. In this prospectus, unless context
requires otherwise, references to "we," "us," "our," "IMMX" "ImmixBio" "Immix
Biopharma," or "the Company" refer to Immix Biopharma, Inc. and its subsidiary.
Overview
We
are a clinical-stage biopharmaceutical company developing a novel class of Tissue-Specific Therapeutics ("TSTx")
TM
in
oncology and inflammation. Our lead asset, IMX-110, is currently in Phase 1b/2a clinical trials for solid tumors in the United States
and Australia. IMX-110 is a negatively-charged TSTx that simultaneously disables resistance pathways with a poly-kinase inhibitor (which
inhibits multiple kinases simultaneously), and induces tumor cell death with an apoptosis inducer (which activates apoptosis, a non-inflammatory
programmed cell death pathway), leveraging our TME Normalization
TM
Technology, delivered deep into the tumor micro-environment
("TME"). Our proprietary System Multi-Action RegulaTors SMAR
x
T Tissue-Specific
TM
Platform produces
drugs that accumulate at intended therapeutic sites at 3-5 times the rate of conventional medicines. Our TME Normalization™ Technology
allows our drug candidates to circulate in the bloodstream, exit through tumor blood vessels and simultaneously attack all components
of the TME. As of the date of this prospectus, we have not generated any revenues. Since inception, we have devoted substantially all
of our resources to developing product and technology rights, conducting research and development, organizing and staffing our Company,
business planning and raising capital.
Our
Lead Product Candidate
IMX-110,
currently in Phase 1b/2a clinical trials, is a Tissue-Specific Therapeutic
TM
with TME Normalization
TM
, a technology
that we are developing initially for soft tissue sarcoma ("STS"). Tumor growth is sustained by hypoxia (low oxygen concentration)
and acidosis (an excessively acidic condition) which produce recurring waves of activation of multiple kinases that upregulate NF-κB,
STAT3 and other key transcriptional factors which cause recurrent inflammation. This inflammatory environment activates the TME to provide
metabolic and structural support to the tumor and to recruit Treg T-cells (immune cells suppressing immune response) to suppress anti-tumor
immune response. IMX-110's poly-kinase inhibitor polyphenol curcuminoid complex ("PCC"), halts this fundamental tumor-sustaining
inflammation by blocking multiple kinases and interfering with NF-κB and STAT3 activation, interrupting the positive feedback loop
underlying the inflammatory cycle. With tumor-sustaining inflammation halted, IMX-110's apoptosis inducer (Polyethylene glycol
– phosphatidylethanolamine ("PEG-PE")-doxorubicin complex) is then able to induce tumor cell death where conventional
therapies have been hampered by resistance caused by NF-κB and STAT3 activation.
As
of April 2022, we have treated 14 patients in our ongoing Phase 1b/2a clinical trial in the United States and Australia. 100%
of these patients received between 3 and 13 lines of therapy prior to IMX-110. Zero drug-related serious adverse events and zero dose
interruptions due to toxicity have been observed in our Phase 1b/2a clinical trial to date. In our trial, we observed radiological progression-free-survival
of 6 months in 50% of our STS patients, with a 4-month median progression free survival ("mPFS") across all STS patients.
mPFS is the time that patients live without their cancer progressing. The trial includes patients with leiomyosarcoma, carcinosarcoma,
poorly differentiated soft tissue sarcoma, cholangiocarcinoma, colorectal cancer, prostate cancer, pancreatic cancer, esophageal cancer,
breast cancer, and nasopharyngeal cancer.
In
August 2021, we entered into a Clinical Collaboration and Supply Agreement with BeiGene Ltd. ("BeiGene") for a combination
Phase 1b clinical trial in solid tumors of IMX-110 and anti-PD-1 Tislelizumab (the subject of a collaboration and license agreement among
BeiGene and Novartis). In genetic mouse models of pancreatic cancer, IMX-110 has demonstrated an immunomodulation effect, turning "cold"
tumors "hot," and, in combination with murine anti-PD-1, IMX-110 produced extended survival versus multi-drug combinations.
The goal of this study is to demonstrate the potential for TSTx to be an integral component of combination therapies for a wide range
of advanced solid tumors.
-
4
-
In
September 2021, the United States Food and Drug Administration ("FDA") granted Orphan Drug Designation ("ODD")
to IMX-110 for the treatment of soft tissue sarcoma. If a product that has ODD subsequently receives the first FDA approval for the disease
for which it has such designation, the product is entitled to orphan drug exclusive approval (or exclusivity), which means that the FDA
may not approve any other applications to market the same drug for the same indication for 7 years (except in limited circumstances,
such as a showing of clinical superiority to the product with orphan drug exclusivity).
Our
Other Candidates
Our
SMAR
x
T Tissue-Specific
TM
Platform has produced additional drug candidates which share design and chemistry, manufacturing
and controls ("CMC") processes with our lead candidate, resulting in tolerability profiles that may be similar to our lead
product candidate, as well as regulatory agency familiarity, and a consistent multi-target therapeutic approach.
IMX-111
is a Tissue-Specific Biologic
TM
built on our TME Normalization
TM
Technology with proprietary GLUT1 antibody biomarker
targeting coupled with our poly-kinase inhibitor / apoptosis inducer. IMX-111 takes advantage of the fact that GLUT1 is an essential
cancer biomarker that is overexpressed on 92% of colorectal cancer cells and other tumor types. Furthermore, the degree of its overexpression
correlates with more advanced stages of tumor progression. Building on the well-tolerated profile of our lead candidate from our ongoing
clinical trial, IMX-111 is the first cancer therapeutic to take advantage of GLUT1 overexpression in cancer.
IMX-120
is a Tissue-Specific Biologic
TM
built on our Immune Normalization Technology
TM
for inflammatory bowel disease with
proprietary GLUT1 antibody biomarker targeting coupled with polyphenol poly-kinase inhibitors. IMX-120 takes advantage of the fact that
overexpression and activation of GLUT1 on overactive immune cells has been shown to be widely present in patients with inflammatory bowel
diseases ("IBD"). Similar to tumor growth, the inflammatory processes active in IBD are caused by recurring waves of activation
of multiple kinases that upregulate NF-κB, STAT3 and other key transcriptional factors. IMX-120's polyphenol poly-kinase
inhibitors block upstream kinase signal transduction systems that activate NF-κB and STAT3. GLUT1 presents an ideal targeting moiety
(component of a drug) for these overactive immune cells, allowing for tissue-specific delivery of IMX-120.
Other
than IMX-110, the FDA has not given any indication as to whether any of our other product candidates will receive ODD.
Figure
1: Our Pipeline
-
5
-
Our
Platform and Technologies
Our
SMAR
x
T Tissue-Specific Platform consists of 3 pillars: first, System-Tissue Biology Model Development, which allows us to
develop robust mechanisms of action in complex pathologies; second, Purpose-Built Physical Biochemistry Engine, which allows us to generate
actionable drug candidates; and third, Predictive Valuation Framework, which allows us to conduct highly predictive Investigational New
Drug ("IND")-enabling activities. The application of this platform in oncology is TME Normalization
TM
Technology,
and in inflammation is Immune Normalization
TM
Technology.
The
TME is made up of a tightly packed mass of: 1) cancer associated fibroblasts ("CAFs"), 2) tumor-associated macrophages/immune
cells ("TAMs"), and 3) cancer itself. The TME's biophysical properties include regions of varying degrees of hypoxia,
acidosis and an immunosuppressive milieu. As cancer cells outgrow their blood supply, the resulting hypoxia and acidosis shift their
metabolism towards glycolysis, lactate and lipids. This, in turn, shapes the responses of proximal fibroblasts and resident immune cells.
Fibroblasts begin to secrete lactate that is taken up by nearby cancer cells and consumed as fuel. Lactate in the TME reprograms the
macrophages toward the M2 "tolerant" pro-inflammatory phenotype that drives immunosuppression. At the same time, the TME
hypoxia produces increased levels of reactive oxygen species that enhance tumorigenicity (tendency to form tumors) and immunosuppressive
functions of Treg T-cells, as well as resistance to immune drugs such as PD-1/PD-L1 inhibitors. Our TME Normalization
TM
Technology
reverses the hypoxia- and acidosis-activated genetic programs in every cellular component of the TME, "normalizing" the TME,
and reactivating apoptosis cell death pathways. This technology offers an attractive opportunity to reshape the pathological niche that
is the TME and overcome the critical factors that have hampered available treatments to date.
Our
TME Normalization
TM
Technology causes tumor apoptosis, a non-inflammatory tumor-cell death (instead of necroptosis, which
results in repeat reignition of the inflammatory cascade leading to tumor progression). Thus, when the inflammatory cascade is inhibited,
tumor resistance can be suppressed, enabling tumor cell apoptosis by ImmixBio therapies.
Figure
2: TME Normalization
TM
Technology
-
6
-
Our
Strategy
Our
strategy is to capitalize on the clinical progress already made to-date by our lead drug candidate and extend the SMAR
x
T Tissue-Specific
TM
Platform to capture market share across multiple indications, initially in oncology and inflammation.
We
plan to treat an additional 30 STS patients in our Phase 2a trial with IMX-110 as a first-line therapy. We expect our Phase 2a trial
to require around 24 months after the first patient is dosed in 2022. Our rationale for IMX-110 as a first-line therapy in STS is the
following:
●
encouraging
    clinical trial mPFS (4 month mPFS) data and tolerability data in our IMX-110 Phase 1b dose escalation trial;
●
we
    have identified precedent FDA clinical trial design for a first-line treatment; and
●
interest
    from leading STS principal investigators ("PIs").
Given
IMX-110's novel feature of co-delivery of a resistance-suppressing poly-kinase inhibitor with an apoptosis inducer, we believe
IMX-110 can be used for treatment-resistant STS and other advanced, treatment-resistant cancers.
We
believe IMX-110 can become a first-line therapy in STS and multiple other solid tumors, improving tolerability and progression free survival,
while providing an alternative to conventional doxorubicin, a current first-line therapy initially approved for medical use in the United
States in 1974.
Furthermore,
IMX-110 represents a paradigm shift away from a focus on cytotoxic or targeted therapies alone which, while produce initial tumor shrinkage,
simultaneously activate pathways that lead to cancer relapse and treatment resistance.
Additionally,
pursuant to our Clinical Collaboration and Supply Agreement with BeiGene, we plan to conduct an up to 30-patient combination Phase 1b
clinical trial in solid tumors of IMX-110 and anti-PD-1 Tislelizumab (the subject of a collaboration and license agreement among BeiGene
and Novartis). We plan to dose the first patient in this trial in 2022.
-
7
-
With
respect to our additional 2 drug candidates, we plan to conduct IND-enabling studies for IMX-111 by mid-2022, pursuing advanced colorectal
cancer as the initial indication. We anticipate filing an IND for IMX-111 in 2023. We plan to conduct IND-enabling studies for IMX-120
by mid-2022, pursuing ulcerative colitis and severe Crohn's disease indications. We anticipate filing an IND for IMX-120 in 2023.
Our
Market Opportunity
STS
is a rare cancer that begins in the tissues that connect, support, and surround the body structures. These tissues include muscle, fat,
blood vessels, tendons, nerves and joint linings. The global STS market is estimated to reach approximately $6.5 billion by 2030 from
the estimated $2.9 billion in 2019. Globally, there are roughly 116,000 new cases of STSs each year, of which 21,500 are in the European
Union and 40,500 are in China. According to the American Cancer Society, there were roughly 13,000 new cases of STS in the United States
during 2020. Approximately 160,000 people live with soft tissue cancers in the United States.
Colorectal
cancers are cancers that arise from the colon, rectum and anus. The colorectal cancer market is estimated to reach approximately $31.2
billion by 2025 from the estimated $26.3 billion in 2019. According to the American Cancer Society, there were roughly 149,500 new cases
of colorectal cancer in the United States. Globally, there are roughly 1,930,000 new cases of colorectal cancer each year, of which 519,500
are in Europe, 148,500 are in Japan, 20,500 are in Australia and New Zealand, and 555,000 are in China.
Inflammatory
bowel disease is a complex disease with many contributing factors, primarily caused by an overactive immune system. Ulcerative colitis
and Crohn's disease are two of the most common forms of inflammatory bowel disease. The inflammatory bowel disease market is expected
to reach $21.4 billion by 2024 from the existing $18.4 billion in 2019. Inflammatory bowel disease is estimated to affect over 2,000,000
people in the United States and over 5,000,000 people globally.
Our
Team
We
have assembled an outstanding management team to develop Tissue-Specific Therapeutics ("TSTx")
TM
for patients
with cancer and inflammatory diseases. Members of our management team have experience leading organizations that have run clinical trials,
raised significant capital, been involved in several multimillion-dollar strategic transactions, and advanced multiple oncology therapeutics
from early-stage research to clinical trials, ultimately to regulatory approval and commercialization. Our team's select accomplishments
include:
-
Our
    Chief Executive Officer is a MD/PhD physician/scientist who co-founded ImmixBio in 2012 after serving as a clinical investigator
    for drugs produced by GlaxoSmithKline and Eli Lilly. At ImmixBio, he raised funding from family offices and venture capital funds,
    recruited our team and designed and oversaw our clinical trials.
-
Our
    Chief Medical Officer and Head of Clinical Development is an experienced pharmaceutical physician executive with a successful track
    record at Roche/Genentech, AstraZeneca, and GlaxoSmithKline of development and post-marketing activities of a number of cancer therapeutics,
    including pertuzumab in breast cancer indications (marketed as PERJETA® by Roche) and other therapeutics.
-
Our
    Chief Financial Officer previously raised $81 million as the interim Chief Financial Officer of Zap Surgical Systems, a brain radiosurgery
    company. Prior, he participated in greater than $50 billion in completed transactions, responsible for cross-border mergers and acquisitions
    transactions at Goldman Sachs & Co. and other global investment banks.
-
Our
    Head of Chemistry, Manufacturing, and Control was previously VP - Manufacturing and Supply Chain Operations for Jazz Pharmaceuticals,
    Zosano Pharma, Talon Therapeutics, Connetics Pharmaceuticals, and ALZA Corp, and is a pharmaceutical executive with extensive CMC
    experience in organizations ranging from start-ups to large pharmaceutical companies.
-
Our
    Scientific Co-founder is University Distinguished Professor of Pharmaceutical Sciences and Director, Center for Pharmaceutical Biotechnology
    and Nanomedicine, Northeastern University, Boston, and prior Massachusetts General Hospital/Harvard Medical School Head of Chemistry
    Program, Center for Imaging and Pharmaceutical Research. In 2011, Times Higher Education ranked him number 2 among top world scientists
    in pharmacology for the period of 2000-2010.
-
8
-
We
are supported by our advisors who are leading experts in oncology and inflammation, including Larry Norton, MD, Senior Vice President,
Office of the President; Medical Director, Evelyn H. Lauder Breast Center, Memorial Sloan Kettering Cancer Center, and Professor of Medicine,
Weill-Cornell Medical College; Galit Lahav, PhD, Novartis Professor of Systems Biology and Department Chair, Systems Biology at Harvard
Medical School; and George W. Sledge, MD, Professor and former Chief of Medical Oncology at Stanford University Medical Center. Our arrangements
with these individuals do not entitle us to any of their existing or future intellectual property derived from their independent research
or research with other third parties.
Our
board of directors includes Magda Marquet, PhD who co-founded Althea Technologies and guided Althea to acquisition by Ajinomoto, a global
Japanese company and leader in amino acid technology, Jane Buchan, PhD, who co-founded PAAMCO in 2000 which under her leadership grew
to $32 billion in assets under management, and Carey Ng, PhD, a Managing Director of Mesa Verde Venture Partners and Member of the Investment
Committee, whose invested portfolio companies have been acquired by Merck & Co., Abbvie, Takeda, Supernus, and Exact Sciences.
Recent Developments
On
September 30, 2021, we announced that FDA has granted ODD for IMX-110 for the treatment of connective tissue
cancer Soft Tissue Sarcoma. ODD provides certain benefits, including financial incentives, to support clinical development and the potential
for up to 7 years of market exclusivity in the U.S. upon regulatory approval.
On
December 20, 2021, we completed our initial public offering and sold 4,200,000 shares of our common stock for gross proceeds of $21 million
and on January 5, 2022 we sold an additional 630,000 shares of our common stock for gross proceeds of $3.15 million (the "IPO")
upon exercise of the over-allotment option by ThinkEquity LLC, our underwriter.
On
January 3, 2022, we announced that the FDA has granted Rare Pediatric Disease ("RPDD") designation for IMX-110 for
the treatment of a life-threatening form of pediatric cancer in children, rhabdomyosarcoma. RPDD qualifies us to receive fast track review
and a priority review voucher ("PRV") at the time of marketing approval of IMX-110.
On
January 12, 2022, we announced that IMX-110 produced 50% positive response rate in First-Line-Therapy-Resistant Cancer, surpassing the
standard of care in mice study. IMX-110 produced a 50% response rate after 1 cycle of treatment as a monotherapy in first-line-therapy-resistant
cancer – soft tissue sarcoma (STS) mice study, surpassing standard of care doxorubicin's response rate of 0% after 1 cycle
of treatment in the same study.
On
January 19, 2022, we announced that 100% of patients treated with IMX-110 completed planned treatment cycles without drug-related interruptions
in its ongoing Phase 1b/2a clinical trial. Historically, 43-67% of patients have completed planned treatment cycles with approved drugs
used to treat STS according to Demetri et al., 2016, and Schöffski et al., 2016.
On
January 25, 2022, we announced that IMX-110 + anti-PD-1 combination produced extended median survival in a genetic pancreatic cancer
mouse model. IMX-110 + anti-PD-1 produced 63-day median survival in a genetic ("KPC") pancreatic cancer mouse model
in which mice develop their own pancreatic cancer and have an intact immune system Historically, 42-days is the median survival produced
by a 4-drug combination of 2 chemotherapies and 2 immunotherapies in the same genetic pancreatic cancer mouse model according to Winograd
et al., 2015.
On
January 31, 2022, we announced initiation of IMX-110 Good Manufacturing Practice (GMP) Manufacturing Scale-Up.
On
February 22, 2022, we announced initiation of GMP Manufacturing of IMX-120, a biologic for inflammatory bowel disease.
On
May 9, 2022, we authorized a share repurchase program to acquire up to $1 million of our common stock.
On
May 20, 2022, we announced that IMX-110 demonstrated improved survival over U.S. FDA approved drug Trabectedin (sold as YONDELIS ®
by Janssen, a Johnson & Johnson company) in connective tissue cancer soft tissue sarcoma mice study. One cycle of IMX-110 produced
75% survival vs. 0% survival for Trabectedin.
Summary
of Risk Factors
Our
business is subject to a number of risks of which you should be aware of before making an investment decision. These risks are discussed
more fully in the "
Risk Factors
" section of this prospectus immediately following this prospectus summary. 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
    need significant additional financing to fund our operations and complete the development and, if approved, the commercialization
    of our product candidates. If we are unable to raise capital when needed, we could be forced to delay, reduce or eliminate our product
    development programs or commercialization efforts.
●
Raising
    additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to
    our product candidates on unfavorable terms to us.
●
We
    have a limited number of product candidates, all which are still in early clinical or pre-clinical development. If we do not obtain
    regulatory approval of one or more of our product candidates, or experience significant delays in doing so, our business will be
    materially adversely affected.
●
Clinical
    trials are expensive, time consuming, difficult to design and implement, and involve uncertain outcomes. Results of previous pre-clinical
    studies and clinical trials may not be predictive of future results, and the results of our current and planned clinical trials may
    not satisfy the requirements of the FDA or other regulatory authorities.
●
We
    may find it difficult to enroll patients in our clinical trials given the limited number of patients who have the diseases for which
    our product candidates are being studied which could delay or prevent the start of clinical trials for our product candidates.
●
Our
    product candidates may have undesirable side effects that may delay or prevent marketing approval or, if approval is received, require
    them to be taken off the market, require them to include safety warnings or otherwise limit their sales.
●
We
    are dependent on third parties for manufacturing and marketing of our product candidates. If we are not able to secure favorable
    arrangements with such third parties or the third parties upon whom we rely do not perform, including failure to perform to our specifications
    or comply with applicable regulations, our business and financial condition could be harmed.
●
If
    any of our product candidates receive regulatory approval, the approved products may not achieve broad market acceptance among physicians,
    patients, the medical community and third-party payors, in which case revenue generated from their sales would be limited.
●
Even
    if we receive regulatory approval to commercialize any of the product candidates that we develop, we will be subject to ongoing regulatory
    obligations and continued regulatory review, which may result in significant additional expense.
-
9
-
●
If
    any product liability lawsuits are successfully brought against us, we may incur substantial liabilities and may be required to limit
    commercialization of our product candidates.
●
Current
    and future legislation may increase the difficulty and cost for us to obtain marketing approval of and commercialize our product
    candidates and affect the prices we may obtain for such product candidates. If we fail to comply with regulations, we could face
    substantial enforcement actions, including civil and criminal penalties and our business, operations and financial condition could
    be adversely affected.
●
If
    the market opportunities for our current and potential future product candidates are smaller than we believe they are, our ability
    to generate product revenue may be adversely affected and our business may suffer.
●
Our
    products will face significant competition, and if they are unable to compete successfully, our business will suffer.
●
Any
    international operations we undertake may subject us to risks inherent with operations outside of the United States.
●
We
    may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed alleged trade
    secrets.
●
Our
                                            intellectual property may not be sufficient to protect our product candidates from competition,
                                            which may negatively affect our business. We may incur substantial costs as a result of litigation
                                            or other proceedings relating to patents and other intellectual property rights.
●
We
                                            are currently listed on The Nasdaq Capital Market. If we are unable to maintain listing of
                                            our securities on Nasdaq or any stock exchange, our stock price could be adversely affected
                                            and the liquidity of our stock and our ability to obtain financing could be impaired and
                                            it may be more difficult for our stockholders to sell their securities.
●
Substantial
                                            amounts of our outstanding shares may be sold into the market when lock-up or market standoff
                                            periods end. If there are substantial sales of shares of our common stock, the price of our
                                            common stock could decline.
●
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.
Corporate
Information
We
were incorporated as a California limited liability company in 2012 and converted to a Delaware corporation in January 2014. In August
2016, we established a wholly-owned Australian subsidiary, Immix Biopharma Australia Pty Ltd., in order to conduct various pre-clinical
and clinical activities for the development of our product candidates. Our principal executive offices are located at 11400 West Olympic
Blvd., Suite 200, Los Angeles, CA 90064 and our telephone number is (310) 651-8041. Our website address is
www.immixbio.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 purchase our common shares.
Implications
of Being an Emerging Growth Company and a Smaller Reporting Company
As
a company with less than $1.07 billion in revenues during our last fiscal year, we qualify as an emerging growth company as defined in
the JOBS Act. As an emerging growth company, we expect to take advantage of reduced reporting requirements that are otherwise applicable
to public companies. These provisions include, but are not limited to:
●
being
    permitted to present only two years of audited financial statements, in addition to any required unaudited interim financial statements,
    with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations"
    disclosure in this prospectus;
●
not
    being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended ("Sarbanes-Oxley
    Act");
●
reduced
    disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements;
●
exemptions
    from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute
    payments not previously approved; and
-
10
-
●
an
    exemption from compliance with the requirements of the Public Company Accounting Oversight Board regarding the communication of critical
    audit matters in the auditor's report on financial statements.
We
may use these provisions until the last day of our fiscal year following the fifth anniversary of the completion of our IPO. However,
if certain events occur prior to the end of such five-year period, including if we become a "large accelerated filer," our
annual gross revenues exceed $1.07 billion or we issue more than $1.0 billion of non-convertible debt in any three-year period, we will
cease to be an emerging growth company prior to the end of such five-year period.
The
JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised
accounting standards. As an emerging growth company, we intend to take advantage of an extended transition period for complying with
new or revised accounting standards as permitted by the JOBS Act. As a result of the accounting standards election, we will not be subject
to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies,
which may make comparison of our financial statements to those of other public companies more difficult.
To
the extent that we continue to qualify as a "smaller reporting company," as such term is defined in Rule 12b-2 under the
Securities Exchange Act of 1934, as amended ("Exchange Act"), after we cease to qualify as an emerging growth company, certain
of the exemptions available to us as an emerging growth company may continue to be available to us as a smaller reporting company, including:
●
not
    being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes Oxley Act;
●
scaled
    executive compensation disclosures; and
●
the
    requirement to provide only two years of audited financial statements, instead of three years.
-
11
-
THE
OFFERING
Shares
    being offered
1,683,502
shares of common stock at an assumed
    public offering price of $2.97 per share, the last reported sale price of our common stock as reported on The Nasdaq Capital
    Market on May 26, 2022.
Underwriters'
    over-allotment option
We
    have granted the underwriters a 45 day option from the date of this prospectus to purchase up to an additional 252,525 shares
    of common stock (15% of the total number of shares of common stock to be offered by us in the offering).
Number
    of shares of common stock to be outstanding after this offering (1)
15,568,506
shares (or 15,821,031 shares if the underwriters
    exercise the option to purchase additional shares in full).
Use
    of proceeds
We
    expect to receive net proceeds, after deducting underwriting discounts and commissions and estimated expenses payable by us, of approximately
    $4.3 million (or approximately $5.0 million if the underwriters exercise their option to purchase additional shares
    in full), assuming a public offering price of $2.97 per share, the last reported sale price of our common stock on The Nasdaq
    Capital Market on May 26, 2022. We intend to use the net proceeds from this offering to fund additional patients enrolled
    into our planned IMX-110 Phase 2a clinical trial in STS and additional patients across various solid tumors enrolled into our IMX-110
    + tislelizumab Phase 1b combination trial, and for working capital and other general corporate purposes. We may also use a portion
    of the net proceeds to in-license, acquire or invest in complementary businesses or products, however, we have no current commitments
    or obligations to do so. See "Use of Proceeds" for a more complete description of the intended use of proceeds from this
    offering.
Risk
    factors
Investing
    in our common stock involves a high degree of risk. See "Risk Factors" beginning on page 14, and the other information
    included in this prospectus for a discussion of factors you should consider carefully before deciding to invest in our common stock.
Nasdaq
    Capital Market Symbol
"IMMX"
(1
)
The number of shares of our common stock to be outstanding after this offering is based on 13,885,004 shares of our common stock outstanding
as of May 26, 2022, and excludes as of that date:
●
1,332,234
shares of common stock issuable upon exercise of
stock options at a weighted-average exercise price of $1.57 per share;
●
397,500
shares of common stock issuable upon exercise
    of warrants at a weighted-average exercise price of $4.11 per share;
●
1,328,886
shares of common stock reserved for future issuance
    under our 2016 and 2021 Equity Incentive Plans; and
●
42,088
shares of common stock (or 48,401 shares
    if the representative exercises its over-allotment option in full) issuable upon exercise of warrants to be issued to the representative
    of the underwriters as part of this offering at an exercise price of $3.71 (assuming a public offering price of $2.97
    per share, the last reported sale price of our common stock as reported on The Nasdaq Capital Market on May 26, 2022).
Unless
otherwise indicated, all information in this prospectus assumes:
●
no
exercise of the warrants described above; and
●
no
    exercise by the underwriters of their option to purchase an additional 252,525 shares of common stock to cover over-allotments,
    if any.
-
12
-
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 consolidated financial statements included
elsewhere in this prospectus. The summary statement of operations data for the three months ended March 31, 2022
and 2021 and the summary balance sheet data as of March 31, 2022 have been derived from our unaudited consolidated
financial statements included elsewhere in this prospectus. The following summary financial data should be read with "Management's
Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated 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 three months ended March 31, 2022 are not necessarily indicative of
the results that may be expected for the full fiscal year.
Statement
of Operations Data:
Years Ended
December 31,
Three
Months
                                            Ended
March
                                            31,
(unaudited)
2021
2020
2022
2021
Operating expenses:
Research and development
$
126,527
$
248,149
$
629,531
$
24,840
General and administrative expenses
1,225,487
205,703
700,507
137,680
Loss from operations
(1,352,014
)
(453,852
)
(1,330,038
)
(162,250
)
Interest expense
(179,853
)
(101,976
)
(388
)
(27,544
)
Change in fair value of derivative liability
(22,759,829
)
(575,000
)
—
(825,000
)
Loss on debt extinguishment
(86,170
)
—
—
—
Other income
—
512
—
—
Provision for income taxes
(6,013
)
(17,547
)
(1,622
)
(1,591
)
Net loss
$
(24,383,879
)
$
(1,147,863
)
$
(1,332,048
)
$
(1,016,655
)
Net loss per share, basic and diluted
$
(6.64
)
$
(0.34
)
$
(0.10
)
$
(0.30
)
Weighted-average shares used in computing net loss per common share, basic
    and diluted
3,672,611
3,375,000
13,830,374
3,375,000
Balance
Sheet Data:
As
                                            of March 31, 2022
(unaudited)
Actual
Pro
    Forma (1)
Pro
                                            Forma As
Adjusted (2)
Cash
$
19,060,684
$
19,001,277
$
23,284,493
Working capital
19,647,337
19,647,337
23,930,553
Total assets
20,017,498
19,958,091
24,241,307
Note payable
50,000
-
-
Total stockholders' equity
19,652,412
19,652,412
23,935,628
(1) The Pro forma balance sheet gives
effect to the repayment on May 26, 2022 of the outstanding note payable and related accrued interest in the amount of $59,407  as of March 31, 2022.
(2)
The pro forma as adjusted balance sheet data
gives further effect to our sale of 1,683,502 shares of common stock in this offering assuming a public offering price
of $2.97 per share, the last reported sale price of our common stock on The Nasdaq Capital Market on May 26, 2022,
after deducting underwriting discounts and commissions and estimated offering expenses payable by us. The pro forma as adjusted
balance sheet data is illustrative only and will change based on the actual public offering price and other terms of this offering determined
at pricing.
-
13
-
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
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
are a clinical-stage biopharmaceutical company focused on developing a novel class of TSTx in oncology and inflammation. Investment in
biopharmaceutical product development is highly speculative because it entails substantial upfront capital expenditures and significant
risk that a product candidate will fail to prove effective, gain regulatory approval or become commercially viable. We do not have any
products approved by regulatory authorities and have not generated any revenues from collaboration or licensing agreements or product
sales to date, and have incurred significant research, development and other expenses related to our ongoing operations and expect to
continue to incur such expenses. As a result, we have not been profitable and have incurred significant operating losses since our inception.
For the years ended December 31, 2021 and 2020, we reported net losses of $24,383,879 and $1,147,863, respectively. For the three
months ended March 31, 2022, we reported a net loss of $1,332,048. As of December 31, 2021 and March 31, 2022, we had an accumulated
deficit of $29,755,534 and $31,087,582, respectively.
We
do not expect to generate revenues for many years, if at all. We expect to continue to incur significant expenses and operating losses
for the foreseeable future. We anticipate these losses to increase as we continue to research, develop and seek regulatory approvals
for our current product candidates and any additional product candidates we may acquire, and potentially begin to commercialize product
candidates that may achieve regulatory approval. We may also encounter unforeseen expenses, difficulties, complications, delays and other
unknown factors that may adversely affect our business. The size of our future net losses will depend, in part, on the rate of future
growth of our expenses and our ability to generate revenues. Our expenses will further increase as we:
●
conduct
    pre-clinical and clinical trials of our product candidates;
●
in-license
    or acquire the rights to, and pursue development of, other products, product candidates or technologies;
●
hire
    additional clinical, manufacturing, quality control, quality assurance and scientific personnel;
●
seek
    marketing approval for any product candidates that successfully complete clinical trials;
●
establish
    sales, marketing and distribution capabilities, if we receive, or expect to receive, marketing approval for any product candidates;
●
maintain,
    expand and protect our intellectual property portfolio; and
●
add
    operational, financial and management information systems and personnel.
We
need significant additional financing to fund our operations and complete the development and, if approved, the commercialization of
our product candidates. If we are unable to raise capital when needed, we could be forced to delay, reduce or eliminate our product development
programs or commercialization efforts.
We
believe the net proceeds of this offering, together with our existing cash, will be sufficient to meet our cash, operational and liquidity
requirements for at least 12 months after the date of this prospectus; however, such cash will not be sufficient to complete development
and obtain regulatory approval for our product candidates, and we will need to raise significant additional capital to help us do so.
In addition, our operating plan may change as a result of many factors currently unknown to us, and we may need additional funds sooner
than planned.
-
14
-
We
expect to expend substantial resources for the foreseeable future to continue the clinical development and manufacturing of our product
candidates. These expenditures will include costs associated with research and development, potentially acquiring new product candidates
or technologies, conducting pre-clinical studies and clinical trials and potentially obtaining regulatory approvals and manufacturing
products, as well as marketing and selling products approved for sale, if any.
Additional
funds may not be available when we need them on terms that are acceptable to us, or at all. We have no committed source of additional
capital. If adequate funds are not available to us on a timely basis, we may not be able to continue as a going concern or we may be
required to delay, limit, reduce or terminate pre-clinical studies, clinical trials or other development activities for our product candidates
or target indications, or delay, limit, reduce or terminate our establishment of sales and marketing capabilities or other activities
that may be necessary to commercialize our product candidates.
Raising
additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our
product candidates on unfavorable terms to us.
We
may seek additional capital through a variety of means, including through private and public equity offerings and debt financings, collaborations,
strategic alliances and marketing, distribution or licensing arrangements. To the extent that we raise additional capital through the
sale of equity or convertible debt securities, or through the issuance of shares under management or other types of contracts, or upon
the exercise or conversion of outstanding derivative securities, the ownership interests of our stockholders will be diluted, and the
terms of such financings may include liquidation or other preferences, anti-dilution rights, conversion and exercise price adjustments
and other provisions that adversely affect the rights of our stockholders, including rights, preferences and privileges that are senior
to those of our holders of common stock in the event of a liquidation. In addition, debt financing, if available, could include covenants
limiting or restricting our ability to take certain actions, such as incurring additional debt, making capital expenditures, entering
into licensing arrangements, or declaring dividends and may require us to grant security interests in our assets, including our intellectual
property. If we raise additional funds through collaborations, strategic alliances, or marketing, distribution or licensing arrangements
with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, products or product candidates
or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings
when needed, we may need to curtail or cease our operations.
We
currently have no source of revenues. We may never generate revenues or achieve profitability.
Currently,
we do not generate any revenues from product sales or otherwise. Even if we are able to successfully achieve regulatory approval for
our product candidates, we do not know when we will generate revenues or become profitable, if at all. Our ability to generate revenues
from product sales and achieve profitability will depend on our ability to successfully commercialize products, including our current
product candidates and other product candidates that we may develop, in-license or acquire in the future. Our ability to generate revenues
and achieve profitability also depends on a number of additional factors, including our ability to:
●
successfully
    complete development activities, including the necessary clinical trials;
●
complete
    and submit either Biologics License Applications ("BLAs") or New Drug Applications ("NDAs") to the FDA and
    obtain U.S. regulatory approval for indications for which there is a commercial market;
●
complete
    and submit applications to foreign regulatory authorities;
●
obtain
    regulatory approval in territories with viable market sizes;
●
obtain
    coverage and adequate reimbursement from third parties, including government and private payors;
●
set
    commercially viable prices for our products, if any;
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15
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●
establish
    and maintain supply and manufacturing relationships with reliable third parties, legally globally compliant manufacturing of bulk
    drug substances and drug products to maintain that supply;
●
develop
    distribution processes for our product candidates;
●
develop
    commercial quantities of our product candidates, if approved, at acceptable cost levels;
●
obtain
    additional funding if required to develop and commercialize our product candidates;
●
develop
    sales, marketing and distribution capabilities for products we intend to sell;
●
achieve
    market acceptance of our products;
●
attract,
    hire and retain qualified personnel; and
●
protect
    our intellectual property rights.
Our
revenues for any product candidates for which regulatory approval is obtained will be dependent, in part, upon the size of the markets
in the territories for which it gains regulatory approval, the accepted price for the products, the ability to get reimbursement at any
price, and whether we own the commercial rights for that territory. If the number of our addressable disease patients is not as significant
as our estimates, the indication approved by regulatory authorities is narrower than we expect, or the reasonably accepted population
for treatment is narrowed by competition, physician choice or treatment guidelines, we may not generate significant revenues from sales
of such products, even if approved. In addition, we anticipate incurring significant costs associated with commercializing any approved
product candidates. As a result, even if we generate revenues, we may not become profitable and may need to obtain additional funding
to continue operations. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be
unable to continue our operations at planned levels and may be forced to reduce our operations.
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 $1,875,000. 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.
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16
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Risks
Relating to the Development and Regulatory Approval of Our Product Candidates
We
have a limited number of product candidates, all which are still in early clinical or pre-clinical development. If we do not obtain regulatory
approval of one or more of our product candidates, or experience significant delays in doing so, our business will be materially adversely
affected.
We
currently have no products approved for sale or marketing in any country, and may never be able to obtain regulatory approval for any
of our product candidates. As a result, we are not currently permitted to market any of our product candidates in the United States or
in any other country until we obtain regulatory approval from the FDA or regulatory authorities outside the United States. Our product
candidates are in early stages of development and we have not submitted an application, or received marketing approval, for any of our
product candidates.
Obtaining
regulatory approval of our product candidates will depend on many factors, including, but not limited to, the following:
●
successfully
    completing formulation and process development activities;
●
completing
    clinical trials that demonstrate the efficacy and safety of our product candidates;
●
receiving
    marketing approval from applicable regulatory authorities;
●
establishing
    commercial manufacturing capabilities; and
●
launching
    commercial sales, marketing and distribution operations.
Many
of these factors are wholly or partially beyond our control, including clinical advancement, the regulatory submission process and changes
in the competitive landscape. If we do not achieve one or more of these targets in a timely manner, we could experience significant delays
or may be unable to develop our product candidates at all, which may have a material adverse effect on our business and results of operations.
Clinical
trials are expensive, time consuming, difficult to design and implement, and involve uncertain outcomes. Results of previous pre-clinical
studies and clinical trials may not be predictive of future results, and the results of our current and planned clinical trials may not
satisfy the requirements of the FDA or other regulatory authorities.
Positive
or timely results from pre-clinical or early-stage trials do not ensure positive or timely results in late-stage clinical trials or product
approval by the FDA or comparable foreign regulatory authorities. We will be required to demonstrate with substantial evidence through
well-controlled clinical trials that our product candidates are safe and effective for use in a diverse population before we can seek
regulatory approvals for their commercialization. Our planned clinical trials may produce negative or inconclusive results, and we or
any of our current and future strategic partners may decide, or regulators may require us, to conduct additional clinical or pre-clinical
testing.
Success
in pre-clinical studies or early-stage clinical trials does not mean that future clinical trials or registration clinical trials will
be successful because product candidates in later-stage clinical trials may fail to demonstrate sufficient safety and efficacy to the
satisfaction of the FDA and foreign regulatory authorities, despite having progressed through pre-clinical studies and initial clinical
trials. Product candidates that have shown promising results in early clinical trials may still suffer significant setbacks in subsequent
clinical trials or registration clinical trials. For example, a number of companies in the biopharmaceutical industry, including those
with greater resources and experience than us, have suffered significant setbacks in advanced clinical trials, even after obtaining promising
results in earlier clinical trials. Similarly, pre-clinical interim results of a clinical trial are not necessarily predictive of final
results.
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If
clinical trials for our product candidates are prolonged, delayed or stopped, we may be unable to obtain regulatory approval and commercialize
our product candidates on a timely basis, or at all, which would require us to incur additional costs and delay our receipt of any product
revenue.
We
may experience delays in our ongoing or future pre-clinical studies or clinical trials, and we do not know whether future pre-clinical
studies or clinical trials will begin on time, need to be redesigned, enroll an adequate number of patients or be completed on schedule,
if at all. The commencement or completion of these planned clinical trials could be substantially delayed or prevented by many factors,
including, but not limited to:
●
discussions
    with the FDA or other regulatory agencies regarding the scope or design of our clinical trials;
●
the
    limited number of, and competition for, suitable sites to conduct our clinical trials, many of which may already be engaged in other
    clinical trial programs, including some that may be for the same indication as our product candidates;
●
any
    delay or failure to obtain approval or agreement to commence a clinical trial in any of the countries where enrollment is planned;
●
inability
    to obtain sufficient funds required for a clinical trial;
●
clinical
    holds on, or other regulatory objections to, a new or ongoing clinical trial;
●
delay
    or failure to manufacture sufficient supplies of product candidates for our clinical trials;
●
delay
    or failure to reach agreement on acceptable clinical trial agreement terms or clinical trial protocols with prospective sites or
    clinical research organizations ("CROs"), the terms of which can be subject to extensive negotiation and may vary significantly
    among different sites or CROs;
●
delay
    or failure to obtain institutional review board ("IRB") approval to conduct a clinical trial at a prospective site;
●
slower
    than expected rates of patient recruitment and enrollment;
●
failure
    of patients to complete the clinical trial;
●
the
    inability to enroll a sufficient number of patients in studies to ensure adequate statistical power to detect statistically significant
    treatment effects;
●
unforeseen
    safety issues, including severe or unexpected drug-related adverse effects experienced by patients, including possible deaths;
●
lack
    of efficacy during clinical trials;
●
termination
    of our clinical trials by one or more clinical trial sites;
●
inability
    or unwillingness of patients or clinical investigators to follow our clinical trial protocols;
●
inability
    to monitor patients adequately during or after treatment;
●
clinical
    study sites failing to comply with regulatory requirements or meet their contractual obligations to us in a timely manner, or at
    all, deviating from the protocol or dropping out of a study;
●
inability
    to address any non-compliance with regulatory requirements or safety concerns that arise during the course of a clinical trial;
●
the
    need to repeat or terminate clinical trials as a result of inconclusive or negative results or unforeseen complications in testing;
    and
●
our
    clinical trials may be suspended or terminated upon a breach or pursuant to the terms of any agreement with, or for any other reason
    by, current or future strategic partners that have responsibility for the clinical development of any of our product candidates.
Changes
in regulatory requirements, policies and guidelines may also occur and we may need to significantly amend clinical trial protocols to
reflect these changes with appropriate regulatory authorities. These changes may require us to renegotiate terms with CROs or resubmit
clinical trial protocols to IRBs for re-examination, which may impact the costs, timing or successful completion of a clinical trial.
Our clinical trials may be suspended or terminated at any time by the FDA, other regulatory authorities, the IRB overseeing the clinical
trial at issue, any of our clinical trial sites with respect to that site, or us. Any failure or significant delay in commencing or completing
clinical trials for our product candidates may adversely affect our ability to obtain regulatory approval and our commercial prospects
and our ability to generate product revenue will be diminished.
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The
design or our execution of clinical trials may not support regulatory approval.
The
design or execution of a clinical trial can determine whether its results will support regulatory approval and flaws in the design or
execution of a clinical trial may not become apparent until the clinical trial is well advanced. In some instances, there can be significant
variability in safety or efficacy results between different trials of the same product candidate due to numerous factors, including changes
in trial protocols, differences in size and type of the patient populations, adherence to the dosing regimen and other trial protocols
and the rate of dropout among clinical trial participants. We do not know whether any clinical trials we may conduct will demonstrate
consistent or adequate efficacy and safety to obtain regulatory approval to market our product candidates.
Further,
the FDA and comparable foreign regulatory authorities have substantial discretion in the approval process and in determining when or
whether regulatory approval will be obtained for any of our product candidates. Our product candidates may not be approved even if they
achieve their primary endpoints in future clinical trials. The FDA or foreign regulatory authorities may disagree with our trial design
and our interpretation of data from pre-clinical studies and clinical trials. In addition, any of these regulatory authorities may change
requirements for the approval of a product candidate even after reviewing and providing comments or advice on a protocol for clinical
trial that has the potential to result in FDA or other agencies' approval. In addition, such regulatory authorities may also approve
a product candidate for fewer or more limited indications than we request or may grant approval contingent on the performance of costly
post-marketing clinical trials. The FDA or foreign regulatory authorities may not approve the labeling claims that we believe would be
necessary or desirable for the successful commercialization of our product candidates which may have a material adverse effect on our
business.
We
may find it difficult to enroll patients in our clinical trials given the limited number of patients who have the diseases for which
our product candidates are being studied which could delay or prevent the start of clinical trials for our product candidates.
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 candidates, 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 candidates 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, including any new drugs that may be approved for the indications we are investigating;
●
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 CROs and/or with other vendors that handle our clinical trials.
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We
may not be able to initiate or continue to support clinical trials of our product candidates for one or more indications, 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 candidates 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 candidates, the commercial prospects
of our product candidates could be harmed, and our ability to generate product revenue from any of our product candidates 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.
Our
product candidates may have undesirable side effects that may delay or prevent marketing approval or, if approval is received, require
them to be taken off the market, require them to include safety warnings or otherwise limit their sales; no regulatory agency has made
any such determination that any of our product candidates are safe or effective for use by the general public for any indication.
All
of our product candidates are still in pre-clinical or early clinical development. Additionally, all of our product candidates are required
to undergo ongoing safety testing in humans as part of clinical trials. Consequently, not all adverse effects of drugs can be predicted
or anticipated. Unforeseen side effects from any of our product candidates could arise either during clinical development or, if approved
by regulatory authorities, after the approved product has been marketed. Therefore, the results from clinical trials may not demonstrate
a favorable safety profile in humans. The results of future clinical trials may show that our product candidates cause undesirable or
unacceptable side effects, which could interrupt, delay or halt clinical trials, and result in delay of, or failure to obtain, marketing
approval from the FDA or foreign regulatory authorities, or result in marketing approval from the FDA or foreign regulatory authorities
with restrictive label warnings, limited patient populations or potential product liability claims. Even if we believe that our clinical
trial and pre-clinical studies demonstrate the safety and efficacy of our product candidates, only the FDA and other comparable regulatory
agencies may ultimately make such determination. No regulatory agency has made a determination that any of our product candidates are
safe or effective for any indication.
If
any of our product candidates receive marketing approval and we or others later identify undesirable or unacceptable side effects caused
by such products:
●
regulatory
    authorities may require us to take our approved product off the market;
●
regulatory
    authorities may require the addition of labeling statements, specific warnings, and/or a contraindication or field alerts to physicians
    and pharmacies;
●
we
    may be required to change the way the product is administered, conduct additional clinical trials or change the labeling of the product;
●
we
    may be subject to limitations on how we may promote the product;
●
sales
    of the product may decrease significantly;
●
we
    may be subject to litigation or product liability claims; and
●
our
    reputation may suffer.
Any
of these events could prevent us from achieving or maintaining market acceptance of the affected product or could substantially increase
commercialization costs and expenses, which in turn could delay or prevent us from generating revenue from the sale of any future products.
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20
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We
are dependent on third parties for manufacturing and marketing of our product candidates. If we are not able to secure favorable arrangements
with such third parties, our business and financial condition could be harmed.
We
will not manufacture any of our product candidates for commercial sale nor do we have the resources necessary to do so. In addition,
we currently do not have the capability to market our drug products ourselves. In addition to our internal sales force efforts, we have
contracted with and intend to continue to contract with specialized manufacturing companies to manufacture our product candidates. In
connection with our efforts to commercialize our product candidates, we will seek to secure favorable arrangements with third parties
to distribute, promote, market and sell our product candidates. If our internal sales force is unable to successfully distribute, market
and promote our product candidates and we are not able to secure favorable commercial terms or arrangements with third parties for the
distribution, marketing, promotion and sales of our product candidates, we may have to retain promotional and marketing rights and seek
to develop the commercial resources necessary to promote or co-promote or co-market certain or all of our drug candidates to the appropriate
channels of distribution in order to reach the specific medical market that we are targeting. We may not be able to enter into any partnering
arrangements on this or any other basis. If we are not able to secure favorable partnering arrangements, or are unable to develop the
appropriate resources necessary for the commercialization of our product candidates, our business and financial condition could be harmed.
In
addition, we, or our potential commercial partners, may not successfully introduce our product candidates or such candidates may not
achieve acceptance by patients, health care providers and insurance companies. Further, it is possible that we may not be able to secure
arrangements to manufacture, market, distribute, promote and sell our proposed product candidates at favorable commercial terms that
would permit us to make a profit. To the extent that corporate partners conduct clinical trials, we may not be able to control the design
and conduct of these clinical trials.
If
a third-party contract manufacturing organization ("CMO") upon whom we rely to formulate and manufacture our product candidates
does not perform, fails to manufacture according to our specifications or fails to comply with strict regulations, our pre-clinical studies
or clinical trials could be adversely affected and the development of our product candidates could be delayed or terminated or we could
incur significant additional expenses.
We
do not own or operate any manufacturing facilities. We rely on and intend to continue to rely on CMOs to formulate and manufacture our
pre-clinical and clinical materials. Our reliance on a CMO exposes us to a number of risks, any of which could delay or prevent the completion
of our pre-clinical studies or clinical trials, or the regulatory approval or commercialization of our product candidates, result in
higher costs, or deprive us of potential product revenues. Some of these risks include:
●
our
    CMO failing to develop an acceptable formulation to support later-stage clinical trials for, or the commercialization of, our product
    candidates;
●
our
    CMO failing to manufacture our product candidate according to our specifications, the FDA's current good manufacturing practice
    ("cGMP") requirements, or otherwise manufacturing material that we, the FDA or other regulatory agencies may deem to
    be unsuitable in our clinical trials;
●
our
    CMO being unable to increase the scale of, increase the capacity for, or reformulate the form of our product candidates. We may experience
    a shortage in supply, or the cost to manufacture our products may increase to the point where it may adversely affect the cost of
    our product candidates. We cannot assure you that our CMO will be able to manufacture our product candidates at a suitable scale,
    or we will be able to find alternative manufacturers acceptable to us that can do so;
●
our
    CMO placing a priority on the manufacture of their own products, or other customers' products;
●
our
    CMO failing to perform as agreed upon or not remain in business; and
●
our
    CMO's plants being closed as a result of regulatory sanctions, natural disasters, health epidemics or otherwise.
Manufacturers
of pharmaceutical products are subject to ongoing periodic inspections by the FDA, the U.S. Drug Enforcement Administration and corresponding
state and foreign agencies to ensure strict compliance with FDA mandated cGMP, other government regulations and corresponding foreign
standards. While we are obligated to audit their performance, we do not have control over our CMO's compliance with these regulations
and standards. Failure by any of our CMOs, or us, to comply with applicable regulations could result in sanctions being imposed on us
or the CMOs. These sanctions may include fines, injunctions, civil penalties, failure of the government to grant pre-market approval
of drugs, delays, suspension or withdrawal of approvals, seizures or recalls of product, operating restrictions and criminal prosecutions,
any of which could significantly and adversely affect our business.
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21
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In
the event that we need to change our CMOs, our pre-clinical studies, clinical trials or the commercialization of our product candidates
could be delayed, adversely affected or terminated, or such a change may result in significantly higher costs.
Various
steps in the manufacture of our product candidates may need to be sole-sourced. In accordance with cGMP, changing manufacturers may require
the re-validation of manufacturing processes and procedures, and may require further pre-clinical studies or clinical trials to show
comparability between the materials produced by different manufacturers. Changing our current or future CMOs may be difficult for us
and could be costly, which could result in our inability to manufacture our product candidates for an extended period of time and therefore
a delay in the development of our product candidates. Further, in order to maintain our development time lines in the event of a change
in our CMOs, we may incur significantly higher costs to manufacture our product candidates.
We
may have conflicts with our future partners that could delay or prevent the development or commercialization of our product candidates.
We
may have conflicts with our future partners, such as conflicts concerning the interpretation of pre-clinical or clinical data, the achievement
of milestones, the interpretation of contractual obligations, payments for services, development obligations or the ownership of intellectual
property developed during our collaboration. If any conflicts arise with any of our partners, such partner may act in a manner that is
adverse to our best interests. Any such disagreement could result in one or more of the following, each of which could delay or prevent
the development or commercialization of our product candidates, and in turn prevent us from generating revenues: unwillingness on the
part of a partner to pay us milestone payments or royalties we believe are due to us under a collaboration; uncertainty regarding ownership
of intellectual property rights arising from our collaborative activities, which could prevent us from entering into additional collaborations;
unwillingness by the partner to cooperate in the development or manufacture of the product, including providing us with product data
or materials; unwillingness on the part of a partner to keep us informed regarding the progress of its development and commercialization
activities or to permit public disclosure of the results of those activities; initiating of litigation or alternative dispute resolution
options by either party to resolve the dispute; or attempts by either party to terminate the agreement.
We
may not be able to conduct, or contract others to conduct, animal testing in the future, which could harm our research and development
activities.
Certain
laws and regulations relating to drug development require us to test our drug candidates on animals before initiating clinical trials
involving humans. Animal testing activities have been the subject of controversy and adverse publicity. Animal rights groups and other
organizations and individuals have attempted to stop animal testing activities by pressing for legislation and regulation in these areas
and by disrupting these activities through protests and other means. To the extent the activities of these groups are successful, our
research and development activities may be interrupted or delayed.
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22
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If
any of our product candidates receive regulatory approval, the approved products may not achieve broad market acceptance among physicians,
patients, the medical community and third-party payors, in which case revenue generated from their sales would be limited.
The
commercial success of our product candidates will depend upon their acceptance among physicians, patients and the medical community.
The degree of market acceptance of our product candidates will depend on a number of factors, including:
●
limitations
    or warnings contained in the approved labeling for a product candidate;
●
changes
    in the standard of care for the targeted indications for any of our product candidates;
●
limitations
    in the approved clinical indications for our product candidates;
●
demonstrated
    clinical safety and efficacy compared to other products;
●
lack
    of significant adverse side effects;
●
sales,
    marketing and distribution support;
●
availability
    of coverage and reimbursement amounts from managed care plans and other third-party payors;
●
timing
    of market introduction and perceived effectiveness of competitive products;
●
the
    cost-effectiveness of our product candidates;
●
availability
    of alternative products at similar or lower cost, including generic and over-the-counter products;
●
the
    extent to which the product candidate is approved for inclusion on formularies of hospitals and managed care organizations;
●
whether
    the product is designated under physician treatment guidelines as a first-line therapy or as a second- or third-line therapy for
    particular diseases;
●
whether
    the product can be used effectively with other therapies to achieve higher response rates;
●
adverse
    publicity about our product candidates or favorable publicity about competitive products;
●
convenience
    and ease of administration of our products; and
●
potential
    product liability claims.
If
any of our product candidates are approved, but do not achieve an adequate level of acceptance by physicians, patients and the medical
community, we may not generate sufficient revenue from these products, and we may not become or remain profitable. In addition, efforts
to educate the medical community and third-party payors on the benefits of our product candidates may require significant resources and
may never be successful.
Even
if we receive regulatory approval to commercialize any of the product candidates that we develop, we will be subject to ongoing regulatory
obligations and continued regulatory review, which may result in significant additional expense.
Any
regulatory approvals that we receive for our product candidates may be subject to limitations on the approved indicated uses for which
the product may be marketed or subject to certain conditions of approval, and may contain requirements for potentially costly post-approval
trials, including Phase 4 clinical trials, and surveillance to monitor the safety and efficacy of the marketed product.
For
any approved product, we will be subject to ongoing regulatory obligations and extensive oversight by regulatory authorities, including
with respect to manufacturing processes, labeling, packaging, distribution, adverse event reporting, storage, advertising, promotion
and recordkeeping for the product. These requirements include submissions of safety and other post-approval information and reports,
as well as continued compliance with cGMP and current good clinical practice ("cGCP") for any clinical trials that we conduct
post- approval. Later discovery of previously unknown problems with a product, including adverse events of unanticipated severity or
frequency, or with third-party manufacturers or manufacturing processes, or failure to comply with regulatory requirements, may result
in, among other things:
●
restrictions
    on the marketing or manufacturing of the product;
●
withdrawal
    of the product from the market or voluntary or mandatory product recalls;
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23
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●
fines,
    warning letters or holds on clinical trials;
●
refusal
    by the FDA, European Medicines Agency ("EMA") or another competent regulatory authority to approve pending applications
    or supplements to approved applications filed by us, or suspension or revocation of product license approvals;
●
product
    seizure or detention, or refusal to permit the import or export of products; and
●
injunctions
    or the imposition of civil or criminal penalties.
Occurrence
of any of the foregoing could have a material and adverse effect on our business and results of operations. Further, the FDA's
or other regulatory authority's policies may change and additional government regulations may be enacted that could prevent, limit
or delay regulatory approval of our product candidates. If we are slow or unable to adapt to changes in existing requirements or the
adoption of new requirements or policies, or if we are not able to maintain regulatory compliance, we may lose any marketing approval
that we may have obtained, which could adversely affect our business, prospects and ability to achieve or sustain profitability.
If
any product liability lawsuits are successfully brought against us, we may incur substantial liabilities and may be required to limit
commercialization of our product candidates.
We
face an inherent risk of product liability lawsuits related to the testing of our product candidates in seriously ill patients, and will
face an even greater risk if product candidates are approved by regulatory authorities and commercialized. Product liability claims may
be brought against us by participants enrolled in our clinical trials, patients, health care providers or others using, administering
or selling any of our future approved products. If we cannot successfully defend ourselves against any such claims, we may incur substantial
liabilities. Regardless of their merit or eventual outcome, liability claims may result in:
●
decreased
    demand for any future approved products;
●
injury
    to our reputation;
●
withdrawal
    of clinical trial participants;
●
termination
    of clinical trial sites or entire trial programs;
●
increased
    regulatory scrutiny;
●
significant
    litigation costs;
●
substantial
    monetary awards to or costly settlement with patients or other claimants;
●
product
    recalls or a change in the indications for which products may be used;
●
loss
    of revenue;
●
diversion
    of management and scientific resources from our business operations; and
●
the
    inability to commercialize our product candidates.
If
any of our product candidates are approved for commercial sale, we will be highly dependent upon consumer perceptions of us and the safety
and quality of our products. We could be adversely affected if we are subject to negative publicity. We could also be adversely affected
if any of our products or any similar products distributed by other companies prove to be, or are asserted to be, harmful to patients.
Because of our dependence upon consumer perceptions, any adverse publicity associated with illness or other adverse effects resulting
from patients' use or misuse of our products or any similar products distributed by other companies could have a material adverse
impact on our financial condition or results of operations.
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24
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Insurance
coverage is becoming increasingly expensive. As a result, we may be unable to maintain or obtain sufficient insurance at a reasonable
cost to protect us against losses that could have a material adverse effect on our business. A successful product liability claim or
series of claims brought against us, particularly if judgments exceed any insurance coverage we may have, could decrease our cash resources
and adversely affect our business, financial condition and results of operation.
Current
and future legislation may increase the difficulty and cost for us to obtain marketing approval of and commercialize our product candidates
and affect the prices we may obtain for such product candidates.
In
the United States and some foreign jurisdictions, there have been a number of legislative and regulatory changes and proposed changes
regarding the healthcare system that could prevent or delay marketing approval for our product candidates, restrict or regulate post-approval
activities and affect our ability to profitably sell our product candidates. Legislative and regulatory proposals have been made to expand
post-approval requirements and restrict sales and promotional activities for pharmaceutical products. We do not know whether additional
legislative changes will be enacted, or whether the FDA regulations, guidance or interpretations will be changed, or what the impact
of such changes on the marketing approvals of our product candidates, if any, may be. In addition, increased scrutiny by the U.S. Congress
of the FDA's approval process may significantly delay or prevent marketing approval, as well as subject us to more stringent product
labeling and post-marketing testing and other requirements.
In
the United States, the Medicare Modernization Act ("MMA") changed the way Medicare covers and pays for pharmaceutical products.
The legislation expanded Medicare coverage for drug purchases by the elderly and introduced a new reimbursement methodology based on
average sales prices for drugs. In addition, this legislation authorized Medicare Part D prescription drug plans to use formularies where
they can limit the number of drugs that will be covered in any therapeutic class. As a result of this legislation and the expansion of
federal coverage of drug products, we expect that there will be additional pressure to contain and reduce costs. These cost reduction
initiatives and other provisions of this legislation could decrease the coverage and price that we receive for our product candidates
and could seriously harm our business. While the MMA applies only to drug benefits for Medicare beneficiaries, private payors often follow
Medicare coverage policy and payment limitations in setting their own reimbursement rates, and any reduction in reimbursement that results
from the MMA may result in a similar reduction in payments from private payors.
The
Patient Protection and Affordable Care Act, as amended by the Health Care and Education Affordability Reconciliation Act of 2010 (collectively,
the "Health Care Reform Law") is a sweeping law intended to broaden access to health insurance, reduce or constrain the growth
of healthcare spending, enhance remedies against fraud and abuse, add new transparency requirements for healthcare and health insurance
industries, impose new taxes and fees on the health industry and impose additional health policy reforms. The Health Care Reform Law
revised the definition of "average manufacturer price" for reporting purposes, which could increase the amount of Medicaid
drug rebates to states. Further, the law imposed a significant annual fee on companies that manufacture or import branded prescription
drug products.
The
Health Care Reform Law remains subject to legislative efforts to repeal, modify or delay the implementation of the law. However, if the
Health Care Reform Law is repealed or modified, or if implementation of certain aspects of the Health Care Reform Law are delayed, such
repeal, modification or delay may materially adversely impact our business, strategies, prospects, operating results or financial condition.
We are unable to predict the full impact of any repeal, modification or delay in the implementation of the Health Care Reform Law on
us at this time. Due to the substantial regulatory changes that will need to be implemented by the Centers for Medicare & Medicaid
Services and others, and the numerous processes required to implement these reforms, we cannot predict which healthcare initiatives will
be implemented at the federal or state level, the timing of any such reforms, or the effect such reforms or any other future legislation
or regulation will have on our business.
In
addition, other legislative changes have been proposed and adopted in the United States since the Health Care Reform Law was enacted.
We expect that additional federal healthcare reform measures will be adopted in the future, any of which could limit the amounts that
federal and state governments will pay for healthcare products and services, and in turn could significantly reduce the projected value
of certain development projects and reduce or eliminate our profitability.
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If
we fail to comply with healthcare regulations, we could face substantial enforcement actions, including civil and criminal penalties
and our business, operations and financial condition could be adversely affected.
As
a company involved in the healthcare industry, our business activities are subject to substantial governmental regulation. There are
significant costs involved in complying with these laws and regulations. If we are found to have violated any applicable laws or regulations,
we could be subject to civil or criminal damages, fines, sanctions or penalties, including exclusion from participation in government
healthcare programs, such as Medicare, and we may be required to change our method of operations and business strategy. A federal, state,
local or foreign government could determine that we are not operating in accordance with the law, or whether, when or how the laws, or
the interpretation thereof, will change in the future and impact our business, financial condition, cash flows and results of operations.
Any of these possibilities, if they occur, could adversely affect us.
The
laws to which we will be subject and which could impact our business activities include the following.
●
federal
    and state healthcare program anti-kickback laws (including the federal Anti-Kickback Statute and Civil Monetary Penalties Law) prohibit
    among other things, persons from soliciting, receiving or providing remuneration, directly or indirectly, to induce either the referral
    of an individual, for an item or service or the purchasing or ordering of a good or service, for which payment may be made under
    federal healthcare programs such as the Medicare and Medicaid programs. Such anti-kickback laws can be implicated by, among other
    activities, marketing arrangements with ordering providers, discount or rebate programs or other inducements to purchase our products.
    Violation of these laws can result in criminal prosecution and imposition of criminal penalties and fines, as well civil monetary
    penalties and multiple damage judgments, and exclusion from participation in federal healthcare programs;
●
the
    Omnibus Budget Reconciliation Act of 1993 (42 U.S.C. § 1395nn) (the "Stark Law") prohibit referrals by ordering
    by a physician of "designated health services" which include pharmaceuticals and drugs that are payable, in whole or
    in part, by Medicare or Medicaid, to an entity in which the physician or the physician's immediate family member has an investment
    interest or other financial relationship, subject to several exceptions. Financial relationships that are implicated by the Stark
    Law can include arrangements ranging from marketing arrangements and consulting agreements to medical director agreements with physicians
    who order our products. The Stark Law also prohibits billing for services rendered pursuant to a prohibited referral. Several states
    have enacted laws similar to the Stark Law. These state laws may cover all (not just Medicare and Medicaid) patients. Many federal
    healthcare reform proposals in the past few years have attempted to expand the Stark Law to cover all patients as well. If we violate
    the Stark Law, our financial results and operations could be adversely affected. Penalties for violations include denial of payment
    for the services, significant civil monetary penalties, and exclusion from the Medicare and Medicaid programs;
●
federal
    false claims laws which prohibit, among other things, individuals or entities from knowingly presenting, or causing to be presented,
    claims for payment from Medicare, Medicaid, or other third-party payers that are false or fraudulent, and which may apply to entities
    like us which provide coding and billing information to customers;
●
the
    federal Health Insurance Portability and Accountability Act of 1996, the Health Information and Technology for Economic and Clinical
    Health Act and their implementing regulations at 45 C.F.R. Parts 160, 162 and 164, as amended ("HIPAA") which imposes
    certain requirements relating to the privacy, security and transmission of protected health information which includes individually
    identifiable health information, demographic data, medical histories and test results;
●
the
    Federal Food, Drug and Cosmetic Act which among other things, strictly regulates drug manufacturing and product marketing, prohibits
    manufacturers from marketing drug products for off-label use and regulates the distribution of drug samples; and
●
state
    law equivalents of each of the above federal laws, such as, Stark Law, anti-kickback and false claims laws which may apply to items
    or services reimbursed by any third-party payer, including commercial insurers, and state laws governing the privacy and security
    of health information in certain circumstances, many of which differ from each other in significant ways and often are not preempted
    by federal laws, thus complicating compliance efforts.
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If
our operations are found to be in violation of any of the laws described above or any governmental regulations that apply to us, we may
be subject to penalties, including civil and criminal penalties, damages, fines and the curtailment or restructuring of our operations.
Any penalties, damages, fines, curtailment or restructuring of our operations could adversely affect our ability to operate our business
and our financial results. Although compliance programs can mitigate the risk of investigation and prosecution for violations of these
laws, the risks cannot be entirely eliminated. Any action against us for violation of these laws, even if we successfully defend against
it, could cause us to incur significant legal expenses and divert management's attention from the operation of our business. Moreover,
achieving and sustaining compliance with applicable federal and state privacy, security and fraud laws may prove costly.
If
we are unable to effectively adapt to changes in the healthcare industry, our business may be harmed.
Federal,
state and local legislative bodies frequently pass legislation and promulgate regulations relating to healthcare reform or that affect
the healthcare industry. As has been the trend in recent years, it is reasonable to assume that there will continue to be increased government
oversight and regulation of the healthcare industry in the future. We cannot predict the ultimate content, timing or effect of any new
healthcare legislation or regulations, nor is it possible at this time to estimate the impact of potential new legislation or regulations
on our business. It is possible that future legislation enacted by Congress or state legislatures, or regulations promulgated by regulatory
authorities at the federal or state level, could adversely affect our business. It is also possible that the changes to federal healthcare
program reimbursements to providers who purchase our products may serve as precedent to possible changes in other payors' reimbursement
policies in a manner adverse to us. Similarly, changes in private payor reimbursements could lead to adverse changes in federal healthcare
programs, which could have a material adverse effect on our business, financial condition, cash flows and results of operations.
There
can be no assurance that we will be able to successfully address changes in the current regulatory environment. Some of the healthcare
laws and regulations applicable to us are subject to limited or evolving interpretations, and a review of our business or operations
by a court, law enforcement or a regulatory authority might result in a determination that could have a material adverse effect on us.
Furthermore, the healthcare laws and regulations applicable to us may be amended or interpreted in a manner that could have a material
adverse effect on our business, financial condition, cash flows and results of operations.
Risks
Relating to our Business and Operations
We
may expend our limited resources to pursue a particular product candidate and fail to capitalize on product candidates that may be more
profitable or for which there is a greater likelihood of success.
Because
we have limited financial and managerial resources, we intend to prioritize our efforts on specific research and development programs,
including clinical development of IMX-110, IMX-111 and IMX-120 or other future product candidates. As a result, we may forgo or delay
pursuit of other opportunities, including with potential future product candidates that later prove to have greater commercial potential.
Our resource allocation decisions may cause us to fail to capitalize on viable commercial products or profitable market opportunities.
Our spending on current and future research and development programs and product candidates for specific indications may not yield any
commercially viable drug candidates. If we do not accurately evaluate the commercial potential or target market for a particular product
candidate, we may relinquish valuable rights to that product candidate through partnership, licensing or other royalty arrangements in
cases in which it would have been more advantageous for us to retain sole development and commercialization rights to such product candidate.
If
the market opportunities for our current and potential future product candidates are smaller than we believe they are, our ability to
generate product revenue may be adversely affected and our business may suffer.
Our
understanding of the number of people who suffer from certain types of cancers and inflammatory diseases as well as ulcerative colitis
and Crohn's disease that our product candidates may have the potential to treat is based on estimates. These estimates may prove
to be incorrect, and new studies may demonstrate or suggest a lower estimated incidence or prevalence of such diseases. The number of
patients in the United States or elsewhere may turn out to be lower than expected, may not be otherwise amenable to treatment with our
current or potential future product candidates or patients may become increasingly difficult to identify and access, all of which would
adversely affect our business prospects and financial condition.
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Our
products will face significant competition, and if they are unable to compete successfully, our business will suffer.
We
compete in an industry that is characterized by: (i) rapid technological change, (ii) evolving industry standards, (iii) emerging competition,
(iv) new product introductions and (v) an emphasis on proprietary and novel products and product candidates. Our competitors, some of
which include larger pharmaceutical companies, biotechnology companies, and academic institutions, have and may develop products and
technologies that will compete with our products and technologies. Specifically, we face competition from companies developing therapies
for both oncology and inflammation some of which include Kymera Therapeutics Inc., Morphic Holding Inc., and RAPT Therapeutics Inc. In
addition, we face competition from companies developing therapies for IBD (including UC and CD) some of which include Arena Pharmaceuticals
Inc., Landos Biopharma Inc., and Seres Therapeutics Inc. Moreover, companies with approved therapies and that are developing therapies
for soft tissue sarcoma include, but are not limited to, BioAtla Inc., Epizyme Inc., Nanobiotix SA, C4 Therapeutics, Inc., Adaptimmune
Therapeutics plc, Eisai, Novartis, and Janssen/Johnson & Johnson, and a company developing multi-kinase inhibitors is Mirati Therapeutics,
Inc. We also compete with these organizations to recruit management, scientists and clinical development personnel, which could negatively
affect our level of expertise and our ability to execute our business plan. We will also face competition in establishing clinical trial
sites, enrolling subjects for clinical trials and in identifying new product candidates.
We
believe that a significant number of products are currently under development, and may become commercially available in the future, for
the treatment of conditions for which we may attempt to develop product candidates. In addition, our products may need to compete with
drugs physicians use off-label to treat the indications for which we seek approval. This may make it difficult for us to replace existing
therapies with our products.
Our
commercial opportunity could be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective,
have fewer side effects, are more convenient, have a broader label, are marketed more effectively, are more widely reimbursed or are
less expensive than any products that we may develop. Our competitors also may obtain marketing approval from the FDA or other comparable
foreign regulatory authorities 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. Even if the product candidates we develop achieve marketing
approval, they may be priced at a significant premium over competitive products if any have been approved by then, resulting in reduced
competitiveness. Technological advances or products developed by our competitors may render our technologies or product candidates obsolete,
less competitive or not economical.
Because
several competing companies and institutions have greater financial resources than us, they may be able to: (i) provide broader services
and product lines, (ii) make greater investments in research and development and (iii) carry on larger research and development initiatives.
Our competitors also have greater development capabilities than we do and have substantially greater experience in undertaking pre-clinical
and clinical testing of products, obtaining regulatory approvals, and manufacturing and marketing pharmaceutical products. They may also
have greater name recognition and better access to customers than us.
Security
breaches, loss of data and other disruptions could compromise sensitive information related to our business or protected health information
or prevent us from accessing critical information and expose us to liability, which could adversely affect our business and our reputation.
In
the ordinary course of our business, we may collect and store sensitive data, including legally protected health information, personally
identifiable information, intellectual property and proprietary business information. We manage and maintain our applications and data
by utilizing cloud-based data center systems. These applications and data may encompass a wide variety of business-critical information,
including research and development information, commercial information and business and financial information. We face risks relative
to protecting this critical information, including loss of access risk, inappropriate disclosure risk, inappropriate modification risk
and the risk of being unable to adequately monitor our controls.
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Our
information technology and infrastructure may be vulnerable to attacks by hackers or viruses or breached due to employee error, malfeasance
or other disruptions. Any such breach or interruption could compromise our networks and the information stored there could be accessed
by unauthorized parties, publicly disclosed, lost or stolen. Any such access, disclosure or other loss of information could result in
legal claims or proceedings, liability under laws that protect the privacy of personal information, such as the federal privacy rules
for health information promulgated under HIPAA and regulatory penalties. There is no guarantee that we can continue to protect our systems
from breach. Unauthorized access, loss or dissemination could also disrupt our operations, including our ability to conduct our analyses,
provide test results, bill payors or providers, process claims and appeals, conduct research and development activities, collect, process
and prepare company financial information, provide information about any future products, manage the administrative aspects of our business
and damage our reputation, any of which could adversely affect our business.
The
U.S. Office of Civil Rights in the Department of Health and Human Services enforces the HIPAA privacy and security rules and may impose
penalties for failure to comply with requirements of HIPAA. Penalties vary significantly depending on factors such as whether failure
to comply was due to willful neglect. These penalties include civil monetary penalties of $100 to $50,000 per violation, up to an annual
cap of $1,500,000 for identical violations. A person who knowingly obtains or discloses individually identifiable health information
in violation of HIPAA may face a criminal penalty of up to $50,000 per violation and up to one-year imprisonment. The criminal penalties
increase to $100,000 per violation and up to five-years imprisonment if the wrongful conduct involves false pretenses, and to $250,000
per violation and up to 10-years imprisonment if the wrongful conduct involves the intent to sell, transfer, or use identifiable health
information for commercial advantage, personal gain, or malicious harm. The U.S. Department of Justice is responsible for criminal prosecutions
under HIPAA. Furthermore, in the event of a breach as defined by HIPAA, there are reporting requirements to the Office of Civil Rights
under the HIPAA regulations as well as to affected individuals, and there may also be additional reporting requirements to other state
and federal regulators, including the Federal Trade Commission, and to the media. Issuing such notifications can be costly, time and
resource intensive, and can generate significant negative publicity. Breaches of HIPAA may also constitute contractual violations that
could lead to contractual damages or terminations.
In
addition, the interpretation and application of consumer, health-related and data protection laws in the United States, the European
Union, or EU, and elsewhere are often uncertain, contradictory and in flux. It is possible that these laws may be interpreted and applied
in a manner that is inconsistent with our practices. If so, this could result in government-imposed fines or orders requiring that we
change our practices, which could adversely affect our business. In addition, these data protection laws vary between states, may differ
from country to country, and may vary based on whether testing is performed in the United States or in another country. Complying with
these various laws could cause us to incur substantial costs or require us to change our business practices and compliance procedures
in a manner adverse to our business. For example, we may be subject to privacy laws and regulations such as the European Union's
General Data Protection Regulation ("GDPR") and the California Consumer Privacy Act ("CCPA"). These laws mandate
that companies satisfy requirements regarding the handling of personal and sensitive data, including its use, protection, and the ability
of persons whose data is stored to correct or delete such data about themselves. Failure to comply with GDPR requirements could result
in penalties of up to 4% of worldwide revenue. The GDPR, CCPA, and other similar laws and regulations, as well as any associated inquiries
or investigations or any other government actions, may be costly to comply with, increase our operating costs, require significant management
time and attention, and subject us to remedies that may harm our business, including fines, negative publicity, or demands or orders
that we modify or cease existing business practices.
Furthermore,
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. Likewise, we rely on other third parties for the manufacture of our
product candidates and to conduct clinical trials, and similar events relating to their computer systems could have a material adverse
effect on our business.
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The
outbreak of COVID-19, or a similar pandemic, epidemic or outbreak of an infectious disease in the United States or elsewhere, could have
a material adverse impact on our business, financial condition and results of operations, including the execution of our pre-clinical
studies and clinical trials and the use and sufficiency of our existing cash.
The
outbreak of COVID-19 evolved into a global pandemic. The extent to which COVID-19 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
COVID-19, including new variants, and the actions to contain the virus or treat its impact, among others. Many countries around the world
have imposed quarantines and restrictions on travel and mass gatherings to slow the spread of the virus.
The
spread of an infectious disease, including COVID-19, may also result in the inability of our suppliers to deliver supplies to us on a
timely basis. We currently utilize third parties to, among other things, manufacture components of our product candidates and, in the
future, intend to utilize third parties to conduct our pre-clinical studies and clinical trials. If either we or 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 COVID-19 pandemic, our supply chain may be disrupted, limiting our ability to manufacture our product candidates for our pre-clinical
studies and clinical trials.
The
COVID-19 pandemic could also potentially affect the business of the FDA or other health authorities, which could result in delays in
meetings related to current and planned clinical trials and ultimately of reviews and approvals of our product candidates. Infections
and deaths related to COVID-19 are disrupting certain healthcare and healthcare regulatory systems worldwide. The effects of COVID-19
may also slow potential enrollment of current and planned clinical trials, reduce the number of eligible patients for our current and
planned clinical trials, create difficulties in recruiting clinical site investigators and staff, divert healthcare resources away from
the conduct of clinical trials, delay receiving approval from local authorities to initiate our current and planned clinical trials,
delay necessary interactions with local regulators, ethics committees and other important agencies and contractors due to limitations
in employee resources or forced furlough of government employees, interrupt key clinical trial activities (like site monitoring) due
to travel limitations imposed by authorities, and create difficulties in data collection and analysis, among other things. It is unknown
how long these disruptions could continue, were they to occur. Any elongation or de-prioritization of our pre-clinical or clinical studies
or delay in regulatory review resulting from such disruptions could materially affect the development and study of our product candidates.
Any delays to our current and planned timelines could also impact the use and sufficiency of our existing cash reserves, and we may be
required to raise additional capital earlier than we had previously planned. We may be unable to raise additional capital if and when
needed, which may result in further delays or suspension of our development plans. If we are able to raise additional capital, challenging
and uncertain economic conditions can make capital raising costly and dilutive.
The
spread of COVID-19, 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. In addition, a recession, depression or other sustained adverse market event resulting from the
global effort to control COVID-19 infections could materially and adversely affect our business and the value of our common stock.
The
COVID-19 pandemic and mitigation measures also have had, and may continue to have, an adverse impact on global economic conditions
which could have an adverse effect on our business and financial condition, including impairing our ability to raise capital when
needed. The extent to which the COVID-19 pandemic impacts our business and operations will depend on future developments that are
highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of the virus and the
actions to contain its impact.
Such events may result in a period of business disruption, and in reduced operations, any of
which could materially affect our business, financial condition and results of operations. We do not yet know the full extent of
potential delays or impacts on our business, our pre-clinical studies and clinical trials, 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.
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Any
international operations we undertake may subject us to risks inherent with operations outside of the United States.
We
intend to obtain market clearance for our product candidates in foreign markets; however, even with the cooperation of a commercialization
partner, conducting drug development in foreign countries involves inherent risks, including, but not limited to: difficulties in staffing,
funding and managing foreign operations; unexpected changes in regulatory requirements; export restrictions; tariffs and other trade
barriers; difficulties in protecting, acquiring, enforcing and litigating intellectual property rights; fluctuations in currency exchange
rates; and potentially adverse tax consequences. If we were to experience any of the difficulties listed above, or any other difficulties,
our international development activities and our overall financial condition may suffer and cause us to reduce or discontinue our international
development and registration efforts.
We
may not be successful in hiring and retaining key employees, including executive officers.
Our
future operations and successes depend in large part upon the strength of our management team. We rely heavily on the continued service
of each member of our management team. Accordingly, if any member of our management team were to terminate their employment with us,
such departure may have a material adverse effect on our business. In addition, our future success depends on our ability to identify,
attract, hire or engage, retain and motivate other well-qualified financial, managerial, technical, clinical and regulatory personnel.
There can be no assurance that these professionals will be available in the market, or that we will be able to retain existing professionals
or to meet or to continue to meet their compensation requirements. Furthermore, the cost base in relation to such compensation, which
may include equity compensation, may increase significantly, which could have a material adverse effect on us. Failure to establish and
maintain an effective management team and work force could adversely affect our ability to operate, grow and manage our business.
Our
employees, independent contractors, consultants, commercial partners and vendors may engage in misconduct or other improper activities,
including non-compliance with regulatory standards and requirements.
We
are exposed to the risk of employee fraud or other illegal activity by our employees, independent contractors, consultants, commercial
partners and vendors. Misconduct by these parties could include intentional, reckless and/or negligent conduct that fails to comply with
FDA or other regulations, provide true, complete and accurate information to the FDA and other similar foreign regulatory bodies, comply
with manufacturing standards we may establish, comply with healthcare fraud and abuse laws and regulations, report financial information
or data accurately or disclose unauthorized activities to us. If we obtain approval of any of our product candidates from the FDA or
any other foreign regulatory agency and begin commercializing those products in the United States or elsewhere, our potential exposure
under these laws will increase significantly, and our costs associated with compliance with these laws are likely to increase. In particular,
sales, marketing and business arrangements in the healthcare industry are subject to extensive laws and regulations intended to prevent
fraud, kickbacks, self-dealing and other abusive practices. These laws and regulations may restrict or prohibit a wide range of pricing,
discounting, marketing and promotion, sales commission, customer incentive programs and other business arrangements. 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. Additionally, we are subject to the risk that a person could allege such fraud or other misconduct,
even if none occurred. 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 comply 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 material
and adverse effect on our business, financial condition, results of operations and prospects, including the imposition of significant
civil, criminal and administrative penalties, damages, fines, disgorgement, imprisonment, the curtailment or restructuring of our operations,
loss of eligibility to obtain approvals from the FDA or other regulatory agencies, exclusion from participation in government contracting,
healthcare reimbursement or other government programs, including Medicare and Medicaid, integrity oversight and reporting obligations,
or reputational harm.
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Risks
Relating to our Intellectual Property
It
is difficult and costly to protect our proprietary rights, and we may not be able to ensure their protection. If our patent position
does not adequately protect our product candidates, others could compete against us, which may have a material adverse effect on our
business.
Our
commercial success will depend in part on obtaining and maintaining patent protection and trade secret protection of our current and
future product candidates, the processes used to manufacture them and the methods for using them, as well as successfully defending such
patents against third-party challenges. Our ability to stop third parties from making, using, selling, offering to sell or importing
our product candidates is dependent upon the extent to which we have rights under valid and enforceable patents or trade secrets that
cover these activities.
The
patent positions of biotechnology and pharmaceutical companies can be highly uncertain and involve complex legal and factual questions
for which important legal principles remain unresolved. No consistent policy regarding the breadth of claims allowed in pharmaceutical
patents has emerged to date in the U.S. or in foreign jurisdictions outside of the U.S. Changes in either the patent laws or interpretations
of patent laws in the U.S. and other countries may diminish the value of our intellectual property. Accordingly, we cannot predict the
breadth of claims that may be enforced in the patents that may be issued from the applications we currently or may in the future own
or license from third parties. Further, if any patents we obtain or license are deemed invalid and unenforceable, our ability to commercialize
or license our products or technologies could be adversely affected.
Others
have filed, and in the future are likely to file, patent applications covering products and technologies that are similar, identical
or competitive to ours or important to our business. We cannot be certain that any patent application owned by a third party will not
have priority over patent applications filed or in-licensed by us, or that we or our future licensors will not be involved in interference,
opposition, reexamination, review, reissue, post grant review or invalidity proceedings before U.S. or non-U.S. patent offices.
The
degree of future protection for our proprietary rights is uncertain because legal means afford only limited protection and may not adequately
protect our rights or permit us to gain or keep our competitive advantage. For example:
●
others
    may be able to make compounds that are similar to our product candidates, but that are not covered by the claims of our patents;
●
we
    might not have been the first to make the inventions covered by our pending patent applications;
●
we
    might not have been the first to file patent applications for these inventions;
●
our
    pending patent applications may not result in issued patents;
●
the
    claims of our issued patents or patent applications when issued may not cover our products or product candidates;
●
any
    patents that we may obtain from licensing or otherwise may not provide us with any competitive advantages;
●
any
    granted patents that we rely upon may be held invalid or unenforceable as a result of legal challenges by third parties; and
●
the
    patents of others may have an adverse effect on our business.
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 potential licensors, we could lose rights that are important
to our business.
We
may be required to enter into intellectual property license agreements that are important to our business. These license agreements may
impose various diligence, milestone payment, royalty and other obligations on us. For example, we may enter into exclusive license agreements
with various 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 milestone and royalty payment obligations.
If we fail to comply with any obligations under any potential agreements with any of these licensors, we may be subject to termination
of the license agreement 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 agreement will be impaired.
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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 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 terms of certain of our license agreements,
    we may be required to sublicense rights in that area to a 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 intellectual property that we have licensed prevent or impair our ability to maintain our future licensing arrangements
on acceptable terms, we may be unable to successfully develop and commercialize our product candidates.
We
may need to obtain licenses from third parties to advance our research or 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 our product candidates, which could harm our business significantly.
We
may incur substantial costs as a result of litigation or other proceedings relating to patents and other intellectual property rights.
If
we choose to commence a proceeding or litigation to prevent another party from infringing our patents, that party will have the right
to ask the examiner or court to rule that such patents are invalid or should not be enforced against them. There is a risk that the examiner
or court will decide that our patents are not valid and that we do not have the right to stop the other party from using the related
inventions. There is also the risk that, even if the validity of such patents is upheld, the examiner or court will refuse to stop the
other party on the ground that such other party's activities do not infringe our rights. In addition, the U.S. Supreme Court has
recently modified some tests used by the U.S. Patent and Trademark Office ("USPTO") in granting patents over the past 20
years, which may decrease the likelihood that we will be able to obtain patents and increase the likelihood of challenge to any patents
we obtain or may, in the future, license. Any proceedings or litigation to enforce our intellectual property rights or defend ourselves
against claims of infringement of third-party intellectual property rights could be costly and divert the attention of managerial and
scientific personnel, regardless of whether such litigation is ultimately resolved in our favor. We may not have sufficient resources
to bring these actions to a successful conclusion. Moreover, if we are unable to successfully defend against claims that we have infringed
the intellectual property rights of others, we may be prevented from using certain intellectual property and may be liable for damages,
which in turn could materially adversely affect our business, financial condition or results of operations.
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 product candidates, or manufacture or use of our 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. 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 around the patent
and may need to halt commercialization of our product candidates. 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. The pharmaceutical 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 of use. The coverage of patents is subject to interpretation by the courts, and the interpretation is not always uniform.
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If
we are sued for patent infringement, we would need to demonstrate that our product candidates or methods either do not infringe the patent
claims of the relevant patent or that the patent claims are invalid, and we may not be able to do this. Proving invalidity is difficult.
For example, in the U.S., 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, defend an infringement action or challenge
the validity of the patents 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, develop or obtain non-infringing technology, fail to
defend an infringement action successfully or have infringed patents declared invalid, 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 are the
first to invent the technology, because:
●
some
    patent applications in the U.S. may be maintained in secrecy until the patents are issued;
●
patent
    applications in the U.S. 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 products and technology similar to ours. Any such
patent application may have priority over our patent applications, which could require us to obtain rights to issued patents covering
such products or technologies. If another party has filed U.S. patent applications on inventions similar to us 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
by the USPTO to determine priority of invention in the U.S. 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 inventions, resulting in a loss of our U.S.
patent position with respect to such inventions which could in turn have a material adverse effect on our operations. Other countries
have similar laws that permit secrecy of patent applications, and 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 us 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.
If
we are not able to adequately prevent disclosure of trade secrets and other proprietary information, the value of our technology and
products could be significantly diminished.
We
also rely on trade secrets to protect our proprietary products and technologies, especially where we do not believe patent protection
is appropriate or obtainable. However, trade secrets are difficult to protect. We rely in part on confidentiality agreements with our
employees, consultants and other advisors to protect our trade secrets and other proprietary information. These agreements may not effectively
prevent disclosure of confidential information and may not provide an adequate remedy in the event of unauthorized disclosure of confidential
information. In addition, others may independently discover our trade secrets and proprietary information. Costly and time-consuming
litigation could be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain trade secret
protection could adversely affect our business.
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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 biotechnology and pharmaceutical industries, we employ individuals who were previously employed at other 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 product candidates from competition, which may negatively affect our business.
We
may be subject to competition despite the existence of intellectual property we own or in the future may license. We can give no assurances
that our intellectual property claims will be sufficient to prevent third parties from designing around patents we own or may in the
future 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 product candidates.
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 from a third party. 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
    trial, 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 own or in the future
may license; and, the result of these challenges may narrow the scope or claims of or invalidate patents that are integral to our product
candidates. There can be no assurance that we will be able to successfully defend patents we own or may license in an action against
third parties due to the unpredictability of litigation and the high costs associated with intellectual property litigation, amongst
other factors.
Intellectual
property rights and enforcement may be less extensive in jurisdictions outside of the U.S.; thus, we may not be able to protect our intellectual
property and third parties may be able to market competitive products that may use some or all of our intellectual property.
Changes
to patent law, including 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, may substantially change the regulations and procedures surrounding patent applications, issuance of patents,
and prosecution of patents. We can give no assurances that our patents 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.
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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 USPTO, courts and foreign government patent agencies, and our patent protection could
be reduced or eliminated for non-compliance with these requirements which may have a material adverse effect on our business.
We
conduct certain research and development operations through our Australian wholly-owned subsidiary. If we lose our ability to operate
in Australia, or if our subsidiary is unable to receive the research and development tax credit allowed by Australian regulations, our
business and results of operations could suffer.
In
August 2016, we formed a wholly-owned Australian subsidiary, Immix Biopharma Australia Pty Ltd ("IBAPL"), to conduct various
pre-clinical and clinical activities for our product and development candidates in Australia. Due to the geographical distance and lack
of employees currently in Australia, as well as our lack of experience operating in Australia, we may not be able to efficiently or successfully
monitor, develop and commercialize our lead products in Australia, including conducting clinical trials. Furthermore, we have no assurance
that the results of any clinical trials that we conduct for our product candidates in Australia will be accepted by the FDA or foreign
regulatory authorities for development and commercialization approvals.
In
addition, current Australian tax regulations provide for a refundable research and development tax credit equal to 43.5% of qualified
expenditures. If we lose our ability to operate IBAPL in Australia, or if we are ineligible or unable to receive the research and development
tax credit, or the Australian government significantly reduces or eliminates the tax credit, our business and results of operation may
be adversely affected.
Risks
Related to Owning our Common Stock and this Offering
An
active trading market for our common stock may not develop, and you may not be able to sell your common stock at or above the public
offering price.
An
active trading market for shares of our common stock may never develop or be sustained. If an active trading market does not develop,
you may have difficulty selling your shares of common stock at an attractive price, or at all. The price for our common stock in this
offering was determined by negotiations between us and the underwriters, and it may not be indicative of prices that will prevail in
the open market following this offering. Consequently, you may not be able to sell your common stock at or above the public offering
price or at any other price or at the time that you would like to sell. An inactive market may also impair our ability to raise capital
by selling our common stock, and it may impair our ability to attract and motivate our employees through equity incentive awards and
our ability to acquire other companies, products or technologies by using our common stock as consideration.
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 common stock 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:
●
sales
    of our common stock by our stockholders, executives, and directors;
●
volatility
    and limitations in trading volumes of our shares of common stock;
●
our
    ability to obtain financing 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;
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●
network
    outages or security breaches;
●
our
    ability to attract new customers;
●
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 candidates or any future clinical trials we may conduct;
●
changes
    in the development status of our product candidates;
●
any
    delays or adverse developments or perceived adverse developments with respect to the FDA or other regulatory agencies' review
    of our planned pre-clinical 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 candidates;
●
unanticipated
    safety concerns related to the use of our product candidates;
●
failures
    to meet external expectations or management guidance;
●
changes
    in our capital structure or dividend policy or future issuances of securities;
●
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;
●
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.
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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.
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 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.
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,
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.
Following
this offering, our directors, executive officers and principal stockholders, and their respective affiliates, will beneficially own approximately
59.0% of our outstanding shares of common stock. As a result, these stockholders, acting together, 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, these stockholders, acting together, 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.
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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. After
giving effect to our sale of 1,683,502 shares of our common stock in this offering at an assumed public offering price of $2.97
per share, which was the last reported sale price of our common stock on The Nasdaq Capital Market on May 26, 2022, and our
net tangible book value as of March 31, 2022, if you purchase shares of common stock in this offering, you will suffer immediate
and substantial dilution of $1.43 per share with respect to the net tangible book value of the common stock. See the section entitled
"Dilution" elsewhere in this prospectus for a more detailed discussion of the dilution you will incur if you purchase common
stock in this offering. 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 products, 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.
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
are an "emerging growth company" and will be able to avail ourselves of reduced disclosure requirements applicable to emerging
growth companies, which could make our common stock less attractive to investors.
We
are an "emerging growth company," as defined in the JOBS Act and we intend to take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not "emerging growth companies" including not
being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations
regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding
advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. In addition,
pursuant to Section 107 of the JOBS Act, as an "emerging growth company" we intend to take advantage of the extended transition
period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, for complying with new
or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting
standards until those standards would otherwise apply to private companies. We cannot predict if investors will find our common stock
less attractive because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may
be a less active trading market for our common stock and our stock price may be more volatile. We may take advantage of these reporting
exemptions until we are no longer an "emerging growth company." We will remain an "emerging growth company" until
the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.07 billion or more; (ii) the last
day of our fiscal year following the fifth anniversary of the date of the completion of our initial public offering; (iii) the date on
which we have issued more than $1 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed
to be a large accelerated filer under the rules of the Securities and Exchange Commission, or SEC.
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We
may be at risk of securities class action litigation.
We
may be at risk of securities class action litigation. In the past, 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
third amended and restated certificate of incorporation ("Amended and Restated Certificate of Incorporation") and our amended
and restated bylaws (the "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 10 million 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 Amended and Restated 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, our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and Delaware law,
as applicable, among other things:
●
provide
    the board of directors with the ability to alter our Amended and Restated Bylaws without stockholder approval;
●
place
    limitations on the removal of directors;
●
establish
    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.
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 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 Nasdaq Capital Market. 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" or a "smaller reporting company." 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.
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Our
Amended and Restated Certificate of Incorporation provides that the Court of Chancery of the State of Delaware will be the sole and exclusive
forum for substantially all disputes between us and our stockholders, which could limit stockholders' ability to obtain a favorable
judicial forum for disputes with the us or our directors, officers or employees.
Our
Amended and Restated Certificate of Incorporation provides that unless we consent in writing to the selection of an alternative forum,
the State of Delaware is the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of us, (ii) any
action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of our Company to us or our stockholders,
(iii) any action asserting a claim against us, our directors, officers or employees arising pursuant to any provision of the Delaware
General Corporation Law (the "DGCL") or our Amended and Restated Certificate of Incorporation or our Amended and Restated
Bylaws, or (iv) any action asserting a claim against us, our directors, officers, employees or agents governed by the internal affairs
doctrine, except for, as to each of (i) through (iv) above, any claim as to which the Court of Chancery determines that there is an indispensable
party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction
of the Court of Chancery within ten days following such determination), which is vested in the exclusive jurisdiction of a court or forum
other than the Court of Chancery, or for which the Court of Chancery does not have subject matter jurisdiction. This exclusive forum
provision would not apply to suits brought to enforce any liability or duty created by the Securities Act of 1933, as amended ("Securities
Act"), or the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. To the extent that any
such claims may be based upon federal law claims, Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits
brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder.
Section
22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability
created by the Securities Act or the rules and regulations thereunder. However, our Amended and Restated Certificate of Incorporation
contains a federal forum provision which provides that unless we consent in writing to the selection of an alternative forum, the federal
district courts of the United States of America will be the exclusive forum for the resolution of any complaint asserting a cause of
action arising under the Securities Act. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital
stock are deemed to have notice of and consented to this provision.
These
choice of forum provisions may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes
with us or our directors, officers or other employees and may result in increased costs to our stockholders, which may discourage such
lawsuits against us and our directors, officers and other employees. Alternatively, if a court were to find our choice of forum provisions
contained in our Amended and Restated Certificate of Incorporation to be inapplicable or unenforceable in an action, we may incur additional
costs associated with resolving such action in other jurisdictions, which could harm our business, results of operations, and financial
condition.
Failure
to maintain effective internal controls could cause our investors to lose confidence in us and adversely affect the market price of our
common stock. If our internal controls are not effective, we may not be able to accurately report our financial results or prevent fraud.
Effective
internal control over financial reporting is necessary for us to provide reliable financial reports in a timely manner. Our management
concluded there was a material weakness in our internal control over financial reporting as of December 31, 2021 as, due to our small
size, and our limited number of personnel, we did not have in place an effective internal control environment with formal processes and
procedures, including journal entry processing and review, to allow for a detailed review of accounting transactions that would identify
errors in a timely manner. A material weakness is a significant deficiency, or a combination of significant deficiencies, in internal
control over financial reporting such that it is reasonably possible that a material misstatement of the annual or interim financial
statements will not be prevented or detected on a timely basis.
Although
we have implemented additional review procedures including addition of accounting consultants to remediate such weakness, the material
weakness cannot be considered remediated until the controls operate for a sufficient period of time and management concludes that our
internal controls are operating effectively. While we believe that our remediation efforts will resolve the identified material weakness,
there is no assurance that such efforts will be sufficient or that additional actions will not be necessary, which may undermine our
ability to provide accurate, timely and reliable reports on our financial and operating results. Furthermore, if we remediate our current
material weakness but identify new material weaknesses in our internal control over financial reporting in the future, investors may
lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock may be negatively
affected. As a result of such failures, we could also become subject to investigations by Nasdaq, the SEC, or other regulatory authorities,
and become subject to litigation from investors and stockholders, which could harm our reputation, financial condition or divert financial
and management resources from our business.
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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 candidates;
●
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 pre-clinical and clinical trials indicate our current product candidates 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 candidates;
●
market
    acceptance of our product candidates, the size and growth of the potential markets for our current product candidates 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.
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42
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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.
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 for which we may be liable. 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 shares of our common stock in this offering will be approximately $4.3
million, assuming a public offering price of $2.97 per share, which was the last reported sale price of our common stock on
The Nasdaq Capital Market on May 26, 2022, after deducting estimated underwriting discounts and commissions and estimated
offering expenses payable by us. If the underwriters exercise their option to purchase additional shares in full, we estimate that the
net proceeds from this offering will be approximately $5.0 million, after deducting estimated underwriting discounts and commissions
and estimated offering expenses payable by us.
We
intend to use approximately $4.0 million
of the net proceeds from this offering to fund additional patients enrolled into our planned IMX-110 Phase 2a STS clinical trial
and additional patients across various solid tumors enrolled into our IMX-110 + tislelizumab Phase 1b combination trial.
The balance of the net proceeds is expected to be used for general working capital purposes. We may also use a portion of the net proceeds to in-license, acquire or
invest in complementary businesses or products, however, we have no current commitments or obligations to do so.
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We
believe that the net proceeds from this offering and our existing cash will be sufficient to fund our current operations for at least
12 months from the date of this prospectus. We have based this estimate on assumptions that may prove to be wrong, and we could use our
available capital resources sooner than we currently expect.
Predicting
the cost necessary to develop product candidates 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 candidates 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.
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.
CAPITALIZATION
The
following table sets forth our cash and our capitalization as of March 31, 2022:
●
on
    an actual basis;
●
On a pro forma basis, giving effect to the repayment
    on May 26, 2022 of the outstanding note payable and related accrued interest in the amount of $59,407 as of March 31, 2022.
●
on
    a pro forma as adjusted basis, giving further effect to the sale and issuance by us of 1,683,502 shares of common
    stock in this offering at an assumed public offering price of $2.97 per share, which was the last reported sale price of our
    common stock on The Nasdaq Capital Market on May 26, 2022, after deducting underwriting discounts and commissions and
    estimated offering expenses payable by us.
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The
information in this table is unaudited and is illustrative only and our capitalization following the completion of this offering will
be adjusted based on the actual public offering price and other terms of this offering determined at pricing. You should read this table
in conjunction with the information contained in "Use of Proceeds," "Summary Financial Data" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations," as well as the consolidated financial statements and
the notes included elsewhere in this prospectus.
As
    of March 31, 2022
Actual
Pro
    Forma
Pro Forma As
    Adjusted
Cash
$
19,060,684
$
19,001,277
$
23,284,493
Note payable
$
50,000
$
-
$
-
Stockholders'
    equity:
Common
    stock, $0.0001 par value; 200,000,000 shares authorized, 13,858,689 shares issued and outstanding, actual and pro forma; 200,000,000
    shares authorized, 15,542,191 shares issued and outstanding, pro forma as adjusted
1,386
1,386
1,554
Additional
    paid-in capital
50,597,613
50,597,613
54,880,661
Accumulated
    other comprehensive income
140,995
140,995
140,995
Accumulated
    deficit
(31,087,582
)
(31,087,582
)
(31,087,582
)
Total
    stockholders' equity
19,652,412
19,652,412
23,935,628
Total
    capitalization
$
19,702,412
$
19,652,412
$
23,935,628
The number of shares of our common stock to be outstanding
after this offering is based on 13,858,689 shares of our common stock outstanding as of March 31, 2022, assumes no exercise by
the underwriters of their over-allotment option and excludes:
●
1,332,234
                                            shares of common stock issuable upon exercise of stock options at a weighted-average
                                            exercise price of $1.57 per share;
●
397,500
shares of common stock issuable upon exercise
    of warrants at a weighted-average exercise price of $4.11 per share;
●
1,328,886
shares of common stock reserved for future issuance under our 2016 and 2021 Equity Incentive Plans;
●
26,315 shares of restricted common stock issued on April
    14, 2022 to an investor relations firm; and
●
42,088
shares of common stock (or 48,401 shares
    if the representative exercises its over-allotment option in full) issuable upon exercise of warrants to be issued to the representative
    of the underwriters as part of this offering at an exercise price of $3.71 (assuming a public offering price of $2.97
    per share, which was the last reported sale price of our common stock on The Nasdaq Capital Market on May 26, 2022).
DILUTION
If
you invest in our common stock in this offering, your ownership interest will be diluted to the extent of the difference between the
offering price per share of our common stock and the pro forma as adjusted net tangible book value per share of our common stock immediately
after the offering. Historical net tangible book value  per share represents the amount of our total tangible assets less total
liabilities, divided by the number of shares of our common stock outstanding.
The historical net tangible book value of our common stock as of March 31, 2022 was approximately $19.7 million or $1.42 per share based on 13,858,689
shares of common stock outstanding on such date. Historical net tangible book value per share represents the amount of our
total tangible assets reduced by the amount of our total liabilities, divided by the total number of shares of common stock outstanding.
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45
-
After
giving effect to the repayment on May 26, 2022 of the outstanding note payable and related accrued interest in the amount of $59,407
as of March 31, 2022, our pro forma net tangible book value as of March 31, 2022 was approximately $19.7 million, or $1.42 per
share of common stock.
After
giving further effect to the sale of the 1,683,502 shares offered in this offering at an assumed public offering price
of $2.97 per share,
which was the last reported sale price of our common stock on The Nasdaq
Capital Market on May 26, 2022,
after deducting estimated underwriting discounts and commissions and our estimated offering
expenses, our pro forma as adjusted net tangible book value as of March 31, 2022, would have been approximately $23.9
million or $1.54 per share. This represents an immediate increase in net tangible book value of $0.12 per share to
our existing stockholders, and an immediate dilution in net tangible book value of $1.43 per share to new investors. The following
table illustrates this per share dilution:
Assumed
    public offering price per share
$
2.97
Pro
                                            forma net tangible book value per share as of March 31, 2022
$
1.42
Increase
    in pro forma net tangible book value per share attributable to new investors in this offering
0.12
Pro
    forma as
adjusted net tangible book value after
    this offering
1.54
Dilution
    per share to new investors in this offering
$
1.43
If
the underwriters' over-allotment option to purchase additional shares from us is exercised in full, and based on an assumed public
offering price of $2.97 per share,
the last reported sale price of our common stock on The
Nasdaq Capital Market on May 26, 2022,
the pro forma as adjusted net tangible book value per share after
this offering would be $1.56 per share, the increase in pro forma as adjusted net tangible book value per share to existing
stockholders would be $0.14 per share and the dilution to new investors purchasing shares in this offering would be $1.41
per share.
To
the extent that stock options or warrants are exercised, we issue new stock options under our equity incentive plan, or we issue additional
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.
The
number of shares of our common stock to be outstanding after this offering is based on 13,858,689 shares of our common stock outstanding
as of  March 31, 2022, assumes no exercise by the underwriters of their over-allotment option and excludes:
●
1,332,234
shares of common stock issuable upon exercise
    of stock options at a weighted-average exercise price of $1.57 per share;
●
397,500
shares of common stock issuable upon exercise
    of warrants at a weighted-average exercise price of $4.11 per share;
●
26,315 shares of restricted common stock issued on April
    14, 2022 to an investor relations firm;
●
1,328,886
    shares of common stock reserved for future issuance under our 2016 and 2021 Equity Incentive Plans; and
●
42,088
shares of common stock (or 48,401 shares
    if the representative exercises its over-allotment option in full) issuable upon exercise of warrants to be issued to the representative
    of the underwriters as part of this offering at an exercise price of $3.71 (assuming a public offering price of $2.97
    per share, which was the last reported sale price of our common stock on The Nasdaq Capital Market on May 26, 2022).
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MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
You
should read the following discussion and analysis of our financial condition and plan of operations together with our consolidated financial
statements and the related notes appearing elsewhere in this prospectus. In addition to historical information, this discussion and analysis
contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from
those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below,
and those discussed in the section titled "Risk Factors" included elsewhere in this prospectus. All amounts in this report
are in U.S. dollars, unless otherwise noted.
Overview
We
are a clinical-stage pharmaceutical company focused on the development of safe and effective therapies for patients with cancer and inflammatory
diseases. In August 2016, we established a wholly-owned Australian subsidiary, Immix Biopharma Australia Pty Ltd., in order to conduct
various pre-clinical and clinical activities for the development of our product candidates.
Since
inception, we have devoted substantially all of our resources to developing product and technology rights, conducting research and development,
organizing and staffing our Company, business planning and raising capital. We operate as one business segment and have incurred recurring
losses, the majority of which are attributable to research and development activities and negative cash flows from operations. We have
funded our operations primarily through the sale of convertible debt. Currently, our primary use of cash is to fund operating expenses,
which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. We
expect to continue to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates
through all stages of development and clinical trials and, ultimately, seek regulatory approval. In addition, if we obtain regulatory
approval for any of our product candidates, we expect to incur significant commercialization expenses related to product manufacturing,
marketing, sales and distribution. Furthermore, we expect to incur additional costs associated with operating as a public company, including
significant legal, accounting, investor relations and other expenses. Our net losses may fluctuate significantly from quarter-to-quarter
and year-to-year, depending on the timing of our clinical trials and our expenses on other research and development activities.
AxioMx
Master Services Agreement
On
December 22, 2014, we entered into the Master Service Agreement ("MSA") with AxioMx, Inc. ("AxioMx") which is
in the business of developing and supplying custom affinity reagents. We entered into the MSA to serve as a master agreement governing
multiple sets of projects as may be agreed upon us and AxioMx from time to time. Pursuant to the MSA, we granted AxioMx a non-exclusive,
royalty-free, worldwide, non-transferable license to certain of our intellectual property to perform services pursuant to the MSA, and
AxioMx granted us an exclusive product assignment option ("Option") which granted us an exclusive, royalty-bearing right,
with the right to sublicense, under the Deliverable (as defined in the MSA) to further research, develop, use, sell, offer for sale,
import and export one or more assigned products pursuant to the MSA. We exercised the Option in 2017. Pursuant to the MSA, AxioMx is
entitled to royalties on the sale of any Deliverable that is used for diagnostic, prognostic or therapeutic purposes, in humans or animals,
or for microbiology testing, including food safety testing or environmental monitoring. Specifically, we shall pay AxioMx a royalty of
3.5% of Net Sales (as defined in the MSA) of assigned products for each Deliverable used in licensed products for therapeutic purposes.
In addition, we shall pay AxioMx a royalty of 1.5% of Net Sales of assigned products for each Deliverable used in licensed products for
diagnostic or prognostic purposes; provided, however, if three Deliverables are used in an assigned product for diagnostic or prognostic
purposes, the royalty shall be 4.5%. Subject to certain exceptions, the MSA shall continue for a period of five years from the effective
date, unless extended by us and AxioMx. The MSA may be terminated by either party upon a material breach of the MSA, which breach remains
uncured for 30 days after written notice thereof. In addition, we may also terminate the MSA at any time upon 30 days prior written notice
to AxioMx. As of the date of this prospectus, the MSA has not been amended or extended; however, the royalty obligations described
in this paragraph survive the termination of the MSA.
The
COVID-19 Pandemic and its Impacts on Our Business
In
March 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. This pandemic could result in difficulty
securing clinical trial site locations, CROs, and/or trial monitors and other critical vendors and consultants supporting our trial.
These situations, or others associated with COVID-19, could cause delays in our clinical trial plans and could increase expected costs,
all of which could have a material adverse effect on our business and financial condition. At the current time, we are unable to quantify
the potential effects of this pandemic on our future consolidated financial statements.
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Results
of Operations
Three
Months Ended
March 31, 2022 compared to the Three Months Ended March 31, 2021
General
and Administrative Expense
General
and administrative expense was $700,507 for the three months ended March 31, 2022 compared to $137,680 for the three months ended
March 31, 2021.
The
expenses incurred in both periods were related to salaries, patent maintenance costs and general accounting and other general consulting
expenses, which were higher for the three months ended March 31, 2022 due to increased professional services, officer salaries and stock-based
compensation as a result of the IPO closing.
Research
and Development Expense
Research
and development expense was $629,531 for the three months ended March 31, 2022 compared to $24,840 for the three months ended March 31,
2021.
The
increased research and development expenses during the three months ended March 31, 2022 as compared to the three months ended March
31, 2021 were related to our ongoing Phase 1b/2a clinical trial, including but not limited to CRO and related costs for maintaining and
treating patients in the clinical trial. We were able to increase spending on research and development as the result of closing the IPO
in December 2021. We expect to incur increased research and development costs in the future as our product development activities expand.
Interest
Expense
Interest
expense was $388 for the three months ended March 31, 2022 compared to $27,544 for the three months ended March 31, 2021. Interest expense
in the prior period was related to interest accrued on our convertible notes payable bearing interest at rates from the applicable federal
rate to 6% per annum, which were converted to shares of our common stock in connection with our IPO in December 2021.
Change
in fair value of derivative liability
The
change in fair value of derivative liability was $0 for the three months ended March 31, 2022 compared to $825,000 for the three months
ended March 31, 2021. The change in fair value during the three months ended March 31, 2021, was related to an increased probability
of a "Qualified Financing" as defined in our convertible notes at March 31, 2021.
Provision
for Income Taxes
Provision
for income taxes for the three months ended March 31, 2022 was $1,622 compared to $1,591 for the three months ended March 31, 2021, due
to withholding taxes relating to our Australian subsidiary.
Net
Loss
Net
loss for the three months ended March 31, 2022 was $1,332,048 compared to $1,016,655 for the three months ended March 31, 2021, which
increase was due primarily to the increase in general and administrative expenses and research and development, offset by the change
in fair value of derivative liability.
Year
Ended December 31, 2021 compared to the Year Ended December 31, 2020
General
and Administrative Expense
General
and administrative expense was $1,225,487 for the year ended December 31, 2021 compared to $205,703 in the year ended December 31, 2020.
The
expenses incurred in both periods were related to salaries, patent maintenance costs and general accounting and other general consulting
expenses, which were higher for the year ended December 31, 2021 due to preparation for our IPO.
Research
and Development Expense
Research
and development expense was $126,527 for the year ended December 31, 2021 compared to $248,149 for the year ended December 31, 2020.
The
decreased research and development expenses during the year ended December 31, 2021 as compared to the year ended December 31, 2020 were
related to our funding situation, ongoing Phase 1b/2a clinical trial, including, but not limited to, CRO and related costs for maintaining
and treating patients in the clinical trial. We expect to incur increased research and development costs in the future as our product
development activities expand.
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48
-
Interest
Expense
Interest
expense was $179,853 for the year ended December 31, 2021 compared to $101,976 for the year ended December 31, 2020, related to interest
accrued on our convertible notes payable bearing interest at rates from the applicable federal rate to 6% per annum.
Change
in fair value of derivative liability
The
change in fair value of derivative liability was $22,759,829 for the year ended December 31, 2021 compared to $575,000 for the year ended
December 31, 2020, primarily related to an increased probability of a "Qualified Financing" as defined in our convertible
notes which occurred on December 20, 2021.
Loss
on Debt Extinguishment
In
December 2021, in connection with our IPO, our convertible notes along with the corresponding accrued interest, were automatically converted
into an aggregate of 5,633,689 shares of our common stock. As a result of the conversion, we recorded a loss on debt extinguishment of
$86,170.
Provision
for Income Taxes
Provision
for income taxes for the year ended December 31, 2021 was $6,013 compared to $17,547 for the year ended December 31, 2020, due to withholding
taxes relating to our Australian subsidiary.
Net
Loss
Net
loss for the year ended December 31, 2021 was $24,383,879 compared to $1,147,863 for the year ended December 31, 2020, primarily due
to the change in fair value of derivative liability and increase in expenses in preparation for our initial public offering.
Liquidity and Capital Resources
Our
primary use of cash is to fund operating expenses, which consist of research and development expenditures and various general and
administrative expenses. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected
in the change in our outstanding accounts payable, accrued expenses and prepaid expenses.
As of March 31, 2022, we had
cash of $19,060,684.
Because
of the numerous risks and uncertainties associated with research, development and commercialization of pharmaceutical products, we are
unable to estimate the exact amount of our operating capital requirements. Our future funding requirements will depend on many factors,
including, but not limited to:
●
the
    scope, timing, progress and results of discovery, pre-clinical development, laboratory testing and clinical trials for our product
    candidates;
●
the
    costs of manufacturing our product candidates for clinical trials and in preparation for regulatory approval and commercialization;
●
the
    extent to which we enter into collaborations or other arrangements with additional third parties in order to further develop our
    product candidates;
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49
-
●
the
    costs of preparing, filing and prosecuting patent applications, maintaining and enforcing our intellectual property rights and defending
    intellectual property-related claims;
●
the
    costs and fees associated with the discovery, acquisition or in-license of additional product candidates or technologies;
●
expenses
    needed to attract and retain skilled personnel;
●
costs
    associated with being a public company;
●
the
    costs required to scale up our clinical, regulatory and manufacturing capabilities;
●
the
    costs of future commercialization activities, if any, including establishing sales, marketing, manufacturing and distribution capabilities,
    for any of our product candidates for which we receive regulatory approval; and
●
revenue,
    if any, received from commercial sales of our product candidates, should any of our product candidates receive regulatory approval.
We
will need additional funds to meet our operational needs and capital requirements for clinical trials, other research and development
expenditures, and general and administrative expenses. We currently have no credit facility or committed sources of capital.
Until
such time, if ever, as we can generate substantial product revenue, we expect to finance our operations through a combination of equity
offerings, debt financings, government or other third-party funding, commercialization, marketing and distribution arrangements, other
collaborations, strategic alliances and licensing arrangements. To the extent that we raise additional capital through the sale of equity
or convertible debt securities, your ownership interest will be diluted, and the terms of these securities may include liquidation or
other preferences that adversely affect your rights as a common stockholder. If we raise additional funds through collaborations, strategic
alliances or marketing, distribution or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies,
future revenue streams, research programs or product candidates, or grant licenses on terms that may not be favorable to us. If we are
unable to raise additional funds through equity or debt financings or other arrangements when needed, we may be required to delay, limit,
reduce or terminate our research, product development or future commercialization efforts, or grant rights to develop and market product
candidates that we would otherwise prefer to develop and market ourselves.
Cash used in operating activities
Net cash used in operating
activities was $1,494,822 for the three months ended March 31, 2022, and $266,446 for the three months ended March 31, 2021 and primarily
included general and administrative, CRO, clinical site costs and related logistics expenses.
Cash used in investing activities
Net cash used in investing
activities was $0 for the three months ended March 31, 2022, and $802 for the three months ended March 31, 2021. We purchased equipment
during the three months ended March 31, 2021.
Cash provided by financing activities
Net cash provided by financing
activities was $2,913,750 for the three months ended March 31, 2022, and $65,000 for the three months ended March 31, 2021. We received
$2,913,750 in net proceeds from the issuance of shares of our common stock pursuant to the exercise of the underwriter's overallotment
option pursuant to the initial public offering completed in December 2021.
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50
-
Our continuation as a going
concern is dependent upon our ability to obtain continued financial support from our stockholders, necessary equity financing to continue
operations and the attainment of profitable operations. As of March 31, 2022, we have incurred an accumulated deficit of $31,087,582
and have not yet generated any revenue from operations. Management anticipates that our cash on hand will be sufficient to fund
planned operations for at least 12 months from the filing date of this Prospectus.
We will have additional capital
requirements going forward and may need to seek additional financing, which may or may not be available to us.
Critical
Accounting Policies
This
management's discussion and analysis of our financial condition and results of operations is based on our consolidated financial
statements, which have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The preparation
of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities,
and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements. On an ongoing basis, we
evaluate our estimates and judgments, including those related to prepaid/accrued research and development expenses, stock-based compensation,
value of deferred tax assets and related valuation allowances, and fair value of the embedded derivative financial instrument related
to our convertible promissory notes. We base our estimates on historical experience, known trends and events, and various other factors
that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under
different assumptions or conditions.
While
our significant accounting policies are described in more detail in Note 2 to our audited consolidated financial statements included
elsewhere in this prospectus, we believe the following accounting policies are the most critical to the judgments and estimates used
in the preparation of our consolidated financial statements.
Research
and Development Costs
-
Research and development costs consist primarily of clinical research fees paid to consultants and
outside service providers, and other expenses relating to design, development and testing of the Company's therapy candidates.
Research and development costs are expensed as incurred.
Clinical
trial costs are a component of research and development expenses. The Company estimates expenses incurred for clinical trials that are
in process based on services performed under contractual agreements with CROs and actual clinical investigators. Included in the estimates
are (1) the fee per patient enrolled as specified in the clinical trial contract with each institution participating in the clinical
trial and (2) progressive data on patient enrollments obtained from participating clinical trial sites and the actual services performed.
Changes in clinical trial assumptions, such as the length of time estimated to enroll all patients, rate of screening failures, patient
drop-out rates, number and nature of adverse event reports, and the total number of patients enrolled can impact the average and expected
cost per patient and the overall cost of the clinical trial. The Company monitors the progress of the trials and their related activities
and adjusts expense accruals, when applicable. Adjustments to accruals are charged to expense in the period in which the facts give rise
to the adjustments become known.
Derivative
Instruments
- The Company evaluated its convertible notes to determine if those contracts or embedded components of those contracts
qualified as derivatives to be separately accounted for in accordance with Accounting Standards Codification ("ASC") 815,
Derivatives and Hedging
. The result of this accounting treatment is that the fair value of the embedded derivative is marked to
market each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in
fair value is recorded in the statements of operations and comprehensive loss as other income or expense. Upon conversion or exercise
of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to
equity.
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-
In
circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other
embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments
are accounted for as a single, compound derivative instrument.
We
determined that the convertible notes contain embedded features that provide the noteholders with multiple settlement alternatives. Certain
of these settlement features provide the noteholders the right to receive cash or a variable number of shares upon the completion of
a capital raising transaction, change of control or default by us, which are referred to as "redemption features."
Income
Taxes
-
We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities
are determined based on the differences between the financial reporting and the tax bases of reported assets and liabilities and are
measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We must then assess
the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than
not that some portion or all of a deferred tax asset will not be realized.
We
account for uncertain tax positions in accordance with the provisions of ASC 740-10 which prescribes a recognition threshold and measurement
attribute for financial statement disclosure of tax positions taken, or expected to be taken, on its tax return. We evaluate and record
any uncertain tax positions based on the amount that management deems is more likely than not to be sustained upon examination and ultimate
settlement with the tax authorities in the tax jurisdictions in which it operates.
Stock-Based
Compensation -
We measure all stock-based awards granted based on their estimated fair value on the date of the grant and recognize
the corresponding compensation expense for those awarded to employees and directors over the requisite service period, which is generally
the vesting period of the respective award, and for those awarded to nonemployees over the period during which services are rendered
by nonemployees until completed. We have typically issued stock options with service-based vesting conditions and we record the expense
for these awards using the straight-line method.
We
estimate the fair value of each stock option grant using the Black-Scholes option-pricing model, which uses as inputs the fair value
of our common stock and assumptions we make for the volatility of our common stock, the expected term of our stock options, the risk-free
interest rate for a period that approximates the expected term of our stock options and our expected dividend yield.
Before
establishing a public market for the trading of our common stock and due to a lack of company-specific historical and implied volatility
data, we based the estimate of expected stock price volatility on the historical volatility of a representative group of publicly traded
companies for which historical information was available. The historical volatility was generally calculated based on a period of time
commensurate with the expected term assumption. We used the contractual term for the expected term for options granted to employees and
directors. We did not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term
and used the contractual term since the stock options were not issued at-the-money. For options granted to non-employees, we utilized
the contractual term. The risk-free interest rate was based on a U.S. treasury instrument whose term was consistent with the expected
term of the stock options. The expected dividend yield was assumed to be zero, as we had never paid dividends and did not have plans
to pay any dividends on our common stock.
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Fair
Value of Common Stock
Prior
to establishing a public market for our common stock, the estimated fair value of our common stock had been determined by our board of
directors as of the date of each option grant, with input from management, considering our most recently available third-party valuations
of common stock, and our board of directors' assessment of additional objective and subjective factors that it believed were relevant
and which may have changed from the date of the most recent valuation through the date of the grant.
Third-party
valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants' Accounting
and Valuation Guide,
Valuation of Privately-Held-Company Equity Securities Issued as Compensation
. Our common stock valuations
were prepared using a hybrid method that incorporates elements of both a probability-weighted expected return method ("PWERM")
and an option pricing method ("OPM").
The
OPM is based on the Black-Scholes option pricing model, which allows for the identification of a range of possible future outcomes. The
OPM treats common stock and convertible instruments as call options on the total equity value of a company, with exercise prices based
on the value thresholds at which the allocation among the various holders of a company's securities changes. A discount for lack
of marketability of the common stock is applied to arrive at an indication of value for the common stock.
PWERM
involves a forward-looking analysis of the possible future outcomes of the enterprise. This method is particularly useful when discrete
future outcomes can be predicted at a relatively high confidence level with a probability distribution. Discrete future outcomes considered
under the PWERM include an initial public offering, as well as non-initial public offering market-based outcomes. Determining the fair
value of the enterprise using the PWERM requires the Company to develop assumptions and estimates for both the probability of an initial
public offering liquidity event and stay private outcomes, as well as the values the Company expects those outcomes could yield.
Prior
to establishing a public trading market of our capital stock, our board of directors exercised reasonable judgment and considered a number
of objective and subjective factors to determine its estimate of the fair value of our common stock, including changes in the following
factors between the date of the March 31, 2021 valuation and the grant date:
●
our
    business, financial condition and results of operations, including related industry trends affecting our operations;
●
the
    likelihood of achieving a liquidity event, such as an initial public offering or sale of our company, given prevailing market conditions;
●
the
    lack of marketability of our common stock;
●
the
    market performance of comparable publicly traded companies; and
●
U.S.
    and global economic and capital market conditions and outlook.
The
assumptions underlying our board of directors' valuations represented our board's best estimates, which involved inherent
uncertainties and the application of our board's judgment. As a result, if factors or expected outcomes had changed or our board
of directors had used significantly different assumptions or estimates, our equity-based compensation expense could have been materially
different.
Recent
Accounting Pronouncements
See
Note 2 to our audited consolidated financial statements found elsewhere in this prospectus for a description of recent accounting pronouncements
applicable to our consolidated financial statements.
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Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements or relationships with unconsolidated entities or financial partnerships, such as entities
often referred to as structured finance or special purpose entities.
JOBS
Act
On
April 5, 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an "emerging growth company" can take
advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting
standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies.
We
have chosen to take advantage of the extended transition periods available to emerging growth companies under the JOBS Act for complying
with new or revised accounting standards until those standards would otherwise apply to private companies provided under the JOBS Act.
As a result, our financial statements may not be comparable to those of companies that comply with public company effective dates for
complying with new or revised accounting standards.
Subject
to certain conditions set forth in the JOBS Act, as an "emerging growth company," we intend to rely on certain of these exemptions,
including, without limitation, (i) providing an auditor's attestation report on our internal controls over financial reporting
pursuant to Section 404(b) of the Sarbanes-Oxley Act and (ii) complying with the requirement adopted by the Public Company Accounting
Oversight Board ("PCAOB") regarding the communication of critical audit matters in the auditor's report on financial
statements. We will remain an "emerging growth company" until the earliest of (i) the last day of the fiscal year in which
we have total annual gross revenues of $1.07 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of
the date of the completion of our initial public offering; (iii) the date on which we have issued more than $1 billion in nonconvertible
debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the
SEC.
BUSINESS
Overview
We
are a clinical-stage biopharmaceutical company developing a novel class of Tissue-Specific Therapeutics ("TSTx")
TM
in
oncology and inflammation. Our lead asset, IMX-110, is currently in Phase 1b/2a clinical trials for solid tumors in the United States
and Australia. IMX-110 is a negatively-charged TSTx that simultaneously disables resistance pathways with a poly-kinase inhibitor (which
inhibits multiple kinases simultaneously) and induces tumor cell death with an apoptosis inducer (which activates apoptosis, a non-inflammatory
programmed cell death pathway), leveraging our TME Normalization
TM
Technology, delivered deep into the tumor micro-environment
("TME"). Our proprietary System Multi-Action RegulaTors SMAR
x
T Tissue-Specific
TM
Platform produces
drugs that accumulate at intended therapeutic sites at 3-5 times the rate of conventional medicines. Our TME Normalization™ Technology
allows our drug candidates to circulate in the bloodstream, exit through tumor blood vessels and simultaneously attack all components
of the TME. As of the date of this prospectus, we have not generated any revenues. Since inception, we have devoted substantially all
of our resources to developing product and technology rights, conducting research and development, organizing and staffing our Company,
business planning and raising capital.
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Pipeline
Our
SMAR
x
T Tissue-Specific
TM
Platform has produced 3 drug candidates which we believe derisks the clinical development
of each subsequent candidate due to shared design elements across tolerability, chemistry, manufacturing and controls, regulatory understanding,
and multi-target therapeutic approach, the first of which is IMX-110, currently in Phase 1b/2a oncology clinical trials.
Figure
3: ImmixBio SMAR
x
T Tissue-Specific
TM
Platform – Pipeline
Our
Lead Product Candidate
IMX-110,
currently in Phase 1b/2a clinical trials, is a Tissue-Specific Therapeutic
TM
with TME Normalization
TM
, a technology
that we are developing initially for soft tissue sarcoma ("STS"). Tumor growth is sustained by hypoxia (low oxygen concentration)
and acidosis (an excessively acidic condition) which produce recurring waves of activation of multiple kinases that upregulate NF-κB,
STAT3 and other key transcriptional factors which cause recurrent inflammation. This inflammatory environment activates the TME to provide
metabolic and structural support to the tumor and to recruit Treg T-cells (immune cells suppressing immune response) to suppress anti-tumor
immune response. IMX-110's poly-kinase inhibitor polyphenol curcuminoid complex ("PCC") halts this fundamental tumor-sustaining
inflammation by blocking multiple kinases and interfering with NF-κB and STAT3 activation, interrupting the positive feedback loop
underlying the inflammatory cycle. With tumor-sustaining inflammation halted, IMX-110's apoptosis inducer (Polyethylene glycol
– phosphatidylethanolamine ("PEG-PE")-doxorubicin complex) is then able to induce tumor cell death where conventional
therapies have been hampered by resistance caused by NF-κB and STAT3 activation.
As
of April 2022, we have treated 14 patients in our ongoing Phase 1b/2a clinical trial in the United States and Australia. 100%
of these patients received between 3 and 13 lines of therapy prior to IMX-110. Zero drug-related serious adverse events and zero dose
interruptions due to toxicity have been observed in our 1b/2a clinical trial to-date. In our trial, we observed radiological progression-free-survival
of 6 months in 50% of our STS patients, with a 4-month median progression free survival ("mPFS") across all STS patients.
mPFS is the time that patients live without their cancer progressing. The trial includes patients with leiomyosarcoma, carcinosarcoma,
poorly differentiated soft tissue sarcoma, cholangiocarcinoma, colorectal cancer, prostate cancer, pancreatic cancer, esophageal cancer,
breast cancer, and nasopharyngeal cancer.
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In
August 2021, we entered into a Clinical Collaboration and Supply Agreement with BeiGene for a combination Phase 1b clinical trial in
solid tumors of IMX-110 and anti-PD-1 Tislelizumab (the subject of a collaboration and license agreement among BeiGene and Novartis).
In genetic mouse models of pancreatic cancer, IMX-110 has demonstrated an immunomodulation effect, turning "cold" tumors
"hot," and, in combination with murine anti-PD-1, IMX-110 produced extended survival versus multi-drug combinations. The
goal of this study is to demonstrate the potential for TSTx to be an integral component of combination therapies for a wide range of
advanced solid tumors. Pursuant to the terms of the agreement, we and BeiGene shall form a committee made up of an equal number
of individuals, but not more than two representatives of each of our Company and BeiGene, which shall, among other things, coordinate
activities with respect to the Trial; provided, however, we shall be entitled to receive, review or approve any budgets or other costs
relating to the Trial. Pursuant to the terms of the agreement, we shall be responsible for all costs associated with the manufacturing
and supply of IMX-110 for the trial as well as all costs associated with conducting the trial and BeiGene shall be responsible for costs
associated with supplying Tislelizumab for the trial. Notwithstanding the foregoing, if the Tislelizumab supplied by BeiGene is lost,
damaged or destroyed or becomes unable to comply with applicable specifications while under our control, BeiGene shall not be required
to replace such Tislelizumab and in the event BeiGene replaces such Tislelizumab, it may charge us a reasonable replacement cost. The
agreement shall continue until the earlier of (i) the one year anniversary of the date upon which we provide BeiGene with the trial's
final clinical study report and (ii) the date of termination of the trial. In addition, either party may terminate the agreement (i)
upon 30 days prior written notice to the other party if, in the case of our Company, we cease the development of IMX-110 or, in the case
of BeiGene, it ceases the development, marketing and sale of Tislelizumab, (ii) upon written notice to the other party if there have
been one or more serious adverse events indicating a patient safety issue with continuing the trial, (iii) upon written notice to the
other party if a regulatory authority withdraws approval of IMX-110 or Tislelizumab, as applicable, and/or the trial, (iv) upon 60 days'
notice to the other party with or without reason, (v) immediately upon written notice to the other party if such other party consummates
a Change of Control Transaction (as defined in the agreement) and/or (vi) upon written notice to the other party in the event such other
party is in material breach of the agreement and has not cured such breach within 60 days after receipt of notice from the non-breaching
party. As of the date hereof, the Company has paid no amounts to BeiGene.
In
September 2021, the United Sates Food and Drug Administration ("FDA") granted Orphan Drug Designation ("ODD")
to IMX-110 for the treatment of soft tissue sarcoma. If a product that has ODD subsequently receives the first FDA approval for the disease
for which it has such designation, the product is entitled to orphan drug exclusive approval (or exclusivity), which means that the FDA
may not approve any other applications to market the same drug for the same indication for 7 years (except in limited circumstances,
such as a showing of clinical superiority to the product with orphan drug exclusivity).
Our
Other Product Candidates
IMX-111
is a Tissue-Specific Biologic
TM
built on our TME Normalization
TM
Technology with proprietary GLUT1 antibody biomarker
targeting coupled with our poly-kinase inhibitor / apoptosis inducer. IMX-111 takes advantage of the fact that GLUT1 is an essential
cancer biomarker that is overexpressed on 92% of colorectal cancer cells and other tumor types. Furthermore, the degree of its overexpression
correlates with more advanced stages of tumor progression. Building on the well-tolerated profile of our lead candidate from our ongoing
clinical trial, IMX-111 is the first cancer therapeutic to take advantage of GLUT1 overexpression in cancer.
IMX-120
is a Tissue-Specific Biologic
TM
built on our Immune Normalization Technology
TM
for inflammatory bowel disease with
proprietary GLUT1 antibody biomarker targeting coupled with polyphenol poly-kinase inhibitors. IMX-120 takes advantage of the fact that
overexpression and activation of GLUT1 on overactive immune cells has been shown to be widely present in patients with inflammatory bowel
diseases ("IBD"). Similar to tumor growth, the inflammatory processes active in IBD are caused by recurring waves of activation
of multiple kinases that upregulate NF-κB, STAT3 and other key transcriptional factors. IMX-120's polyphenol poly-kinase
inhibitors block upstream kinase signal transduction systems that activate NF-κB and STAT3. GLUT1 presents an ideal targeting moiety
(component of a drug) for these overactive immune cells, allowing for tissue-specific delivery of IMX-120.
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Other
than IMX-110, the FDA has not given any indication as to whether any of our other product candidates will receive ODD.
Figure
4: ImmixBio SMAR
x
T Tissue-Specific
TM
Platform – Summary Rendering
Our
Platform and Technologies
Our
SMAR
x
T Tissue-Specific Platform consists of 3 pillars: first, System-Tissue Biology Model Development, which allows us to
develop robust mechanisms of action in complex pathologies; second, Purpose-Built Physical Biochemistry Engine, which allows us to generate
actionable drug candidates; and third, Predictive Valuation Framework, which allows us to conduct highly predictive IND-enabling activities.
-
57
-
Figure
5: SMARxT Tissue-Specific
TM
Platform Overview
Specifically,
the 3 pillars of our platform are:
1)
System-Tissue Biology Model Development
: Interplay of cellular elements define and drive disease states. Based on transcriptional
and epigenetic factors operating in key cell types, we have built a proprietary model of network motifs driving human pathologies such
as cancer and auto-immune/inflammatory diseases. We believe this model represents the most complete view of biologic interrelationships
on an organismal and tissue level. We apply this model in the early stages of our drug development to overcome systemic factors that
have prevented traditional "targeted" therapies' effectiveness in complex pathologies such as cancer and inflammatory
bowel disease.
2)
Purpose-Built Physical Biochemistry Engine
: Traditional drug development focuses on "one drug, one target" approach.
In contrast, our proprietary physical biochemistry engine is designed to incorporate wide-ranging elements into our drug design, encompassing
a diverse target profile, allowing our drugs to operate simultaneously in time and space to jointly combat disease at the tissue and
organismal level
3)
Predictive Validation Framework
: Using our unique relationships and our internal expertise, we have developed a proprietary framework
of high-efficiency, rapid development
in vitro
and
in vivo
animal models that have high relatability to human disease,
minimizing the traditional poor predictive value of animal models.
The
application of the SMAR
x
T Tissue-Specific Platform in oncology is TME Normalization
TM
Technology, and in inflammation
is Immune Normalization
TM
Technology.
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-
Figure
6: TME Normalization
TM
Technology
The
TME is made up of a tightly packed mass of: 1) cancer associated fibroblasts ("CAFs"), 2) tumor-associated macrophages/immune
cells ("TAMs"), and 3) cancer itself. The TME's unique biophysical properties include regions of varying degrees of
hypoxia, acidosis and an immunosuppressive milieu. As cancer cells outgrow their blood supply, the resulting hypoxia and acidosis shift
their metabolism towards glycolysis, lactate and lipids. This, in turn, shapes the responses of proximal fibroblasts and resident immune
cells. Fibroblasts begin to secrete lactate that is taken up by nearby cancer cells and consumed as fuel. Lactate in the TME reprograms
the macrophages toward the M2 "tolerant" pro-inflammatory phenotype that drives immunosuppression. At the same time, the
TME hypoxia produces increased levels of reactive oxygen species that enhance tumorigenicity (tendency to form tumors) and immunosuppressive
functions of Treg T-cells, as well as resistance to immune drugs such as PD-1/PD-L1 inhibitors. Our TME Normalization
TM
Technology
reverses the hypoxia- and acidosis-activated genetic programs in every cellular component of the TME, "normalizing" the TME,
and reactivating apoptosis cell death pathways. This technology offers an attractive opportunity to reshape the pathological niche that
is the TME and overcome the critical factors that have hampered available treatments to date.
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-
Figure
7: Representation of the TME composed of CAFs, TAMs, and cancer cells
Our
TME Normalization
TM
Technology causes tumor apoptosis, a non-inflammatory tumor-cell death (instead of necroptosis, which
results in repeat reignition of the inflammatory cascade leading to tumor progression). Thus, when the inflammatory cascade is inhibited,
tumor resistance can be suppressed, enabling tumor cell apoptosis by ImmixBio therapies.
We
believe that our TME Normalization
TM
Technology is a promising direction of research that may enable a new generation of high-therapeutic
index drugs (drugs that have high relative safety as defined by the ratio of toxic to effective dose), unlocking additional therapeutic
benefit without adding toxicity.
IMX-110
- Tissue-Specific Therapeutic
TM
with TME Normalization
TM
Technology
IMX-110
Market Opportunity
The
first potential indication we intend to pursue for IMX-110 is STS. STSs are cancers that arise from muscle, fat, nerves, fibrous tissues,
blood vessels or deep skin tissues. Globally, there are roughly 116,000 new cases of soft tissue sarcomas each year, of which 21,500
are in the European Union and 40,500 are in China. According to American Cancer Society, there were roughly 13,000 new cases of soft
tissue sarcomas in the United States during 2020. Approximately 160,000 people live with soft tissue cancers in the United States. The
five-year survival rate for all stages of STS is 65.0% in the United States, but this falls to 16.0% for patients with late-stage metastatic
disease.
The
global soft tissue sarcoma market is estimated to reach approximately $6.5 billion by 2030 from the estimated $2.9 billion in 2019. Drugs
used to treat STS include conventional doxorubicin, eribulin (marketed as Halaven®, by Eisai Co, Ltd), pazopanib (marketed as Votrient®,
by Novartis), and trabectedin (marketed as Yondelis®, by Janssen/Johnson & Johnson).
$898
million is the total publicly disclosed combined annual sales of eribulin (Halaven®), pazopanib (Votrient®), and trabectedin
(Yondelis®) according to the most recent available annual reports.
Objective
response rates are increasingly considered as poor surrogates of clinical activity in STS. Therefore, lack of progression, or progression
free survival ("PFS"), is used as the primary measure of treatment success in STS.
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-
Conventional
doxorubicin, in three separate studies as a first-line therapy, produced a mPFS (meaning the time patients live without their cancer
progressing) in STS patients of 2.5 months, 4.6 months, and 2.7 months according to Lorigan et al., 2007, Judson et al., 2014 and Chawla
et al., 2015.
Eribulin
(Halaven®), was trialed in a study in which 50% of patients received three or more lines of previous chemotherapy prior to eribulin.
Eribulin produced a mPFS in STS patients of 2.6 months according to Schöffski et al., 2016.
Pazopanib
(Votrient®), was trialed in a study in which 21% of patients received three or more lines of treatment prior to pazopanib. Pazopanib
produced a mPFS in STS patients of 4.6 months according to van der Graaf et al., 2012.
Trabectedin
(Yondelis®) was trialed in a study in which 12% of patients received three or more lines of chemotherapy prior to trabectedin. Trabectedin
produced a mPFS in STS patients of 4.2 months according to Demetri et al., 2016.
IMX-110
Clinical Data
As
of April 2022, we have treated 14 patients in our ongoing Phase 1b/2a clinical trial in the United States and Australia, of which
8 patients completed a tumor measurement after the enrollment measurement. Of those 8 patients, a range of late-stage STSs were represented,
including: leiomyosarcoma, cholangiocarcinoma, carcinosarcoma, and poorly differentiated sarcoma.
4
months was the mPFS observed in STS patients treated with IMX-110 in the United States in our ongoing Phase 1b/2a clinical trial.
100%
of these patients received between 3 and 13 lines of therapy prior to IMX-110.
Zero
drug-related serious adverse events and zero dose interruptions due to toxicity have been observed in our 1b/2a clinical trial to-date.
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61
-
Figure
8: IMX-110 Soft Tissue Sarcoma median Progression Free Survival and level of pre-treatment
In
our ongoing IMX-110 clinical trial:
-
100%
    of STS patients had controlled disease at 2 months.
-
75%
    of STS patients experienced tumor shrinkage. The range of the best percentage change from baseline in size of target lesions was
    between -10% and -18%.
-
A
    59 year old male STS patient experienced 6 month PFS, despite having 13 prior lines of therapy and the largest tumor burden at the
    time of enrollment (312mm diameter across 5 target lesions).
-
A
    77 year old male STS patient with 8 lines of prior therapy experienced 4 month PFS.
-
A
    27 year old female STS patient with 3 lines of prior therapy experienced 4 month clinical PFS and 6 month radiological PFS.
-
62
-
Figure
9: IMX-110 Phase 1b/2a Clinical Trial Interim Patient Data:
75%
of Heavily Pretreated Soft Tissue Sarcoma Patients Experienced Tumor Shrinkage
Soft
Tissue Sarcoma % Change in Target Lesion Size from Baseline (Left)
Soft
Tissue Sarcoma Best % Change from Baseline in Size of Target Lesions (Center)
Non-Sarcoma
Cancers % Change in Target Lesion Size from Baseline (Right)
(Source:
Immix Biopharma, Inc. ImmixBio has evaluable data for 8 patients as of April 2022 (out of n=14, the remaining 6 did not complete
any tumor measurements after enrollment scan). All 8 evaluable patients have discontinued treatment. "Heavily Pretreated"
refers to 3-13 lines of therapy. Dose expressed in mg/m
2
. Our employees were involved in the design of this study and the
results are unpublished.)
In
addition to IMX-110 STS data, a colorectal cancer patient originally considered for hospice, was subsequently treated with IMX-110 for
10 months with zero serious drug-related adverse events. This patient experienced 4 month PFS on half of what we expect to be IMX-110's
recommended Phase 2 therapeutic dose.
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IMX-110
Development Strategy
Figure
10: IMX-110: Direct Path To 1
st
Line Therapy In Soft Tissue Sarcoma – Clinical Trial Plan
We
plan to treat an additional 30 STS patients in our Phase 2a trial with IMX-110 as a first-line therapy.
We
expect our Phase 2a trial to require around 24 months after the first patient is dosed in 2022. The basis for IMX-110 as a first-line
therapy in STS is threefold:
-
encouraging
    clinical trial mPFS (4 month mPFS) data and tolerability data in our IMX-110 Phase 1b dose escalation trial;
-
we
    have identified precedent FDA clinical trial design for a first-line treatment; and
-
interest
    from leading STS PIs.
Subsequently,
we plan to initiate a 80 patient Phase 2b/3 clinical trial.
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IMX-110
Composition and Mechanism of Action
Figure
11: IMX-110 Tissue-Specific Therapeutic
TM
with TME Normalization
TM
Technology
for
soft tissue sarcoma
IMX-110
is a negatively-charged Tissue-Specific Therapeutic
TM
built on our TME Normalization
TM
Technology encapsulating
a synergistic 5:1 ratio of poly-kinase inhibitor (PCC) and apoptosis inducer (PEG-PE doxorubicin complex) delivered deep into the TME.
IMX-110
is the first clinical-stage drug built on our TME Normalization
TM
Technology.
Figure
12: IMX-110 – the first oncology micelle to achieve "small molecule penetration"
(Intravital
multiphoton imaging of intravenous injection into a mouse bearing an Mu89 melanoma in a dorsal skinfold chamber with a mixture of nanoparticles
with diameters of 12 nm, 60 nm, and 125 nm. Adapted from Popovic, et al., 2010. We did not fund or sponsor this study, and we were not
involved in this study or its publication.)
IMX-110
is 14-16 nanometers in diameter, and is about the size of an Immunoglobulin G ("IgG") antibody. Tumor blood vessels have
perforations of several hundred nanometers in diameter. Once IMX-110 has exited the bloodstream toward the tumor, it must traverse the
fibrous extracellular matrix, laid down by CAFs, that encases and scaffolds the tumor. IMX-110's small size enables IMX-110 to
exit perforated tumor blood vessels and penetrate the fibrous extracellular matrix.
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Figure
13: Representation of IMX-110 in the bloodstream, prior to exiting perforated tumor blood vessels
Figure
14: Representation of IMX-110 traversing the fibrous extracellular matrix toward the tumor
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Figure
15: IMX-110 – negative charge facilitates selective tumor accumulation
(Concentration
in tumor after IV injection. C-labeled doxorubicin in micellular or free form was injected into the tail veins of C 26-bearing CDF
1
female mice (7 weeks old) at a volume of 0.1 ml/10g body weight. After defined time periods (15 min, 1, 4, 24, and 48 h), mice
were anesthetized with diethylether and tumor samples were collected. Adapted from Yokoyama, et al., 1999. We did not fund or sponsor
this study, and we were not involved in this study or its publication.)
We
believe IMX-110's negative charge enables it to be electrostatically attracted to the tumor, and accumulate at tumor sites at a
rate 4-9 times higher than the rate of existing standard of care chemotherapies such as conventional doxorubicin.
Figure
16: IMX-110 – 12x tumor killing vs. conventional doxorubicin
(See
below paragraph for study description. Adapted from Sarisozen, et al., 2016)
We
observed that IMX-110 of statistically significantly increased apoptosis in 3D spheroid U87MG glioblastoma model as measured by increase
in caspase 3/7 activity after 24 hours versus groups treated with: control group (empty micelles), 0.1 μM free doxorubicin (free DOX),
0.1 μM micellular doxorubicin (DOX micelles), 20 μM micellular curcumin (CUR micelles). The primary endpoint of the study was level
of apoptosis as measured by increase in caspase 3/7 activity after 24 hours of treatment. 3D Spheroid U87MG glioblastoma cells were treated
with 0.1 μM DOX and 20 μM CUR in micellar formulations for 24 h, followed by the Apo-ONE Homogeneous Caspase-3/7 Assay. Results
were normalized against the control group and presented as mean ± SD. Our employees were involved in the design of this study
and Ilya Rachman, our Chief Executive Officer and Chairman of our board of directors, was a co-author of the results published in 2016.
Results were generated in triplicate using 15 spheroids per treatment.
IMX-110's
synergistic combination induces caspase 3/7 activity, a proxy for apoptosis/tumor cell killing, at a rate of 12 times higher than that
of conventional doxorubicin, and at a rate 5 times higher than micellular doxorubicin, confirming IMX-110's potent tumor cell killing
activity.
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Figure
17: Representation of IMX-110 effector molecules (orange and red) attacking multiple protein targets simultaneously
Figure
18: IMX-110 Tissue-Specific Therapeutic
TM
with TME Normalization
TM
Technology
Intracellular
Mechanism of Action
Specifically,
IMX-110 induces potent tumor killing by blocking multiple tumor escape pathways targeted by FDA approved targeted agents and targeted
agents in development.
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Leveraging
its multi-kinase inhibition capabilities, not only does IMX-110 block activation of NF-κB and STAT3, IMX-110 also simultaneously
blocks activation of other well-known cancer-related proteins such as COX2, BCL2, BCL-xL, Survivin, c-myc, Notch, and Hes1. With these
pathways shut down, IMX-110 is able to activate apoptosis through double-stranded DNA breaks caused by IMX-110's apoptosis inducer
(PEG-PE doxorubicin complex).
Table
1: Select Drugs Targeting Same Targets That IMX-110 Targets
Company
Name
Target
2021
    status
Venetoclax
    / Venclexta
BCL2
Approved
Navitoclax
BCL2,
    BCL-xL
Phase
    II
ZN-d5
BCL2,
    BCL-xL
IND
    Enabling
Celebrex/celecoxib
COX2
Off
    patent
Brontictuzumab
Notch1
Phase
    I
IMX-110
Pre-clinical Data
We
have funded and sponsored pre-clinical experiments to characterize the activity profile of IMX-110 in a range of solid tumor models,
including genetic KPC pancreatic mouse model, xenograft mouse models of various cancers, and
in vitro
with various cancer cell
lines.
We
observed that IMX-110 statistically significantly inhibited tumor growth in a pre-clinical study that we funded and was conducted on
an industry sponsored research basis in a HCT-116 colon cancer xenograft mouse model (which is poorly sensitive to doxorubicin). The
primary endpoint of the study was tumor growth inhibition as measured by tumor volume, with the secondary endpoint being overall survival.
Female nude (NU/NU) mice bearing 250mm
3
HCT-116 tumors were treated every 2 days starting at day 0 (7 total tail vein injections,
arrows correspond to injection days) at a dose of 4 mg/kg CUR and 0.4 mg/kg DOX (six mice per dosing group). Survival was determined
when the tumor reached 1000mm
3
. Our employees were involved in the design of this study and Ilya Rachman, our Chief Executive
Officer and Chairman of our board of directors, was a co-author of the results published in 2013. No adverse side effects of IMX-110
were observed as measured by lack of weight loss.
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Figure
19: IMX-110 Tissue-Specific Therapeutic
TM
with TME Normalization
TM
Technology Statistically Significantly Inhibited
Tumor Growth in HCT-116 Pre-clinical Xenograft Model
(See
above paragraph for study description. Adapted from Abouzeid et al., 2013)
In
this pre-clinical study of IMX-110 in the HCT-116 colorectal cancer xenograft mouse model, at day 24, 80% of mice treated with 1 cycle
of low-dose IMX-110 were alive while all control animals were dead.
We
observed that IMX-110 monotherapy statistically significantly inhibited tumor growth in a pre-clinical study that we funded and was conducted
in a genetic pancreatic cancer (KPC) mouse model. The primary endpoint of the study was tumor growth inhibition as measured by tumor
volume and weight. Transgenic mice (Pdx1-Cre) were treated every day starting at day 0 (5 total tail vein injections, arrows correspond
to injection days) at a dose of 6 mg/kg CUR and 1.4 mg/kg DOX (at least six mice per dosing group). Survival was determined when the
tumor reached 1500mm
3
. Surviving animals were euthanized after the last blood collection prior to Day 30, tumors were excised,
measured, weighted, photographed and sectioned for histological analysis. Our employees were involved in the design of this study and
the results are unpublished. No adverse side effects of IMX-110 were observed as measured by lack of weight loss.
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Figure
20: IMX-110 Tissue-Specific Therapeutic
TM
with TME Normalization
TM
Technology Monotherapy Statistically Significantly
Inhibited Tumor Growth in Genetic (KPC) Pancreatic Cancer Pre-clinical Model
(See
above paragraph for study description. ImmixBio unpublished results.)
In
this pre-clinical study of IMX-110 monotherapy in the genetic KPC pancreatic cancer mouse model, one cycle of low-dose IMX-110 produced
an average 43% reduction in tumor volume and weight at sacrifice vs. tumor volume and weight in untreated controls.
IMX-110
Immunomodulation Effects
In
this pre-clinical study of IMX-110 monotherapy in the genetic KPC pancreatic mouse cancer model, our histological analysis showed that
IMX-110 has the potential to transform "cold" tumors into "hot" tumors by eliminating immunosuppressive T-regulatory
immune cells (top), enabling cytotoxic T-lymphocytes to enter the tumor (middle), and eliminating tumor vascularization (bottom).
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Figure
21: IMX-110 Tissue-Specific Therapeutic
TM
with TME Normalization
TM
Technology
Monotherapy
Turns "Cold" Tumors "Hot" in Genetic (KPC) Pancreatic Cancer Pre-clinical Model
(See
above paragraph for study description. ImmixBio unpublished results.)
IMX-110
+ Anti-PD-1
In
published literature, the effect of a combination of murine anti-PD-1, gemcitabine, nab-paclitaxel, and murine anti-CD40 was studied
in a genetically engineered mouse model of pancreatic ductal adenocarcinoma (KPC), and produced median survival of 42 days.
The
primary endpoint of the study was tumor growth inhibition as measured by tumor volume and weight. Mice were treated intraperitoneally
(i.p.) with murine anti-PD-1 (RMP1-14; BioXcell; 200 mg/dose) on days 0, 3, 6, 9, 12, 15, 18, and 21 (after enrollment), with chemotherapy
(gemcitabine + nab-paclitaxel) injected i.p. at 120 mg/kg (for each chemotherapeutic) on day 1, and agonistic anti-CD40 (FGK45; BioXcell;
100 mg injected on day 3. For isotype controls, rat IgG2a (2A3; BioXcell; 100 mg) and rat IgG2b (LTF-2; BioXcell; 200 mg/dose) were used
(6-8 mice per group). Duration of survival was studied. We did not fund or sponsor this study, and we were not involved in this study
or its publication.
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Figure
22: 4 Drug Combination (anti-PD-1, anti-CD40, gemcitabine, nab-paclitaxel) produced
median
42 day survival in Genetic (KPC) Pancreatic Cancer Pre-clinical Model
(See
above paragraph for study description. Adapted from Winograd et al., 2015)
A
combination of IMX-110 + murine anti-PD-1 in a pre-clinical study in a genetic pancreatic cancer (KPC) mouse model that we funded produced
extended median survival of 63 days.
The
primary endpoint of the study was tumor growth inhibition as measured by tumor volume and weight. Transgenic mice (Pdx1-Cre) were treated
every day starting at day 0 (5 total tail vein injections) at a dose of 6 mg/kg CUR and 1.5 mg/kg DOX, and treated on days 5, 8, and
11 with murine anti-PD-1 (RMP1-14; BioXcell) 100μg/dose (three mice). This treatment was repeated started on day 21 and day 25. Duration
of survival was studied. Tumors were periodically visualized using an
in vivo
luciferase assay. Our employees were involved in
the design of this study and the results are unpublished. No adverse side effects of IMX-110 were observed as measured by lack of weight
loss.
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Figure
23: IMX-110 + murine anti-PD-1 Produced Extended Survival produced median 63 day survival
in
Genetic (KPC) Pancreatic Cancer Pre-clinical Model
(See
above paragraph for study description. ImmixBio unpublished results.)
In
our genetic pancreatic cancer (KPC) mouse model study, luciferase assay visually demonstrated tumor shrinkage in the IMX-110 + anti-PD-1
combination group throughout the study.
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(See
above paragraph for study description. ImmixBio unpublished results.)
We
believe there exists significant potential for TSTx IMX-110 to be an integral component of combination therapies for a wide range of
advanced solid tumors.
IMX-111
Tissue-Specific Biologic
TM
with TME Normalization
TM
Technology
IMX-111
Market Opportunity
The
first potential indication we intend to pursue for IMX-111 is colorectal cancer ("CRC"). CRCs are cancers that arise from
the colon, rectum and anus. According to American Cancer Society, there were roughly 149,500 new cases of colorectal cancer in the United
States. Globally, there are roughly 1,930,000 new cases of colorectal cancer each year, of which 519,500 are in Europe, 148,500 are in
Japan, 20,500 are in Australia and New Zealand, and 555,000 are in China. The five-year survival rate in the United States for all stages
of CRC is 64.7%, but this falls to 14.7% for patients with late-stage metastatic disease.
The
colorectal cancer market is estimated to reach approximately $31.2 billion by 2025 from the estimated $26.3 billion in 2019. Drugs used
to treat CRC include conventional irinotecan, oxaliplatin, 5-fluorouracil, pembrolizumab (marketed as Keytruda®, by Merck & Co.),
nivolumab (marketed as Opdivo®, by Bristol Meyers Squibb), bevacizumab (marketed as Avastin®, by Roche), and ramucirumab (marketed
as Cyramza®, by Eli Lilly).
$33.38 billion is the total
publicly disclosed combined annual sales of pembrolizumab (Keytruda®, Merck & Co.), nivolumab (Opdivo®), bevacizumab (Avastin®),
and ramucirumab (Cyramza®) according to the most recent available annual reports.
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However,
these therapies are either approved in combination with chemotherapies, or in a small subset of colorectal cancer patients.
Table
2: Select Drugs Used To Treat Advanced Colorectal Cancer
Drug
Comments
bevacizumab
(Avastin®,
    Roche)
Approved
    in combination with 5-FU or 5-FY/LV chemotherapy
ramucirumab
(Cyramza®,
    Eli Lilly)
Approved
    in combination with FOLFIRI chemotherapy
pembrolizumab
(Keytruda®,
    Merck & Co.)
Unresectable/metastatic
    MSI-H or mismatch repair deficient metastatic CRC that have progressed following prior treatment and have no alternative options
    / MSI-H or dMMR CRC (<10% of metastatic CRC)
nivolumab
(Opdivo®,
    Bristol Meyers Squibb)
Advanced
    MSI-H/dMMR CRC who have progressed following treatment with fluoropyrimidine, oxaliplatin and irinotecan (<10% of metastatic CRC)
We
intend to pursue IMX-111 for treatment of advanced colorectal cancer ("aCRC"), which includes all CRC diagnosed with regional,
distant, and other staging, and includes approximately 63% of all patients newly diagnosed with CRC annually. Treatment of aCRC typically
involves removal of sections of the colon (colectomy) or rerouting of the intestine by colostomy. Radiotherapy and chemotherapy, including
the above drugs, are also used to treat aCRC patients.
IMX-111
Pre-clinical Data
We
have funded and sponsored pre-clinical experiments to characterize the activity profile of IMX-111 in a range of solid tumor models,
xenograft mouse models of various cancers, and
in vitro
with various cancer cell lines.
We
observed that IMX-111 statistically significantly inhibited tumor growth in a pre-clinical study that we funded and was conducted on
an industry sponsored research basis in a HCT-116 colon cancer xenograft mouse model (which is poorly sensitive to doxorubicin). The
primary endpoint of the study was tumor growth inhibition as measured by tumor volume, with the secondary endpoint being overall survival.
Female nude (NU/NU) mice bearing 250mm
3
HCT-116 tumors were treated every 2 days starting at day 0 (7 total tail vein injections,
arrows correspond to injection days) at a dose of 4 mg/kg CUR and 0.4 mg/kg DOX (six mice per dosing group). Survival was determined
when the tumor reached 1000mm
3
. Our employees were involved in the design of this study and Ilya Rachman, our Chief Executive
Officer and Chairman of our board of directors, was a co-author of the results published in 2013. No adverse side effects of IMX-111
were observed as measured by lack of weight loss.
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Figure
24: IMX-111 Tissue-Specific Biologic
TM
with TME Normalization
TM
Technology Statistically Significantly Inhibited
Tumor Growth in HCT-116 Colorectal Cancer Pre-clinical Xenograft Model
(See
above paragraph for study description. Adapted from Abouzeid et al., 2013)
In
this pre-clinical study of IMX-111 in the HCT-116 colorectal cancer xenograft mouse model, at day 24, 100% of mice treated with 1 cycle
of low-dose IMX-111 were alive while all control animals were dead.
We
observed that IMX-111 statistically significantly inhibited tumor growth in a pre-clinical study that we funded and was conducted on
an industry sponsored research basis in a MDA-MB-231 triple-negative breast cancer xenograft mouse model (which is poorly sensitive to
doxorubicin). The primary endpoint of the study was tumor growth inhibition as measured by tumor volume, with the secondary endpoint
being overall survival. Female nude (NU/NU) mice bearing 150mm
3
MDA-MB-231 tumors were treated every 2 days starting at day
20 except last injection administered at day 33 (7 total IV injections) at a dose of 6 mg/kg CUR and 1 mg/kg DOX (at least six mice per
dosing group). Survival was determined when the tumor reached 1000mm
3
. Our employees were involved in the design of this study
and Ilya Rachman, our Chief Executive Officer and Chairman of our board of directors, was a co-author of the results published in 2014.
No adverse side effects of IMX-111 were observed as measured by lack of weight loss.
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Figure
25: IMX-111 Tissue-Specific Biologic
TM
with TME Normalization
TM
Technology Statistically Significantly Inhibited
Tumor Growth in MDA-MB-231 Triple-Negative Breast Cancer Xenograft Model
(See
above paragraph for study description. Adapted from Abouzeid et al., 2014)
In
this pre-clinical study of IMX-111 in the MDA-MB-231 triple-negative breast cancer xenograft mouse model, treatment with one cycle of
low-dose IMX-111 resulted in 50% reduction in tumor mass, versus 33% growth in controls. The IMX-111 treatment effect lasted throughout
the 52 day experiment duration.
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IMX-111
Composition and Mechanism of Action
Figure
26: IMX-111 Tissue-Specific Biologic
TM
with TME Normalization
TM
Technology
for
CRC
IMX-111
is a Tissue-Specific Biologic
TM
built on our TME Normalization
TM
Technology with proprietary GLUT1 antibody biomarker
targeting facilitating preferential accumulation in glucose-consuming cancer cells such as CRC. IMX-111 takes advantage of the fact that
GLUT1 is an essential cancer biomarker that is overexpressed on 92% of colorectal cancer tumor cells and other tumor types. Furthermore,
the degree of its overexpression correlates with more advanced stage of tumor progression. IMX-111 is the first cancer therapeutic to
take advantage of this fact by coupling anti-GLUT1 antibody to our poly-kinase inhibitor / apoptosis inducer.
IMX-111
is 17-23 nanometers in diameter, which is just larger than the size of an IgG antibody.
Figure
27: IMX-111's target GLUT1 is overexpressed on colorectal and other cancers
(Adapted
from a review paper by Amann, et al., 2009. We did not fund or sponsor this study, and we were not involved in this study or its publication.)
GLUT1
is a glucose transporter which is overexpressed on 92% of CRC, making GLUT1 a prime biomarker for IMX-111 targeting in CRC.
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Figure
28: IMX-111's target GLUT1 overexpression is associated with a poor prognosis
(Adapted
from Shen, et al., 2011 and Haber, et al., 1998. Shen, et al.: Expression of GLUT1 in 163 primary patient colorectal cancer tumors was
examined using real-time PCR. Haber, et al.: GLUT1 glucose transporter immunostaining was studied in normal colon and benign colon adenomas
and in 112 colorectal carcinomas from patients with known clinical outcomes. We did not fund or sponsor these studies, and we were not
involved in these studies or their publication.)
GLUT1
overexpression in CRC correlates with advanced, later stage (stage III-IV) disease. Heavy GLUT1 staining is observed in cancerous colorectal
tissue versus healthy normal colon.
Figure
29: IMX-111 Tissue-Specific Biologic
TM
with TME Normalization
TM
Technology
Intracellular
Mechanism of Action
Once
IMX-111 enters the TME, consisting of: 1) CAFs, 2) TAMs/immune cells, and 3) cancer itself, it binds to its GLUT1 biomarker target and
empties its poly-kinase inhibitor / apoptosis inducer payload into these cells, causing tumor apoptosis. Specifically, IMX-111 induces
potent tumor killing by blocking multiple tumor escape pathways targeted by FDA approved targeted agents and targeted agents in development
(see Table 1).
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IMX-111
Development Strategy
We
plan to conduct IND-enabling studies for IMX-111 by mid-2022, pursuing advanced colorectal cancer as the initial indication. We anticipate
filing an IND for IMX-111 in 2023. We plan to initiate a Phase 1b/2a study with IMX-111 in solid tumors in the United States and Australia,
with the first patient anticipated to be dosed in 2023. We plan for IMX-111 to pursue advanced colorectal cancer as its initial indication.
IMX-120
Tissue-Specific Biologic
TM
with Immune Normalization Technology
TM
for inflammatory bowel disease
IMX-120
Market Opportunity
The
first potential indications we intend to pursue for IMX-120 are ulcerative colitis ("UC") and severe Crohn's disease
("CD"), which are both forms of inflammatory bowel disease ("IBD"). IBD is estimated to affect over 2,000,000
people in the United States and over 5,000,000 people globally. IBD is a complex gastrointestinal disease caused primarily by a dysregulated
immune system.
Drugs
used to treat IBD include adalimumab (marketed as Humira®, by Abbvie), ustekinumab (marketed as Stelara®, by Janssen/Johnson
& Johnson), and vedolizumab (marketed as Entyvio®, by Takeda).
$30.07
billion is the total publicly disclosed combined annual sales of adalimumab (Humira®), ustekinumab (Stelara®), and vedolizumab
(Entyvio®, Takeda) according to the most recent available annual reports.
Endpoints
for clinical trials in IBD are measured in terms of remission rates at 4-8 weeks post treatment.
For
adalimumab (Humira®), in a study of moderate-to-severe UC who received concurrent treatment with oral corticosteroids or immunosuppressants,
overall rates of clinical remission at week 8 were 16.5% on adalimumab and 9.3% on placebo, according to Sandborn et al., 2012.
For
ustekinumab (Stelara®), in a study of moderate-to-severe UC, overall rates of clinical remission at week 8 were 15.6% on 130mg intravenous
ustekinumab and 5.3% on placebo, according to Sands et al., 2019.
For
vedolizumab (Entyvio®), in a study of moderately to severely active UC, overall rates of clinical remission at week 6 were 17% on
vedolizumab and 5% on placebo, according to the FDA Entyvio® Prescribing Label.
UC
and CD are two of the most common forms of IBD. Both UC and CD are chronic, relapsing, remitting, inflammatory conditions of the gastrointestinal
tract that begin most commonly during adolescence and young adulthood. UC involves the innermost lining of the large intestine, and symptoms
include abdominal pain and diarrhea, frequently with blood and mucus. CD can affect the entire thickness of the bowel wall and all parts
of the gastrointestinal tract from mouth to anus. CD symptoms include abdominal pain, diarrhea, and other more systemic symptoms such
as weight loss, nutritional deficiencies, and fever.
The
current standard of care for the treatment of patients with moderate-to-severe IBD is typically anti-inflammatory agents. The majority
of IBD patients do not respond to first-line anti-tumor necrosis factor agents. The approvals of the first anti-tumor necrosis factor
agent for the treatment of CD in 1998 and newer biological agents, including anti-integrin and anti-IL12/23, have improved the care of
moderate-to-severe IBD.
However,
these subsequently approved therapies in UC have generally failed to demonstrate a clinical remission effect size of more than 15% relative
to placebo. Moreover, among those patients who do respond to therapy, up to 50% will lose response over time. Additionally, the markets
for UC and CD represent a high unmet need patient population. Only 2 out of 5 UC patients are on advanced therapy.
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IMX-120
Composition and Mechanism of Action
Figure
30: IMX-120 Tissue-Specific Biologic
TM
with Immune Normalization Technology
TM
for inflammatory bowel disease
IMX-120,
built on our SMAR
x
T Tissue-Specific
TM
Platform with shared CMC and design elements with our other drug candidates,
is a Tissue-Specific Biologic
TM
with proprietary GLUT1/confidential target antibody encapsulating polyphenol poly-kinase inhibitors
selectively silencing disease-causing inflammatory bowel immune cells.
Driving
inflammatory bowel disease are the interactions between 3 components of the immune synapse: 1) gut-lining enterocytes, 2) gut microbes,
and 3) gut-resident immune cells. Cellular contacts and signaling molecules exchanged between these components activate abnormal inflammatory
responses in immune cells driving a self-sustaining feed-forward loop of pathological inflammation in gastrointestinal tissues. Through
simultaneous repression of pathological inflammatory signaling in all of these components at the same time, Immune Normalization
TM
Technology halts this self-sustaining feed-forward loop propagated among these 3 components, addressing the root cause of inflammatory
pathologies.
IBD
is caused by a dysregulated, chronic, pathological immune response by bowel immune cells to the microbiome and other components of the
gastrointestinal cellular environment. In the process of becoming dysregulated, cytotoxic T-cells and macrophages secrete signaling cytokines,
resulting in a self-sustaining feed-forward loop of inflammation. Similar to tumor growth, these inflammatory processes active in IBD
are caused by recurring waves of activation of multiple kinases that upregulate NF-κB, STAT3 and other key transcriptional factors.
IMX-120
takes advantage of the fact that overexpression and activation of GLUT1 on overactive immune cells has been shown to be widely present
in patients with IBD. IMX-120's polyphenol poly-kinase inhibitors block upstream kinase signal transduction systems that activate
NF-κB and STAT3, thus shutting down the self-sustaining feed-forward loop of inflammation. GLUT1 presents an ideal targeting moiety
for these overactive immune cells, allowing for tissue-specific delivery of IMX-120.
Curcuminoid
polyphenols have been generally well-tolerated in multiple clinical trials, two of which are summarized below.
In
a randomized, multi-center placebo-controlled, double-blind study of 50 mesalamine-treated patients with active mild-to-moderate ulcerative
colitis (UC) (defined by the Simple Clinical Colitis Activity Index, or SCCAI) who did not respond to an additional 2 weeks of the maximum
dose of mesalamine oral and topical therapy, patients were randomly assigned to groups who were given curcumin capsules (3 g/day, n =
26) or an identical placebo (n = 24) for 1 month, with continued mesalamine. The primary endpoint was the rate of clinical remission
(SCCAI <=2) at week 4. Clinical and endoscopic responses were also recorded. The incidence of adverse effects was not significantly
different between the 2 arms. The primary results of the trial at 4 weeks are outlined in the figure below (left hand side).
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In
a randomized, double-blinded study performed at 5 independent medical centers in Japan, curcuminoid Theracurmin (360 mg/day, 20 patients)
or placebo (10 patients) was administered to patients with active mild-to-moderate Crohn's disease ("CD") for
12 weeks. The agent's clinical activity was assessed by evaluating clinical and endoscopic remission, healing of anal lesions,
and blood levels of inflammatory markers. The primary endpoint was the difference in Crohn's disease activity index, or CDAI, improvement
between the Theracurmin and placebo groups when comparing week 12 to week 0. No serious adverse events were observed in either group
throughout the study. The primary results of the trial at 4 weeks are outlined in the figure below (right hand side).
For
both studies, because of the lack of previous data on the subject, a formal power analysis calculation of sample size was not performed.
Also for both studies, P < 0.05 was considered statistically significant. For all results below, p values of differences between placebo
and treatment group was < 0.05. We did not fund or sponsor these studies, and we were not involved in these studies or their publications.
Figure
31: Polyphenols have shown promise in both ulcerative colitis and Crohn's
(Adapted
from Lang, et al., 2015 and Sugimoto et al., 2020. See above paragraphs for study descriptions)
Despite
an almost complete lack of bioavailability in oral form, a polyphenol (curcumin) showed signs of clinical activity in a 50 patient UC
study, with >50% remission rate in the treatment arm at week 4 compared to a 0-13% remission rate in a control group at week 4. In
a 30 patient CD study, a polyphenol (theracurmin) produced a 35% clinical remission rate in the treatment arm at week 4 compared to 0%
in a control group at week 4.
With
IMX-120's proprietary GLUT1 targeting, we believe the potential for IMX-120 in IBD is favorable.
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Figure
32: GLUT1 targeting significantly reduces IBD inflammation in
in vitro
models
(Adapted
from Macintyre et al., 2014 and Renaudin et al., 2020. See below paragraph for study descriptions. We did not fund or sponsor these studies,
and we were not involved in these studies or their publications.)
In
inflammatory bowel disease in mice, GLUT1 appears to be required for metabolic reprogramming of CD4 T cells into T effector cells that
are critical for induction of disease-causing inflammation (above figure left hand side graphical abstract). In mice, GLUT1 inhibition
results in the reduction of global tissue inflammatory score observed by hematoxylin and eosin ("HE") staining (above
figure right hand side).
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Figure
33: IMX-120 silences disease causing inflammatory bowel immune cells
(Illustrative
figure adapted from Alzahrani, et al., 2019. We did not fund or sponsor this study, and we were not involved in this study or its publication.)
IMX-120
targets GLUT1 and a second proprietary target that were described in the literature as key activators of overactive immune response,
that are expected to allow IMX-120 to selectively silence disease-causing, overactive inflammatory bowel immune cells with its polyphenol
poly-kinase inhibitors.
IMX-120
Development Strategy
We
plan to conduct IND-enabling studies for IMX-120 by mid-2022, pursuing ulcerative colitis and severe Crohn's disease indications.
We anticipate filing an IND for IMX-120 in 2023. We plan to initiate a Phase 1b/2a study with IMX-120 in IBD in the United States and
Australia with the first patient anticipated to be dosed in 2023. We plan for IMX-120 to pursue UC and severe CD indications.
Manufacturing
We
have already established a track record of producing 4 batches of our Tissue-Specific Therapeutics ("TSTx")
TM
according to current Good Manufacturing Practice ("cGMP"), and have treated 14 patients so-far in our ongoing Phase
1b/2a clinical trial as of April 2022.
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We
will continue to leverage our established technical, manufacturing, analytical, quality, cGMP, project management expertise and existing
relationships to contract with appropriate CMOs to manufacture our TSTx
TM
moving forward.
We
currently do not own or operate any manufacturing facilities. To date, we have obtained active pharmaceutical ingredients ("API")
and drug product for our product candidates from several third party contract manufacturers. We are in the process of developing our
supply chain for each of our product candidates and intend to enter into agreements pursuant to which third-party contract manufacturers
will provide us with necessary quantities of API and drug product on a project-by-project basis based upon our needs. We rely, and expect
to continue to rely for the foreseeable future, on FDA, EMA, or other jurisdiction-registered third-party contract manufacturing organizations
to produce our product candidates for pre-clinical and clinical testing, as well as for commercial manufacture if our product candidates
receive marketing approval. As part of the manufacture and design process for our product candidates, we rely on internal, scientific
and manufacturing know-how and trade secrets and the know-how and trade secrets of third-party manufacturers. We also contract with additional
third parties for the filling, labeling, packaging, storage and distribution of investigational drug products. We believe that this strategy
allows us to maintain a more efficient infrastructure by eliminating the need for us to invest in our own manufacturing facilities, equipment
and personnel while also enabling us to focus our expertise and resources on the development of our product candidates. We maintain agreements
with our manufacturers that include confidentiality and intellectual property, and quality provisions to protect our proprietary rights
related to our product candidates and satisfy regulatory requirements.
Competition
The
biotechnology industry is extremely competitive in the race to develop new products. While we believe we have significant competitive
advantages with our years of expertise in systems biology drug design, pharmacology and drug delivery, and clinical depth, trials and
expertise, and intellectual property position, we currently face and will continue to face competition for our development programs from
groups that are developing therapies for oncology and inflammation. The competition is likely to come from multiple sources, including
larger pharmaceutical companies, biotechnology companies, and academic institutions.
Companies
developing therapies for both oncology and inflammation include, but are not limited to, Kymera Therapeutics Inc., Morphic Holding Inc.,
and RAPT Therapeutics Inc. Companies developing therapies for IBD (including UC and CD) include, but are not limited to, Arena Pharmaceuticals
Inc., Landos Biopharma Inc., and Seres Therapeutics Inc.
IMX-110
– Soft Tissue Sarcoma
Drugs
in trials to treat STS include nivolumab (marketed as Opdivo®, by Bristol Meyers Squibb), ipilimumab (marketed as Yervoy®, by
Merck & Co), and pembrolizumab (marketed as Keytruda®, by Merck & Co).
Nivolumab
(Opdivo®), was trialed in a study in which 61% of patients had received at least three previous lines of chemotherapy prior to nivolumab.
Nivolumab monotherapy produced a mPFS in sarcoma of 1.7 months, according to D'Angelo et al., 2018.
Nivolumab
(Opdivo®) and ipilimumab (Yervoy®), were trialed in a study in which 61% of patients had received at least three previous lines
of chemotherapy prior to a combination of nivolumab + ipilimumab. Nivolumab + ipilimumab combination therapy produced a mPFS in sarcoma
of 4.1 months, according to D'Angelo et al., 2018.
Pembrolizumab
(Keytruda®, Merck & Co), was trialed in a study in which 42% of patients had received at least three previous lines of chemotherapy
prior to pembrolizumab. Pembrolizumab monotherapy produced a mPFS in sarcoma of 4.2 months, according to Tawbi et al., 2017.
In
addition to the above, companies with approved therapies and that are developing therapies for soft tissue sarcoma include, but are not
limited to, BioAtla Inc., Epizyme Inc., Nanobiotix SA, C4 Therapeutics, Inc., Adaptimmune Therapeutics plc, Eisai, Novartis, and Janssen/Johnson
& Johnson.
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Intellectual
Property
Our
success depends in part on our ability to obtain and maintain proprietary protection for our product candidates, technology and know-how,
to operate without infringing the proprietary rights of others and to prevent others from infringing our proprietary rights. Our strategy
is to seek to protect our proprietary position by, among other methods, pursuing and obtaining patent protection in the United States
and in jurisdictions outside of the United States related to our proprietary technology, inventions, improvements, and product candidates
that are important to the development and implementation of our business. Our patent portfolio is intended to cover our product candidates
and related components, their methods of use and processes for their manufacture, our proprietary reagents and assays, and any other
inventions that are commercially important to our business. We also rely on common law trademarks as well as trade secret protection
of our confidential information and know-how relating to our proprietary technology platform, and product candidates. We believe that
we have substantial know-how and trade secrets relating to our technology and product candidates.
As
of May 26, 2022, our patent portfolio includes 11 U.S. and foreign patents, 4 pending U.S. and foreign patent applications, and
3 pending U.S. provisional patent applications related to our technology platform and our product candidates. Of those, 1 patent has
been granted in the U.S. and 10 patents have been granted in the following countries: France, Germany, Ireland, Switzerland, and the
United Kingdom. One non-provisional patent application is currently pending in the U.S. and 3 foreign patent applications are currently
pending before the European Patent Office, and in China and Hong Kong. Certain platform patents are expected to remain in force until
2033. Other patents directed to platform technology are expected to remain in force until 2036.
The
below patents and patent applications comprise our patent portfolio. All of the patents and patent applications listed below are owned
by us.
Jurisdiction
Status
Number
Title
Expected
    Expiration Date
Type
    of Patent Protection
United
    States
Patent
9,833,508
Cancer
    therapeutics
03/15/2033
Methods
    of treatment
United
    States
Pending
16/789,401
Methods
    and related compositions for the treatment of cancer
03/15/2033
Compositions
    and methods of treatment
United
    States
Provisional
63/210,212
Nanoparticles
    for the treatment of inflammatory diseases
06/14/2022
Compositions
    and methods of treatment
United
    States
Provisional
63/219,348
Nanoparticles
    for cancer treatment
07/07/2022
Compositions
    and methods of treatment
United States
Provisional
63/261,730
Nanoparticles for cancer treatment
09/27/2022
Compositions and methods of treatment
France
Patent
13760370.0
Micelles
    ciblant le Glut-1 et comprenant de la curcumine (Glut-1 targeted and curcumin loaded micelles)
03/15/2033
Compositions
Germany
Patent
13760370.0
Glut-1
    zielgerichtete und mit Kurkumin beladene Mizellen (Glut-1 targeted and curcumin loaded micelles)
03/15/2033
Compositions
Ireland
Patent
13760370.0
Glut-1
    targeted and curcumin loaded micelles
03/15/2033
Compositions
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Jurisdiction
Status
Number
Title
Expected
    Expiration Date
Type
    of Patent Protection
Switzerland
Patent
13760370.0
Glut-1
    zielgerichtete und mit Kurkumin beladene Mizellen (Glut-1 targeted and curcumin loaded micelles)
03/15/2033
Compositions
United
    Kingdom
Patent
13760370.0
Glut-1
    targeted and curcumin loaded micelles
03/15/2033
Compositions
European
    Patent Office
Pending
20196191.9
Micelle
    comprising an inhibitor of NF-KB
03/15/2033
Compositions
Hong
    Kong
Pending
42021037058.1
Cancer
    therapeutics
03/15/2033
Compositions
China
Pending
201680069854.2
用于治疗癌症的放大和相关组合物
    (Methods and related compositions for the treatment of cancer)
10/21/2036
Compositions,
    methods and use
France
Patent
16858309.4
Méthodes
    et compositions associées pour le traitement du cancer (methods and related compositions for the treatment of cancer)
10/21/2036
Compositions
Germany
Patent
16858309.4
Verfahren
    und verwandte zusammensetzungen zur behandlung von krebs (methods and related compositions for the treatment of cancer)
10/21/2036
Compositions
Ireland
Patent
16858309.4
Methods
    and related compositions for the treatment of cancer
10/21/2036
Compositions
Switzerland
Patent
16858309.4
Verfahren
    und verwandte zusammensetzungen zur behandlung von krebs (methods and related compositions for the treatment of cancer)
10/21/2036
Compositions
United
    Kingdom
Patent
16858309.4
Methods
    and related compositions for the treatment of cancer
10/21/2036
Compositions
We
generally pursue multilayered patent protection covering the composition of matter including the formulations of the product candidates,
and/or the functional characteristics of the product candidates. In addition to composition of matter coverage, we also generally pursue
claims directed to methods of making, and methods of use of the product candidates.
IP
License Agreement with Immix Biopharma Australia Pty Ltd.
On
January 23, 2017, we entered into an IP License Agreement ("License Agreement") with Immix Biopharma Australia Pty Ltd.,
our wholly-owned subsidiary, pursuant to which we granted IBAPL a non-exclusive, non-transferable license to IMX-110 intellectual property
that is necessary for the purpose of, among other things, conducting or facilitating the research, development or clinical trials relating
to such intellectual property in the Commonwealth of Australia. Pursuant to the terms of the License Agreement, during the term of the
License Agreement, IBAPL shall pay us a royalty equal to a mid single digit percentage of Net Sales (as defined in the License Agreement),
subject to adjustment as set forth in the License Agreement. The License Agreement may be terminated by either party (i) upon 20 days
prior written notice to the other party, (ii) if the other party breaches any provision of the License Agreement and fails to remedy
such breach within 10 business days after receiving written notice of such breach or (iii) if the other party is the subject to an insolvency
event as set forth in the License Agreement. As of the date of this prospectus, we have not received any payments pursuant to the License
Agreement.
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AxioMx
Master Services Agreement
On
December 22, 2014, we entered into the MSA with AxioMx which is in the business of developing and supplying custom affinity reagents.
We entered into the MSA to serve as a master agreement governing multiple sets of projects as may be agreed upon us and AxioMx from time
to time. Pursuant to the MSA, we granted AxioMx a non-exclusive, royalty-free, worldwide, non-transferable license to certain of our
intellectual property to perform services pursuant to the MSA, and AxioMx granted us an exclusive product assignment option which grants
us an exclusive, royalty-bearing right, with the right to sublicense, under the Deliverable (as defined in the MSA) to further research,
develop, use, sell, offer for sale, import and export one or more assigned products pursuant to the MSA. We exercised the Option in 2017.
Pursuant to the MSA, AxioMx is entitled to royalties on the sale of any Deliverable that is used for diagnostic, prognostic or therapeutic
purposes, in humans or animals, or for microbiology testing, including food safety testing or environmental monitoring. Specifically,
we shall pay AxioMx a royalty of 3.5% of Net Sales (as defined in the MSA) of assigned products for each Deliverable used in licensed
products for therapeutic purposes. In addition, we shall pay AxioMx a royalty of 1.5% of Net Sales of assigned products for each Deliverable
used in licensed products for diagnostic or prognostic purposes; provided, however, if three Deliverables are used in an assigned product
for diagnostic or prognostic purposes, the royalty shall be 4.5%. Subject to certain exceptions, the MSA shall continue for a period
of five years from the effective date, unless extended by us and AxioMx. The MSA may be terminated by either party upon a material breach
of the MSA, which breach remains uncured for 30 days after written notice thereof. In addition, we may also terminate the MSA at any
time upon 30 days prior written notice to AxioMx. The MSA has not been amended or extended, however, the royalty obligations described
in this paragraph survive the termination of the MSA.
Government
Regulations
United
States Regulation of Drugs and Biologics
We
expect that IMX-110 will be regulated by the FDA as a complex non-biologic by submitting an NDA. We expect that IMX-111 and IMX-120 will
be regulated by the FDA as a biological product, or biologic, by submitting a BLA to the FDA. We expect to pursue United States and global
regulatory designations, vouchers, conditional approvals and accelerated approvals where appropriate.
Our
business activities are subject to various laws, rules and regulations of the United States as well as of foreign governments.
The
FDA and other regulatory authorities at federal, state, and local levels, as well as in foreign countries, extensively regulate, among
other things, the research, development, testing, manufacture, quality control, import, export, safety, effectiveness, labeling, packaging,
storage, distribution, record keeping, approval, advertising, promotion, marketing, post-approval monitoring, and post-approval reporting
of drug products such as those we are developing. We, along with third-party contractors, will be required to navigate the various pre-clinical,
clinical and commercial approval requirements of the governing regulatory agencies of the countries in which we wish to conduct studies
or seek approval or licensure of our product candidates.
The
process required by the FDA before drug candidates may be marketed in the United States generally involves the following:
●
completion
    of pre-clinical laboratory tests and animal studies performed in accordance with the FDA's current Good Laboratory Practice
    ("GLP") regulation;
●
submission
    to the FDA of an IND, which must become effective before clinical trials may begin and must be updated annually or when significant
    changes are made;
●
approval
    by an independent IRB, or ethics committee at each clinical site before the trial is commenced;
●
performance
    of adequate and well-controlled human clinical trials to establish the safety and efficacy of the proposed drug candidate for its
    intended purpose;
●
preparation
    of and submission to the FDA of an NDA or BLA after completion of all pivotal clinical trials;
●
satisfactory
    completion of an FDA Advisory Committee review, if applicable;
●
a
    determination by the FDA within 60 days of its receipt of an NDA or BLA to file the application for review;
●
satisfactory
    completion of an FDA pre-approval inspection of the manufacturing facility or facilities at which the proposed product is produced
    to assess compliance with cGMP, and of selected clinical investigation sites to assess compliance with cGCP; and
●
FDA
    review and approval of the NDA or BLA to permit commercial marketing of the product for particular indications for use in the United
    States.
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Pre-clinical
and Clinical Development
Prior
to beginning the first clinical trial with a product candidate, we must submit an IND to the FDA. An IND is a request for authorization
from the FDA to administer an investigational new drug product to humans. The central focus of an IND submission is on the general investigational
plan and the protocol(s) for clinical trials. The IND also includes results of animal and
in vitro
studies assessing the toxicology,
pharmacokinetics, pharmacology and pharmacodynamic characteristics of the product; chemistry, manufacturing and controls information;
and any available human data or literature to support the use of the investigational product. An IND must become effective before human
clinical trials may begin. The IND automatically becomes effective 30 days after receipt by the FDA, unless the FDA, within the 30-day
time period, raises safety concerns or questions about the proposed clinical trial. In such a case, the IND may be placed on clinical
hold and the IND sponsor and the FDA must resolve any outstanding concerns or questions before the clinical trial can begin. Submission
of an IND therefore may or may not result in FDA authorization to begin a clinical trial.
Clinical
trials involve the administration of the investigational product to human subjects under the supervision of qualified investigators in
accordance with cGCP, which include the requirement that all research subjects provide their informed consent for their participation
in any clinical trial. Clinical trials are conducted under protocols detailing, among other things, the objectives of the study, the
parameters to be used in monitoring safety and the effectiveness criteria to be evaluated. A separate submission to the existing IND
must be made for each successive clinical trial conducted during product development and for any subsequent protocol amendments. Furthermore,
an independent IRB for each site proposing to conduct the clinical trial must review and approve the plan for any clinical trial and
its informed consent form before the clinical trial begins at that site, and must monitor the study until completed. Regulatory authorities,
the IRB or the sponsor may suspend a clinical trial at any time on various grounds, including a finding that the subjects are being exposed
to an unacceptable health risk or that the trial is unlikely to meet its stated objectives. Some studies also include oversight by an
independent group of qualified experts organized by the clinical trial sponsor, known as a data safety monitoring board, which provides
authorization for whether or not a study may move forward at designated check points based on access to certain data from the study and
may halt the clinical trial if it determines that there is an unacceptable safety risk for subjects or other grounds, such as no demonstration
of efficacy. There are also requirements governing the reporting of ongoing clinical trials and clinical trial results to public registries.
For
purposes of NDA or BLA approval, human clinical trials are typically conducted in three sequential phases that may overlap.
●
Phase
    1—
The investigational product is initially introduced into healthy human subjects or patients with the target disease or
    condition. These studies are designed to test the safety, dosage tolerance, absorption, metabolism and distribution of the investigational
    product in humans, the side effects associated with increasing doses, and, if possible, to gain early evidence on effectiveness.
●
Phase
    2—
The investigational product is administered to a limited patient population with a specified disease or condition to
    evaluate the preliminary efficacy, optimal dosages and dosing schedule and to identify possible adverse side effects and safety risks.
    Multiple Phase 2 clinical trials may be conducted to obtain information prior to beginning larger and more expensive Phase 3 clinical
    trials. Some trials may combine aspects of Phase 1 and Phase 2 into a single clinical trial that can examine both safety in healthy
    volunteers and safety and preliminary efficacy in patients with a specific disease.
●
Phase
    3—
The investigational product is administered to an expanded patient population to further evaluate dosage, to provide
    statistically significant evidence of clinical efficacy and to further test for safety, generally at multiple geographically dispersed
    clinical trial sites. These clinical trials are intended to establish the overall risk/benefit ratio of the investigational product
    and to provide an adequate basis for product approval.
A
registrational trial is a clinical trial that adequately meets regulatory agency requirements for the evaluation of a drug candidate's
efficacy and safety such that it can be used to justify the approval of the drug. Generally, registrational trials are Phase 3 trials
but may be Phase 2 trials if the trial design provides a reliable assessment of clinical benefit, particularly in situations where there
is an unmet medical need.
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In
some cases, the FDA may require, or companies may voluntarily pursue, additional clinical trials after a product is approved to gain
more information about the product. These so-called Phase 4 studies may be made a condition to approval of the NDA or BLA. Concurrent
with clinical trials, companies may complete additional animal studies and develop additional information about the characteristics of
the product candidate and must finalize a process for manufacturing the product in commercial quantities in accordance with cGMP requirements.
The manufacturing process must be capable of consistently producing quality batches of the product candidate and, among other things,
must develop methods for testing the final product. Additionally, appropriate packaging must be selected and tested and stability studies
must be conducted to demonstrate that the product candidate does not undergo unacceptable deterioration over its shelf life.
NDA
or BLA Submission and Review
Assuming
successful completion of all required testing in accordance with all applicable regulatory requirements, the results of product development,
non-clinical studies and clinical trials are submitted to the FDA as part of an NDA or BLA requesting approval to market the product
for one or more indications. The NDA or BLA must include all relevant data available from pertinent pre-clinical and clinical trials,
including negative or ambiguous results as well as positive findings, together with detailed information relating to the product's
chemistry, manufacturing, controls, and proposed labeling, among other things. A determination by the FDA within 60 days of the receipt
of an NDA or BLA to file the application for review for its completeness is initiated at the time of submission. If the FDA determines
there is significance to the missing or incomplete information in the context of the proposed drug product, the proposed indication(s)
and the amount of time needed to address any given deficiency, it can issue a refusal-to-file letter. The submission of an NDA or BLA
requires payment of a substantial application user fee to FDA, unless a waiver or exemption applies.
Once
an NDA has been submitted, the FDA's goal is to review standard applications within ten months after it accepts the application
for filing, or, if the application qualifies for priority review, six months after the FDA accepts the application for filing. In both
standard and priority reviews, the review process is often significantly extended by FDA requests for additional information or clarification.
The FDA reviews an NDA or BLA to determine, among other things, whether a product is safe and effective. The FDA may convene an advisory
committee to provide clinical insight on application review questions. Before approving an NDA or BLA, the FDA will typically inspect
the facility or facilities where the product is manufactured. The FDA will not approve an application unless it determines that the manufacturing
processes and facilities are in compliance with cGMP requirements and adequate to assure consistent production of the product within
required specifications. Additionally, before approving an NDA or BLA, the FDA will typically inspect one or more clinical sites to assure
compliance with cGCP. If the FDA determines that the application, manufacturing process or manufacturing facilities are not acceptable,
it will outline the deficiencies in the submission and often will request additional testing or information. Notwithstanding the submission
of any requested additional information, the FDA ultimately may decide that the application does not satisfy the regulatory criteria
for approval.
After
the FDA evaluates an NDA or BLA and conducts inspections of manufacturing facilities where the product will be produced, the FDA may
issue an approval letter or a Complete Response letter. An approval letter authorizes commercial marketing of the product with specific
prescribing information for specific indications. A Complete Response letter will describe all of the deficiencies that the FDA has identified
in the NDA or BLA. In issuing the Complete Response letter, the FDA may recommend actions that the applicant might take to place the
NDA or BLA in condition for approval, including requests for additional information or clarification. The FDA may delay or refuse approval
of an NDA or BLA if applicable regulatory criteria are not satisfied, require additional testing or information and/or require post-marketing
testing and surveillance to monitor safety or efficacy of a product.
If
regulatory approval of a product is granted, such approval will be granted for particular indications and may entail limitations on the
indicated uses for which such product may be marketed. For example, the FDA may approve the NDA or BLA with a Risk Evaluation and Mitigation
Strategy ("REMS"), to ensure the benefits of the product outweigh its risks. A REMS is a safety strategy to manage a known
or potential serious risk associated with a product and to enable patients to have continued access to such medicines by managing their
safe use, and could include medication guides, physician communication plans or elements to assure safe use, such as restricted distribution
methods, patient registries and other risk minimization tools. The FDA also may condition approval on, among other things, changes to
proposed labeling or the development of adequate controls and specifications. Once approved, the FDA may withdraw the product approval
if compliance with pre- and post-marketing requirements is not maintained or if problems occur after the product reaches the marketplace.
The FDA may require one or more Phase 4 post-market studies and surveillance to further assess and monitor the product's safety
and effectiveness after commercialization, and may limit further marketing of the product based on the results of these post-marketing
studies.
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Expedited
Development and Review Programs
The
FDA offers several expedited development and review programs for qualifying product candidates. The fast track program is intended to
expedite or facilitate the process for reviewing new products that meet certain criteria. Specifically, new products are eligible for
fast track designation if they are intended to treat a serious or life-threatening disease or condition and demonstrate the potential
to address unmet medical needs for the disease or condition. Fast track designation applies to the combination of the product and the
specific indication for which it is being studied. The sponsor of a fast track product has opportunities for frequent interactions with
the review team during product development and, once an NDA or BLA is submitted, the product may be eligible for priority review. A fast
track product may also be eligible for rolling review, where the FDA may consider for review sections of the NDA or BLA on a rolling
basis before the complete application is submitted, if the sponsor provides a schedule for the submission of the sections of the NDA
or BLA, the FDA agrees to accept sections of the NDA or BLA and determines that the schedule is acceptable, and the sponsor pays any
required user fees upon submission of the first section of the NDA or BLA.
A
product intended to treat a serious or life-threatening disease or condition may also be eligible for breakthrough therapy designation
to expedite its development and review. A product can receive breakthrough therapy designation if preliminary clinical evidence indicates
that the product may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such
as substantial treatment effects observed early in clinical development. The designation includes all of the fast track program features,
as well as more intensive FDA interaction and guidance beginning as early as Phase 1 and an organizational commitment to expedite the
development and review of the product, including involvement of senior managers.
Any
product is eligible for priority review if it has the potential to provide a significant improvement in the treatment, diagnosis or prevention
of a serious disease or condition compared to marketed products. For products containing new molecular entities, priority review designation
means the FDA's goal is to take action on the marketing application within six months of the 60-day filing date (compared with
ten months under standard review).
Additionally,
products studied for their safety and effectiveness in treating serious or life-threatening diseases or conditions may receive accelerated
approval upon a determination that the product has an effect on a surrogate endpoint that is reasonably likely to predict clinical benefit,
or on a clinical endpoint that can be measured earlier than irreversible morbidity or mortality, that is reasonably likely to predict
an effect on irreversible morbidity or mortality or other clinical benefit, taking into account the severity, rarity, or prevalence of
the condition and the availability or lack of alternative treatments. As a condition of accelerated approval, the FDA will generally
require the sponsor to perform adequate and well-controlled post-marketing clinical trials to verify and describe the anticipated effect
on irreversible morbidity or mortality or other clinical benefit. In addition, the FDA currently requires, as a condition for accelerated
approval, pre-approval of promotional materials, which could adversely impact the timing of the commercial launch of the product.
Orphan
Drug Designation
Under
the Orphan Drug Act, the FDA may grant orphan designation to a drug or biologic intended to treat a rare disease or condition, which
is a disease or condition that affects fewer than 200,000 individuals in the United States, or more than 200,000 individuals in the United
States for which there is no reasonable expectation that the cost of developing and making available in the United States a drug or biologic
for this type of disease or condition will be recovered from sales in the United States for that drug or biologic. Orphan drug designation
must be requested before submitting an NDA or BLA. After the FDA grants orphan drug designation, the generic identity of the therapeutic
agent and its potential orphan use are disclosed publicly by the FDA. The orphan drug designation does not convey any advantage in, or
shorten the duration of, the regulatory review or approval process.
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If
a product that has orphan drug designation subsequently receives the first FDA approval for the disease for which it has such designation,
the product is entitled to orphan drug exclusive approval (or exclusivity), which means that the FDA may not approve any other applications,
including a full NDA or BLA, to market the same drug for the same indication for seven years, except in limited circumstances, such as
a showing of clinical superiority to the product with orphan drug exclusivity. Orphan drug exclusivity does not prevent the FDA from
approving a different drug or biologic for the same disease or condition, or the same drug or biologic for a different disease or condition.
Among the other benefits of orphan drug designation are tax credits for certain research and a waiver of the application user fee.
A
designated orphan drug may not receive orphan drug exclusivity if it is approved for a use that is broader than the indication for which
it received orphan designation. In addition, exclusive marketing rights in the United States may be lost if the FDA later determines
that the request for designation was materially defective or if the manufacturer is unable to assure sufficient quantities of the product
to meet the needs of patients with the rare disease or condition.
Post-Approval
Requirements
Any
products manufactured or distributed by us pursuant to FDA approvals are subject to pervasive and continuing regulation by the FDA, including,
among other things, requirements relating to record-keeping, reporting of adverse experiences, periodic reporting, product sampling and
distribution, and advertising and promotion of the product. After approval, most changes to the approved product, such as adding new
indications or other labeling claims, are subject to prior FDA review and approval. There also are continuing user fee requirements,
under which FDA assesses an annual program fee for each product identified in an approved NDA or BLA. Drug manufacturers and their subcontractors
are required to register their establishments with the FDA and certain state agencies, and are subject to periodic unannounced inspections
by the FDA and certain state agencies for compliance with cGMP, which impose certain procedural and documentation requirements upon us
and our third-party manufacturers. Changes to the manufacturing process are strictly regulated, and, depending on the significance of
the change, may require prior FDA approval before being implemented. FDA regulations also require investigation and correction of any
deviations from cGMP and impose reporting requirements upon us and any third-party manufacturers that we may decide to use. Accordingly,
manufacturers must continue to expend time, money and effort in the area of production and quality control to maintain compliance with
cGMP and other aspects of regulatory compliance.
The
FDA may withdraw approval if compliance with regulatory requirements and standards is not maintained or if problems occur after the product
reaches the market. Later discovery of previously unknown problems with a product, including adverse events of unanticipated severity
or frequency, or with manufacturing processes, or failure to comply with regulatory requirements, may result in revisions to the approved
labeling to add new safety information; imposition of post-market studies or clinical trials to assess new safety risks; or imposition
of distribution restrictions or other restrictions under an REMS program. Other potential consequences include, among other things:
●
restrictions
    on the marketing or manufacturing of a product, complete withdrawal of the product from the market or product recalls;
●
fines,
    warning letters or holds on post-approval clinical trials;
●
refusal
    of the FDA to approve pending applications or supplements to approved applications, or suspension or revocation of existing product
    approvals;
●
product
    seizure or detention, or refusal of the FDA to permit the import or export of products; or
●
injunctions
    or the imposition of civil or criminal penalties.
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The
FDA closely regulates the marketing, labeling, advertising and promotion of biologics and drugs. 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. However, companies may share truthful and not misleading information that is otherwise consistent with a product's FDA approved
labeling. The FDA and other agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses. Failure to
comply with these requirements can result in, among other things, adverse publicity, warning letters, corrective advertising and potential
civil and criminal penalties. Physicians may prescribe legally available products for uses that are not described in the product's
labeling and that differ from those tested by us and approved by the FDA. Such off-label uses are common across medical specialties.
Physicians may believe that such off-label uses are the best treatment for patients in varied circumstances. The FDA does not regulate
the behavior of physicians in their choice of treatments. The FDA does, however, restrict manufacturer's communications on the
subject of off-label use of their products.
Europe
European
Drug Development
In
the European Union, our future products also may be subject to extensive regulatory requirements. As in the United States, medicinal
products can be marketed only if a marketing authorization from the competent regulatory agencies has been obtained.
Similar
to the United States, the various phases of preclinical and clinical research in the European Union are subject to significant regulatory
controls. Although the EU Clinical Trials Directive 2001/20/EC has sought to harmonize the EU clinical trials regulatory framework, setting
out common rules for the control and authorization of clinical trials in the European Union, the EU Member States have transposed and
applied the provisions of the Directive differently. This has led to significant variations in the Member State regimes. Under the current
regime, before a clinical trial can be initiated it must be approved in each of the EU countries where the trial is to be conducted by
two distinct bodies: the National Competent Authority ("NCA"), and one or more Ethics Committees ("ECs"). Under
the current regime all suspected unexpected serious adverse reactions to the investigated drug that occur during the clinical trial have
to be reported to the NCA and ECs of the Member State where they occurred.
The
EU clinical trials legislation currently is undergoing a transition process mainly aimed at harmonizing and streamlining clinical-trial
authorization, simplifying adverse-event reporting procedures, improving the supervision of clinical trials and increasing their transparency.
In April 2014, the EU adopted a new Clinical Trials Regulation (EU) No 536/2014, which is set to replace the current Clinical Trials
Directive 2001/20/EC. It is expected that the new Clinical Trials Regulation (EU) No 536/2014 will apply following confirmation of full
functionality of the Clinical Trials Information System, the centralized EU portal and database for clinical trials foreseen by the Regulation,
through an independent audit, currently expected to occur in January 2022. The new Regulation will be directly applicable in all Member
States (and so does not require national implementing legislation in each Member State), and aims at simplifying and streamlining the
approval of clinical studies in the EU, for instance by providing for a streamlined application procedure via a single point and strictly
defined deadlines for the assessment of clinical study applications.
European
Drug Review and Approval
In
the European Economic Area ("EEA"), which is comprised of the Member States of the European Union together with Norway, Iceland
and Liechtenstein, medicinal products can only be commercialized after obtaining a marketing authorization ("MA"). There
are two main types of MAs:
●
The
    centralized MA is issued by the European Commission through the centralized procedure, based on the opinion of the Committee for
    Medicinal Products for Human Use ("CHMP"), of the EMA, and is valid throughout the entire territory of the EEA. The centralized
    procedure is mandatory for certain types of products, such as biotechnology medicinal products, orphan medicinal products, advanced-therapy
    medicinal products (i.e. gene-therapy, somatic cell-therapy or tissue-engineered medicines) and medicinal products containing a new
    active substance indicated for the treatment of HIV, AIDS, cancer, neurodegenerative disorders, diabetes, auto-immune and other immune
    dysfunctions and viral diseases. The centralized procedure is optional for products containing a new active substance not yet authorized
    in the EEA, or for products that constitute a significant therapeutic, scientific or technical innovation or which are in the interest
    of public health in the European Union. Under the centralized procedure the maximum timeframe for the evaluation of a MA application
    by the EMA is 210 days, excluding clock stops, when additional written or oral information is to be provided by the applicant in
    response to questions asked by the CHMP. Clock stops may extend the timeframe of evaluation of a MA application considerably beyond
    210 days. Where the CHMP gives a positive opinion, the EMA provides the opinion together with supporting documentation to the European
    Commission, who make the final decision to grant a marketing authorization, which is issued within 67 days of receipt of the EMA's
    recommendation. Accelerated assessment might be granted by the CHMP in exceptional cases, when a medicinal product is expected to
    be of a major public health interest, particularly from the point of view of therapeutic innovation. The timeframe for the evaluation
    of a MA application under the accelerated assessment procedure is of 150 days, excluding stop-clocks, but it is possible that the
    CHMP may revert to the standard time limit for the centralized procedure if it determines that the application is no longer appropriate
    to conduct an accelerated assessment.
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●
National
    MAs, which are issued by the competent authorities of the Member States of the EEA and only cover their respective territory, are
    available for products not falling within the mandatory scope of the centralized procedure. Where a product has already been authorized
    for marketing in a Member State of the EEA, this national MA can be recognized in other Member States through the mutual recognition
    procedure. If the product has not received a national MA in any Member State at the time of application, it can be approved simultaneously
    in various Member States through the decentralized procedure. Under the decentralized procedure an identical dossier is submitted
    to the competent authorities of each of the Member States in which the MA is sought, one of which is selected by the applicant as
    the Reference Member State ("RMS"). The competent authority of the RMS prepares a draft assessment report, a draft summary
    of the product characteristics, or SmPC, and a draft of the labeling and package leaflet, which are sent to the other Member States
    (referred to as the Concerned Member States) for their approval. If the Concerned Member States raise no objections, based on a potential
    serious risk to public health, to the assessment, SmPC, labeling, or packaging proposed by the RMS, the product is subsequently granted
    a national MA in all the Member States (i.e., in the RMS and the Concerned Member States).
Under
the above described procedures, before granting the MA, the EMA or the competent authorities of the Member States of the EEA make an
assessment of the risk-benefit balance of the product on the basis of scientific criteria concerning its quality, safety and efficacy.
European
New Chemical Entity Exclusivity
In
the EEA, medicinal products for human use qualify for eight years of data exclusivity upon marketing authorization and an additional
two years of market exclusivity. The data exclusivity, if granted, prevents generic or biosimilar applicants from referencing the innovator's
preclinical and clinical trial data contained in the dossier of the reference product when applying for a generic or biosimilar marketing
authorization, for a period of eight years from the date on which the reference product was first authorized in the EEA. During the additional
two-year period of market exclusivity, a generic or biosimilar marketing authorization can be submitted, and the innovator's data
may be referenced, but no generic or biosimilar product can be marketed until the expiration of the market exclusivity period. The overall
ten-year period will be extended to a maximum of 11 years if, during the first eight years of those ten years, the marketing authorization
holder obtains an authorization for one or more new therapeutic indications which, during the scientific evaluation prior to their authorization,
are determined to bring a significant clinical benefit in comparison with currently approved therapies. Even if an innovative medicinal
product gains the prescribed period of data exclusivity, another company may market another version of the product if such company obtained
a marketing authorization based on an application with a complete and independent data package of pharmaceutical tests, preclinical tests
and clinical trials.
European
orphan designation and exclusivity
In
the EEA, the EMA's Committee for Orphan Medicinal Products grants orphan drug designation to promote the development of products
that are intended for the diagnosis, prevention or treatment of life-threatening or chronically debilitating conditions which either
affect no more than 5 in 10,000 persons in the European Union, or where it is unlikely that the marketing of the medicine would generate
sufficient return to justify the necessary investment in its development. In each case, no satisfactory method of diagnosis, prevention
or treatment has been authorized (or, if such a method exists, the product in question would be of significant benefit to those affected
by the condition).
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In
the EEA, orphan drug designation entitles a party to financial incentives such as reduction of fees or fee waivers, and ten years of
market exclusivity is granted following marketing approval for the orphan product. This period may be reduced to six years if, at the
end of the fifth year, it is established that the orphan drug designation criteria are no longer met, including where it is shown that
the product is sufficiently profitable not to justify maintenance of market exclusivity. During the period of market exclusivity, marketing
authorization may only be granted to a "similar medicinal product" for the same therapeutic indication if: (i) a second applicant
can establish that its product, although similar to the authorized product, is safer, more effective or otherwise clinically superior;
(ii) the marketing authorization holder for the authorized product consents to a second orphan medicinal product application; or (iii)
the marketing authorization holder for the authorized product cannot supply enough orphan medicinal product. A "similar medicinal
product" is defined as a medicinal product containing a similar active substance or substances as contained in an authorized orphan
medicinal product, and which is intended for the same therapeutic indication. Orphan drug designation must be requested before submitting
an application for marketing approval. Orphan drug designation does not convey any advantage in, or shorten the duration of, the regulatory
review and approval process.
European
pediatric investigation plan
In
the EEA, companies developing a new medicinal product must agree upon a pediatric investigation plan ("PIP"), with the EMA's
Pediatric Committee ("PDCO"), and must conduct pediatric clinical trials in accordance with that PIP, unless a waiver applies.
The PIP sets out the timing and measures proposed to generate data to support a pediatric indication of the drug for which marketing
authorization is being sought. The PDCO can grant a deferral of the obligation to implement some or all of the measures of the PIP until
there are sufficient data to demonstrate the efficacy and safety of the product in adults. Further, the obligation to provide pediatric
clinical trial data can be waived by the PDCO when this data is not needed or appropriate because the product is likely to be ineffective
or unsafe in children, the disease or condition for which the product is intended occurs only in adult populations, or when the product
does not represent a significant therapeutic benefit over existing treatments for pediatric patients. Products that are granted a marketing
authorization with the results of the pediatric clinical trials conducted in accordance with the PIP (even where such results are negative)
are eligible for six months' supplementary protection certificate extension (if any is in effect at the time of approval). In the
case of orphan medicinal products, a two year extension of the orphan market exclusivity may be available. This pediatric reward is subject
to specific conditions and is not automatically available when data in compliance with the PIP are developed and submitted.
PRIME
Designation
In
March 2016, the EMA launched an initiative to facilitate development of product candidates in indications, often rare, for which few
or no therapies currently exist. The PRIority Medicines ("PRIME") scheme is a voluntary scheme intended to encourage drug
development in areas of unmet medical need and provides accelerated assessment of products representing substantial innovation, where
the marketing authorization application will be made through the centralized procedure. Eligible products must target conditions for
which where is an unmet medical need (there is no satisfactory method of diagnosis, prevention or treatment in the EEA or, if there is,
the new medicine will bring a major therapeutic advantage) and they must demonstrate the potential to address the unmet medical need
by introducing new methods of therapy or improving existing ones. Products from small- and medium-sized enterprises may qualify for earlier
entry into the PRIME scheme than larger companies. Many benefits accrue to sponsors of product candidates with PRIME designation, including
but not limited to, early and proactive regulatory dialogue with the EMA, frequent discussions on clinical trial designs and other development
program elements, and accelerated marketing authorization application assessment once a dossier has been submitted. Importantly, a dedicated
contact and rapporteur from the EMA's CHMP or Committee for Advanced Therapies are appointed early in PRIME scheme facilitating
increased understanding of the product at EMA's Committee level. A kick-off meeting initiates these relationships and includes
a team of multidisciplinary experts at the EMA to provide guidance on the overall development and regulatory strategies. Where, during
the course of development, a medicine no longer meets the eligibility criteria, support under the PRIME scheme may be withdrawn.
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Australia
Our
clinical trial for IMX-110 is being conducted in Australia and the United States. The Therapeutic Goods Administration, or the TGA, and
the National Health and Medical Research Council set the GCP requirements for clinical research in Australia, and compliance with these
codes is mandatory. Australia has also adopted international codes, such as those promulgated by the International Council for Harmonization
of Technical Requirements for Registration of Pharmaceuticals for Human Use, or the ICH. The ICH guidelines must be complied with across
all fields of clinical research, including those related to pharmaceutical quality, nonclinical and clinical data requirements and trial
designs. The basic requirements for preclinical data to support a first-in-human trial under ICH guidelines are applicable in Australia.
Requirements related to adverse event reporting in Australia are similar to those required in other major jurisdictions.
Clinical
trials conducted using "unapproved therapeutic goods" in Australia, being those which have not yet been evaluated by the
TGA for quality, safety and efficacy must occur pursuant to either the Clinical Trial Notification Scheme, or the CTN Scheme, or the
Clinical Trial Exemption Scheme, or the CTX Scheme. In each case, the trial is supervised by a Human Research Ethics Committee ("HREC"),
an independent review committee set up under guidelines of the Australian National Health and Medical Research Council that ensures the
protection of rights, safety and well-being of human subjects involved in a clinical trial. A HREC does this by reviewing, approving
and providing continuing examination of trial protocols and amendments, and of the methods and material to be used in obtaining and documenting
informed consent of the trial subjects.
The
CTN Scheme broadly involves:
●
completion
    of preclinical laboratory and animal testing;
●
submission
    to a HREC, of all material relating to the proposed clinical trial, including the trial protocol;
●
the
    institution or organization at which the trial will be conducted, referred to as the "Approving Authority", giving final
    approval for the conduct of the trial at the site, having regard to the advice from the HREC; and
●
the
    investigator submitting a 'Notification of Intent to Conduct a Clinical Trial' form, or CTN Form, to the TGA. The CTN
    form must be signed by the sponsor, the principal investigator, the chairman of the HREC and a person responsible from the Approving
    Authority. The TGA does not review any data relating to the clinical trial however CTN trials cannot commence until the trial has
    been notified to the TGA.
Under
the CTX Scheme:
●
a
    sponsor submits an application to conduct a clinical trial to the TGA for evaluation and comment; and
●
a
    sponsor must forward any comments made by the TGA Delegate to the HREC(s) at the sites where the trial will be conducted.
A
sponsor cannot commence a trial under the CTX Scheme until written advice has been received from the TGA regarding the application and
approval for the conduct of the trial has been obtained from an ethics committee and the institution at which the trial will be conducted.
Approval
for inclusion in the Australian Register of Therapeutic Goods, or ARTG, is required before a pharmaceutical product may be marketed (or
imported, exported or manufactured) in Australia. In order to obtain registration of the product on the ARTG, it is required that:
●
adequate
    and well-controlled clinical trials demonstrate the quality, safety and efficacy of the therapeutic product;
●
evidence
    is compiled which demonstrates that the manufacture of the therapeutic product complies with the principles of cGMP;
●
manufacturing
    and clinical data is derived to submit to the Advisory Committee on Prescription Medicines, which makes recommendations to the TGA
    as to whether or not to grant approval to include the therapeutic product in the ARTG; and
●
an
    ultimate decision is made by the TGA whether to include the therapeutic product in the ARTG.
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Regulation
and Procedures Governing Approval of Products in Other Jurisdictions
The
requirements governing the conduct of clinical trials, drug licensing, pricing and reimbursement vary from country to country. In all
cases, clinical trials must be conducted in accordance with applicable regulatory requirements. If we fail to comply with applicable
foreign regulatory requirements, we may be subject to, among other things, fines, suspension or withdrawal of regulatory approvals, product
recalls, seizure of products, operating restrictions and criminal prosecution.
Coverage
and Reimbursement
Sales
of our products will depend, in part, on the extent to which our drugs will be covered by third-party payors, such as government health
programs, commercial insurance and managed healthcare organizations. These third-party payors are increasingly reducing reimbursements
for medical drugs and services. Additionally, the containment of healthcare costs has become a priority of federal and state governments,
and the prices of drugs have been a focus in this effort. The U.S. government, state legislatures and foreign governments have shown
significant interest in implementing cost-containment programs, including price controls, restrictions on reimbursement and requirements
for substitution of generic drugs.
There
may be significant delays in obtaining coverage and reimbursement for newly approved drugs, and coverage may be more limited than the
purposes for which the drug is approved by the FDA or similar regulatory authorities outside of the United States. Moreover, eligibility
for coverage and reimbursement does not imply that a drug will be paid for in all cases or at a rate that covers our costs, including
research, development, intellectual property protection, manufacture, sale and distribution expenses. Interim reimbursement levels for
new drugs, if applicable, may also not be sufficient to cover our costs and may not be made permanent. Reimbursement rates may vary according
to the use of the drug and the clinical setting in which it is used, may be based on reimbursement levels already set for lower-cost
drugs and may be incorporated into existing payments for other services. Net prices for drugs may be reduced by mandatory discounts or
rebates required by government healthcare programs or private payors and by any future relaxation of laws that presently restrict imports
of drugs from countries where they may be sold at lower prices than in the United States. 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. Even if favorable coverage and reimbursement status is attained for our product candidates, once
approved, less favorable coverage policies and reimbursement rates may be implemented in the future.
In
addition, in some foreign countries, the proposed pricing for a drug must be approved before it may be lawfully marketed. The requirements
governing drug pricing vary widely from country to country.
Healthcare
Laws and Regulations
Sales
of our product candidates, if approved, will be subject to healthcare regulation and enforcement by the federal government and the states
and foreign governments in which we might conduct our business. The healthcare laws and regulations that may affect our ability to operate
include the following:
●
The
    federal Anti-Kickback Statute, a criminal statute, makes it illegal for any person or entity to knowingly and willfully, directly
    or indirectly, solicit, receive, offer, or pay any remuneration that is in exchange for or to induce the referral of business, including
    the purchase, order, lease of any good, facility, item or service for which payment may be made under a federal healthcare program,
    such as Medicare or Medicaid. The term "remuneration" has been broadly interpreted to include anything of value. The
    Civil Monetary Penalties Law also contains a provision that prohibits the payment of anything of value in return for referrals and
    provides for the imposition of civil penalties.
●
Federal
    false claims and false statement laws, including the federal civil False Claims Act, prohibits, among other things, any person or
    entity from knowingly presenting, or causing to be presented, for payment to, or approval by, federal programs, including Medicare
    and Medicaid, claims for items or services, including drugs, that are false or fraudulent.
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●
HIPAA
    created additional federal criminal statutes that prohibit among other actions, knowingly and willfully executing, or attempting
    to execute, a scheme to defraud any healthcare benefit program, including private third-party payors or making any false, fictitious
    or fraudulent statement in connection with the delivery of or payment for healthcare benefits, items or services.
●
HIPAA,
    as amended by the Health Information Technology for Economic and Clinical Health Act of 2009 and their implementing regulations,
    imposes obligations on certain types of individuals and entities regarding the electronic exchange of information in common healthcare
    transactions, as well as standards relating to the privacy and security of individually identifiable health information.
●
The
    federal Physician Payments Sunshine Act requires certain manufacturers of drugs, devices, biologics and medical supplies for which
    payment is available under Medicare, Medicaid or the Children's Health Insurance Program, with specific exceptions, to report
    annually to the Centers for Medicare & Medicaid Services information related to payments or other transfers of value made to
    physicians and teaching hospitals, as well as ownership and investment interests held by physicians and their immediate family members.
Also,
many states have similar laws and regulations, such as anti-kickback and false claims laws that may be broader in scope and may apply
regardless of payor, in addition to items and services reimbursed under Medicaid and other state programs. Additionally, we may be subject
to state laws that require pharmaceutical companies to comply with the federal government's and/or pharmaceutical industry's
voluntary compliance guidelines, state laws that require drug manufacturers to report information related to payments and other transfers
of value to physicians and other healthcare providers or marketing expenditures, as well as state and foreign laws governing the privacy
and security of health information, many of which differ from each other in significant ways and often are not preempted by HIPAA. These
laws are subject to extensive and increasing enforcement by numerous federal, state, and local government agencies including the Office
of Inspector General, the Department of Justice, the CMS, the Office of Civil Rights, and various state authorities.
Additionally,
to the extent that our product is sold in a foreign country, we may be subject to similar foreign laws.
Employees
As
of May 26, 2022, we had two full-time employees, no part-time employees and seven consultants. We are not a party to any collective
bargaining agreements. We believe that we maintain good relations with our employees.
Facilities
Our
principal address is 11400 West Olympic Blvd., Suite 200, Los Angeles, CA 90064. We believe our facilities are adequate to meet our current
needs, although we may seek to negotiate new leases or evaluate additional or alternate space for our operations. We believe appropriate
alternative space would be readily available on commercially reasonable terms.
Legal
Proceedings
From
time to time we may be involved in claims that arise during the ordinary course of business. Although the results of litigation and claims
cannot be predicted with certainty, we do not currently have any pending litigation to which we are a party or to which our property
is subject that we believe to be material. Regardless of the outcome, litigation can be costly and time consuming, and it can divert
management's attention from important business matters and initiatives, negatively impacting our overall operations.
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MANAGEMENT
Directors
and Executive Officers
The
following table sets forth the name, age and position of each of our executive officers, key employees and directors as of May 26,
2022.
Name
Age
Position
Ilya
    Rachman, MD, PhD, MBA
50
Chief
    Executive Officer and Chairman
Gabriel
    Morris, BA
36
Chief
    Financial Officer and Director
Graham
    Ross, MBChB, FFPM
62
Acting
    Chief Medical Officer and Head of Clinical Development
Vladimir
    Torchilin, Ph.D, D.Sc., MSE
75
Scientific
    Co-Founder
Nandan
    Oza, BS
60
Head
    of Chemistry, Manufacturing, and Control
Jason
    Hsu, PhD, MS
48
Director
Magda
    Marquet, PhD
63
Director
Helen
    C. Adams, CPA
63
Director
Carey
    Ng, PhD, MBA
43
Director
Jane
    Buchan, PhD
58
Director
Ilya Rachman, MD, PhD, Chief Executive Officer,
Chairman
Ilya Rachman is the founder, Chairman and Chief
Executive Officer of Immix Biopharma, Inc. and has served in those positions since inception in 2012. Dr. Rachman is a pioneering physician/scientist,
cell biologist, and among the first to functionalize anti-NFkB therapeutics in research and practice. Dr. Rachman founded ImmixBio with
the goal of applying academic research and discoveries initially in oncology to benefit cancer patients and is named as an inventor on
a number of ImmixBio patents. Prior to ImmixBio, Dr. Rachman founded a clinical research organization that conducted clinical trials
of various large pharmaceutical companies drugs through Phase 3 and 4 clinical trials. Dr. Rachman was also a physician/scientist at
Cedars-Sinai Medical Center and UCLA Health. Dr. Rachman received his joint MD/PhD degree from the University of Illinois Chicago, conducting
original research in neuroendocrinology, received his EMBA from the University of California at Los Angeles, and received his B.S. from
the University of Iowa. Dr. Rachman trained in medicine and medical research at UCLA Health. We believe Dr. Rachman is qualified to serve
as a member of our Board of Directors because of his leadership skills, scientific background and experience as a clinician and in experimental
oncology.
Gabriel Morris, BA, Chief Financial Officer,
Director
Gabriel Morris has served as Chief Financial Officer
and a Director of Immix Biopharma, Inc. since March 2021. Mr. Morris has been Managing Partner of Alwaysraise LLC, a life sciences advisory
and investment firm based in San Francisco, California, since its founding in 2020. Prior, Mr. Morris was the interim Chief Financial
Officer of Zap Surgical Systems, a brain radiosurgery company, from 2019 to 2020, where he completed an $81 million growth equity financing
round. Prior to 2019, Mr. Morris led cross-border mergers and acquisitions transactions at Goldman Sachs & Co. and other global investment
banks for more than a decade from 2008 to 2018, where he participated in greater than $50 billion in completed transactions. In addition,
Mr. Morris has co-founded two companies, one which continues to operate independently and one that was acquired by a Nasdaq listed company.
Mr. Morris received his B.A. in economics from the Columbia University in the City of New York, where he attended the Icahn School of
Medicine at Mount Sinai Humanities and Medicine program as an undergraduate and published experimental research in peer-reviewed scientific
journals. We believe Mr. Morris is qualified to serve as a member of our Board of Directors because of his extensive experience in the
areas of strategic transactions, investment, financial structuring and operations.
Graham
Ross, MBChB, FFPM, Chief Medical Officer and Head of Clinical Development
Graham
Ross has served as the Acting Chief Medical Officer and Head of Clinical Development of Immix Biopharma, Inc. since June 2021. Dr. Ross
is an experienced pharmaceutical physician executive with a successful track record of development and post-marketing activities of a
number of cancer therapeutics (including topoisomerase inhibitors and therapeutic antibodies, such as immune checkpoint inhibitors and
next generation immunotherapeutics) as well as support medications (particularly anti-emetics). Prior to ImmixBio, Dr. Ross was a Senior
Medical Science Director at AstraZeneca from 2015 to 2017, and prior to that, he was a Global Clinical Leader at Roche Pharmaceuticals
from 2006 to 2015, where he was responsible for the clinical development and registration of pertuzumab in breast cancer indications
(marketed as PERJETA® by Roche). Prior to Roche, Dr. Ross was Director of Clinical Development at GlaxoSmithKline from 1995 to 2006.
After receiving his MBChB degree in medicine, Dr. Ross trained in oncology in Durban, South Africa and specialized a second time as a
pharmaceutical physician in the United Kingdom.
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Vladimir
Torchilin, Ph.D, D.Sc., MSE, Scientific Co-founder
Vladimir
P. Torchilin, Ph.D., D.Sc. has served as the Scientific Co-founder of Immix Biopharma Inc. since inception in 2012. Dr. Torchilin is
also a University Distinguished Professor of Pharmaceutical Sciences and Director, Center for Pharmaceutical Biotechnology and Nanomedicine,
Northeastern University, Boston, where he has worked since 1998. Prior to Northeastern University, Dr. Torchilin was Head of Chemistry
Program, Center for Imaging and Pharmaceutical Research at Massachusetts General Hospital and Associate Professor of Radiology at Harvard
Medical School from 1993 to 1997. Dr. Torchilin has published more than 400 original papers, more than 150 reviews and book chapters,
wrote and edited 12 books, and holds more than 40 patents. Dr. Torchilin is the Editor-in-Chief of Current Drug Discovery Technologies,
Drug Delivery, and OpenNano, the Co-Editor of Current Pharmaceutical Biotechnology and on the Editorial Boards of many other journals.
Dr. Torchilin received more than $30 million from the governmental and industrial sources in research funding. Dr. Torchilin has multiple
honors and awards, and in 2011, Times Higher Education ranked him number 2 among top world scientists in pharmacology for the period
of 2000-2010. Dr. Torchilin received his Ph.D. and D.Sc. in polymer chemistry, and MS in chemistry from Moscow State University.
Nandan
Oza, BS, Head of Chemistry, Manufacturing, and Control
Nandan
Oza has served as the Head of Chemistry, Manufacturing, and Control at Immix Biopharma, Inc. since May 2017. Mr. Oza is a pharmaceutical
executive with extensive CMC experience in organizations ranging from start-ups to large pharmaceutical companies. Mr. Oza has expertise
in product development, manufacturing and supply chain operations and regulatory affairs. Mr. Oza is accomplished at moving products
expeditiously from mid and late stage development through NDA filing, approval and commercialization. Prior to ImmixBio, Mr. Oza was
VP - Manufacturing and Supply Chain Operations for Jazz Pharmaceuticals, Zosano Pharma, Talon Therapeutics, Connetics Pharmaceuticals,
and ALZA Corp from 1998 to 2015. Mr. Oza received his BS in mechanical engineering from the University of Houston and MBA from National
University.
Jason Hsu, PhD, MS, Director
Jason Hsu has been a member of the Board of Directors
of Immix Biopharma, Inc. since 2014. Mr. Hsu is also the founder, chairman and Chief Executive Officer of Rayliant Global Advisors, an
asset manager focused on generating alpha from investing in China and other inefficient emerging markets, which has a total of $27 billion
of investment assets using its strategies across equity, fixed income and alternatives, where he has served since 2016. Mr. Hsu has also
served as an adjunct professor of finance at the University of California at Los Angeles ("UCLA") since 2008 and is on the
Board of Advisors for UCLA Anderson School of Management ("UCLA Anderson"). Prior to founding Rayliant, Mr. Hsu co-founded
and served as the Chief Investment Officer of Research Affiliates, a quantitative fund manager with over $200 billion under management,
from 2002 to 2015. Mr. Hsu has received 3 JPM Fabozzi-Bernstein Outstanding Research Awards, 3 CFA Institute Graham and Dodd awards,
3 William Sharpe Best Research awards, 2010 Rising Star of Hedge Fund and 2009 Outstanding Service Award (UCLA Anderson). In addition,
he has written more than 40 journal publications and more than 11 books and book chapters on investing. He has also held visiting positions
at UC Irvine, National Taiwan Chengchi University, Kyoto University and Tsinghua University. Mr. Hsu received his BS (summa cum laude)
from the California Institute of Technology, was awarded a MS in finance from Stanford University, and earned his PhD in finance from
UCLA. We believe Mr. Hsu is qualified to serve as a member of our Board of Directors because of his extensive expertise in financial
transactions, investment strategies, and business operations.
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Magda Marquet, PhD, Director
Magda Marquet has been a member of our Board of
Directors since June 2021. Dr. Marquet is also a member of the board of directors of AnaptysBio, Inc. (Nasdaq: ANAB), Arcturus Therapeutics
(Nasdaq: ARCT) and Transcode Therapeutics (Nasdaq: RNAZ). Dr. Marquet also served on the board of Pfenex Inc. (Nasdaq: PFNX) from 2019
until its acquisition by Ligand Pharmaceuticals in 2020. She was the co-CEO of Althea Technologies from 2000 to 2008 and served as co-chairman
of the board from 2008 until 2013. She is currently the co-CEO of Alma Life Sciences LLC, an investment and consulting firm, since 2013
and currently serves on several private company boards. Dr. Marquet has built, led and commercialized multiple life science companies.
She also has been a co-founder of AltheaDx (acquired by Castle Biosciences, Inc. (Nasdaq: CSTL)), a commercial stage, precision medicine
company with the world's leading pharmacogenomics test for anxiety and depression, since 2009. Dr. Marquet guided Althea Technologies
to acquisition by Ajinomoto, a global Japanese company and leader in amino acid technology. Prior to starting Althea Technologies, Dr.
Marquet held several positions in pharmaceutical development in companies such as Vical and Amylin Pharmaceuticals. Dr. Marquet holds
a Ph.D in biochemical engineering from INSA/University of Toulouse, France. She has received numerous prestigious awards throughout her
career including the 2005 Regional Ernst & Young Entrepreneur of the Year award in the Life Sciences category, the Athena Pinnacle
award, the Director of the Year award (Corporate Governance) from the Corporate Directors Forum and has been inducted into the CONNECT
Entrepreneur Hall of Fame. We believe Dr. Marquet is qualified to serve as a member of our Board of Directors because of her experience
as a biopharmaceutical founder with multiple successful exits.
Helen C. Adams, CPA, Director
Helen C. Adams has been a member of our Board
of Directors since June 2021. Ms. Adams is also a member of the board of directors of Prometheus Biosciences, Inc (Nasdaq: RXDX) and
chair of its audit committee. Ms. Adams was the San Diego Area Managing Partner for Haskell & White LLP, a regional certified public
accounting firm from 2013 to 2018 and has been a partner emeritus to-date. Ms. Adams is also a partner emeritus at Deloitte & Touche
LLP, having worked for the firm from 1982 to 2009, most recently as a Partner in the Life Sciences and Technology Group. From 2010 to
2013, Ms. Adams was a member of the board of directors of Genasys Inc. (formerly known as LRAD Corporation), serving as the audit committee
chair and member of the compensation committee. In addition to her public company board service, Ms. Adams has served on the boards of
directors of several organizations, including Athena San Diego, the Athena Foundation, Make A Wish San Diego and the California State
University at San Marcos Foundation. Ms. Adams received her BS from San Diego State University and completed an executive management
program at Columbia Business School. We believe Ms. Adams is qualified to serve as a member of our Board of Directors because of her
multi-decade, extensive experience in public accounting and the life sciences industry.
Carey Ng, PhD, MBA, Director
Carey Ng has been a member of our Board of Directors
since November 2019. Dr. Ng is also currently a Managing Director of Mesa Verde Venture Partners and Member of the Investment Committee,
where he has worked since 2008. Dr. Ng has over fifteen years investment and operating experience in the biomedical industry, ranging
from biotech startups to large biopharmaceutical companies. Dr. Ng serves on the board of a number of Mesa Verde portfolio companies
including Elysium Therapeutics, Satiogen Pharmaceuticals (spinout acquired by Shire), Biscayne Neurotherapeutics (acquired by Supernus),
and Paradigm (acquired by Exact Sciences). His board observer roles include Matrisys Bioscience, Immusoft, Alastin Skincare (acquired
by Galderma S.A.), Retrosense Therapeutics (acquired by Allergan), and Oncternal Therapeutics (ONCT). Prior to Mesa Verde, he worked
with a number of biomedical startups and was also in business development at Abbott. Dr. Ng has a Ph.D. from UCLA and a MBA from University
of California San Diego. We believe Dr. Ng is qualified to serve as a member of our Board of Directors because he has over ten years
of investment and operating experience in the biomedical industry, ranging from biotech startups to large biopharmaceutical companies.
Jane Buchan, PhD, Director
Jane Buchan has been a member of our Board of
Directors since June 2021. Dr. Buchan is also a member of the board of directors of Globe Life Inc (NYSE:GL) and AGF Management Ltd.
(TSX:AGF.B; OTC Pink: AGFMF). Dr. Buchan is Chief Executive Officer of Martlet Asset Management, a private investment office established
in 2018. Prior to founding Martlet, Dr. Buchan was Chief Executive Officer of PAAMCO, a fund of hedge funds, which she helped found in
2000, and Co-CEO of the holding company, PAAMCO Prisma Holdings. Under her leadership, the firm grew to $32 billion in assets under management.
Dr. Buchan began her career at J.P. Morgan Investment Management in the Capital Markets Group. She has been an Assistant Professor of
Finance at the Amos Tuck School of Business at Dartmouth. She recently served as chairwoman of the board for the Chartered Alternative
Investment Analyst Association (CAIA) and is a member of the Advisory Board for the Master of Financial Engineering Program at UCLA Anderson
School of Management. She is a Trustee of Reed College, Portland, Oregon and University of California Irvine Foundation. Dr. Buchan has
been actively involved in initiatives to advance the careers of women in finance and is a founding Angel for 100 Women in Finance. has
also been recognized with numerous industry honors and awards. She earned a BA in Economics from Yale University and holds both a PhD
and an MA in Business Economics (Finance) from Harvard University. We believe Dr. Buchan is qualified to serve as a member of our Board
of Directors because of her extensive investment and finance experience.
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Family
Relationships
There
are no family relationships among any of our executive officers or directors.
Director
Independence
Our
board of directors undertook a review of the independence of our directors and considered whether any director has a relationship with
us that could compromise that director's ability to exercise independent judgment in carrying out that director's responsibilities.
Our board of directors has affirmatively determined that Magda Marquet, Helen C. Adams, Carey Ng, and Jane Buchan are each an "independent
director," as defined under Nasdaq rules.
Committees
of Our Board of Directors
Our
board of directors directs the management of our business and affairs, as provided by Delaware law, and conducts its business through
meetings of the board of directors and its standing committees. We have a standing audit committee, compensation committee and corporate
governance and nominating committee. In addition, from time to time, special committees may be established under the direction of the
board of directors when necessary to address specific issues.
Audit
Committee
Our
audit committee will be responsible for, among other things:
●
approving
    and retaining the independent auditors to conduct the annual audit of our financial statements;
●
reviewing
    the proposed scope and results of the audit;
●
reviewing
    and pre-approving audit and non-audit fees and services;
●
reviewing
    accounting and financial controls with the independent auditors and our financial and accounting staff;
●
reviewing
    and approving transactions between us and our directors, officers and affiliates;
●
establishing
    procedures for complaints received by us regarding accounting matters;
●
overseeing
    internal audit functions, if any; and
●
preparing
    the report of the audit committee that the rules of the SEC require to be included in our annual meeting proxy statement.
Our
audit committee consists of Helen C. Adams, Jane Buchan and Carey Ng, with Helen C. Adams serving as chair. Our board of directors has
affirmatively determined that Helen C. Adams, Jane Buchan and Carey Ng each meet the definition of "independent director"
under Nasdaq rules, and that they meet the independence standards under Rule 10A-3. Each member of our audit committee meets the financial
literacy requirements of Nasdaq. In addition, our board of directors has determined that Helen C. Adams will qualify as an "audit
committee financial expert," as such term is defined in Item 407(d)(5) of Regulation S-K. Our board of directors has adopted a
written charter for the audit committee, which is available on our website at
www.immixbio.com
.
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Compensation
Committee
Our
compensation committee will be responsible for, among other things:
●
reviewing
    and recommending the compensation arrangements for management, including the compensation for our chief executive officer;
●
establishing
    and reviewing general compensation policies with the objective to attract and retain superior talent, to reward individual performance
    and to achieve our financial goals;
●
administering
    our stock incentive plans; and
●
preparing
    the report of the compensation committee that the rules of the SEC require to be included in our annual meeting proxy statement.
Our
compensation committee consists of Magda Marquet and Jane Buchan, with Magda Marquet serving as chair. Our board has determined that
Jane Buchan and Magda Marquet are independent directors under Nasdaq rules.
Our board of directors
has adopted a written charter for the compensation committee, which is available on our website at
www.immixbio.com
.
Nominating
and Governance Committee
Our
nominating and governance committee is responsible for, among other things:
●
identifying
    and nominating members of the board of directors;
●
developing
    and recommending to the board of directors a set of corporate governance principles applicable to our Company; and
●
overseeing
    the evaluation of our board of directors.
Our
nominating and corporate governance committee consists of Jane Buchan, Magda Marquet and Jason Hsu, with Jane Buchan serving as chair.
Our board has determined that Jane Buchan and Magda Marquet are independent directors under Nasdaq rules.
We
intend to rely on the phase-in provisions of
the Nasdaq rules, and we plan to have a nominating and corporate governance committee
comprised entirely of independent directors within one year after our listing date. Our board of directors has adopted a written charter
for the nominating and corporate governance committee, which is available on our website at
www.immixbio.com
.
Scientific
Advisory Board
Larry
Norton, MD,
is the Chair of our Scientific Advisory Board. Dr. Norton is Senior Vice President, Office of the President; Medical
Director, Evelyn H. Lauder Breast Center, Memorial Sloan Kettering Cancer Center, and Professor of Medicine, Weill-Cornell Medical College.
He is a founder and Scientific Director of the Breast Cancer Research Foundation. Dr. Norton is the founding incumbent of the Norna S.
Sarofim Chair of Clinical Oncology at MSKCC and a Professor of Medicine in the Weill Cornell Medical College. He was a U.S. Presidential
appointee to the National Cancer Advisory Board (the board of directors of the NCI) serving as Chair of the Budget Sub-Committee. A former
Director of the American Society of Clinical Oncology, he served as President of ASCO and subsequently Chair of the ASCO Foundation,
now the Conquer Cancer Foundation. He has been Vice-Chair of the Lymphoma Committee and a long-serving Chair of the Breast Committee
of the Cancer and Leukemia Group B (now the Alliance for Clinical Trials in Oncology). He has served on or chaired numerous committees
of the National Cancer Institute, National Institutes of Health, and the Institute of Medicine of the National Academy of Sciences. He
is an editorial board member or reviewer for numerous medical journals and on the advisory boards of many advocacy and medical institutions
including the Cold Spring Harbor Laboratory Cancer Center and several Specialized Programs of Research Excellence. Dr. Norton's
personal research has focused on the use of medicines to treat cancer, particularly the application of mathematical methods to optimizing
dose and schedule. He has been involved in the development of several effective agents including paclitaxel and trastuzumab. He co-invented
the Norton-Simon Model of cancer growth which has broadly influenced cancer therapy, and more recently the self-seeding concept of cancer
metastasis and growth. He is the Principal Investigator of an NCI Program Project Grant in Models of Human Breast Cancer and an author
of more than 350 published articles and many book chapters. He received his AB with Highest Distinction from the University of Rochester
and his MD from the College of Physicians and Surgeons of Columbia University. He trained in medicine and medical research at the Albert
Einstein College of Medicine and the National Cancer Institute (NCI).
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Sant
Chawla, MD
, is a member of our Scientific Advisory Board. Dr. Chawla holds medical licensures in both Texas and California, and he
is board certified in Internal Medicine and Medical Oncology. He is a pioneering physician whose work in sarcoma oncology has brought
him several accolades and recognition as one of the world's leading authorities in medical treatment and clinical research for
bone and soft-tissue sarcomas and sarcoma therapy. Dr. Chawla heads the Sarcoma Oncology Center in Santa Monica, CA. Dr. Chawla serves
on the clinical faculty of numerous prestigious cancer centers, including UCLA, University of Southern California, John Wayne Cancer
Institute at St. John's Hospital. In addition, he has been an adjunct associate professor at Stanford University, is an adjunct
associate professor at the University of Texas, M.D. Anderson Cancer Center; and is a medical oncologist at Cedars Sinai Comprehensive
Cancer Center. Over his 30 years of medical and clinical research experience, Dr. Chawla's research has been a foundation for further
breakthroughs in cancer treatment. Dr. Chawla received his medical degree and completed his residency training in internal medicine at
the All India Institute of Medical Sciences in New Delhi.
Razelle
Kurzrock, MD
, is a member of our Scientific Advisory Board. Dr. Kurzrock joined University of California San Diego Moores Cancer
Center in November 2012 as Senior Deputy Center Director for Clinical Science. She is also the Murray Professor of Medicine, Director
of the Clinical Trials Office and, on July 1, 2014, became the Chief of the Division of Hematology-Oncology Division (in the University
of San Diego School of Medicine). Dr. Kurzrock's charge includes growing and innovating the clinical trials program, and heading
the newly established Center for Personalized Cancer Therapy and the University of California San Diego Moores Cancer Center Clinical
Trials Office. Dr. Kurzrock is best known for successfully creating and chairing the largest Phase I clinical trials department in the
world while at the University of Texas M.D. Anderson Cancer Center. Dr. Kurzrock's unique approach emphasizes using cutting-edge
molecular profiling technologies to match patients with novel targeted therapies, reflecting a personalized strategy to optimize cancer
treatment. Dr. Kurzrock has served as the principal investigator on more than 90 clinical trials, and overseen over 300 trials, mainly
using novel targeted molecules, several of which have gone on to FDA approval. She has published over 500 peer-reviewed articles in a
variety of elite medical journals. In addition, she is Chair of the Southwest Oncology Group Early Therapeutics Committee and on their
Board of Governors and also serves on the board of directors for the National Comprehensive Cancer Network ("NCCN") and for
WIN (World-Wide Innovative Network for Personalized Cancer Therapy). She Chairs the Molecular Diagnostic Clinical Trials committee for
the American Association of Cancer Institutes, as well as the Clinical Investigator Committee for NCCN, and the Clinical Trials Committee
for WIN. Dr Kurzrock has been the principal investigator of numerous grants and funding awards totaling over $50 million. Dr. Kurzrock
received her MD from the University of Toronto.
Galit
Lahav, PhD,
is a member of our Scientific Advisory Board. Dr. Lahav is the Novartis Professor of Systems Biology and Department Chair,
Systems Biology at Harvard Medical School. Dr. Lahav leads a department at Harvard that uses the power of systems thinking, across macro
and micro scales, to unlock new insights into health and disease. Dr. Lahav's goal is to determine why human cancer cells often
show different responses to the same treatment, and to identify new therapies that will increase the efficacy of anti-cancer drugs. Dr.
Lahav's research program works across traditional disciplinary boundaries. Dr. Lahav's lab has pioneered computational and
quantitative experimental approaches to studying the fate and behavior of human cells in disease and health at the single-cell level.
Dr. Lahav's work has yielded critical insights into the function and behavior of tumor-suppressing mechanisms and their role in
cellular destiny. Dr. Lahav has been recognized through several awards and honors including the Smith Family Award, Vilcek Prize for
Creative Promise, and Excellence in Teaching and Mentoring awards. Dr. Lahav has established and organized leadership and management
workshops for postdocs and faculty, as well as developed programs for advancing women in science. Dr. Lahav received her PhD in 2001
from the Technion, Israel Institute of Technology. In 2003, she completed her postdoctoral fellowship at the Weizmann Institute of Science
in Israel. She then spent a year at Harvard's Bauer Center for Genomics Research, and in 2004 joined the Department of Systems
Biology at Harvard Medical School. In 2018 Dr. Lahav became the Chair of the Department of Systems Biology.
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Gary
Schiller, MD
, is a member of our Scientific Advisory Board. Dr. Schiller is a well-published clinical investigator in acute and chronic
leukemias, multiple myeloma, and other hematologic malignancies, as well as in stem cell and bone marrow transplantation. He lectures
extensively, and has also written for the popular press. He is Immediate-Past Chairman of the Los Angeles Museum of the Holocaust. His
research projects include clinical studies of new drugs, therapies, and bone marrow/stem cell transplantation for patients with malignancies
of the blood or bone marrow such as leukemia, multiple myeloma, and lymphoma. He has carried out studies of stem cell transplantation
following high-dose chemotherapy and radiation for acute myelogenous leukemia, one of the most common types of leukemia in adults. He
has ongoing studies using new drugs and therapeutics for acute and chronic lymphocytic leukemia, acute and chronic myelogenous leukemia,
and multiple myeloma. He also has studies going on in certain kinds of non-Hodgkin's lymphoma and Sickle Cell Anemia. Dr. Schiller
received his MD from the University of Southern California School of Medicine.
George
W. Sledge, Jr. MD,
is a member of our Scientific Advisory Board. Dr. Sledge is Professor and former Chief of Medical Oncology at
Stanford University Medical Center. Dr. Sledge served as a Ballve-Lantero Professor of Oncology of Medicine and Pathology of Indiana
University School of Medicine. He served as Co-Director of the breast cancer program at the Indiana University Cancer Center, where he
was a Professor of Medicine and Pathology at the Indiana University Simon Cancer Center. Dr. Sledge specializes in the study and treatment
of breast cancer and directed the first large, nationwide study on the use of paclitaxel to treat advanced breast cancer. His recent
research focuses on novel biologic treatments for breast cancer. He served as a Professor of Indiana University Cancer Center Breast
Cancer Program. He has also served as the President of the American Society of Clinical Oncology (ASCO), as a member of the Department
of Defense Breast Cancer Research Program's Integration Panel, as a member of the FDA's Oncology Drug Advisory Committee,
and as a member of the External Advisory Committee for The Cancer Genome Atlas project. Dr. Sledge was awarded the Hope Funds for Cancer
Research 2013 Award of 'Excellence for Medicine'. He holds a B.A. from the University of Wisconsin and an M.D. from Tulane
University.
Our
arrangements with these individuals do not entitle us to any of their existing or future intellectual property derived from their independent
research or research with other third parties.
Code
of Business Conduct and Ethics
We
have adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including our principal
executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.
A copy of the code is posted on our website,
www.immixbio.com
. In addition, we intend to post on our website all disclosures that
are required by law or Nasdaq rules concerning any amendments to, or waivers from, any provision of the code.
Limitations
on Liability and Indemnification Matters
Our
Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws contain provisions that limit the liability of our
current and former directors for monetary damages to the fullest extent permitted by Delaware law. Delaware law provides that directors
of a corporation will not be personally liable for monetary damages for any breach of fiduciary duties as directors, except liability
for:
●
any
    breach of the director's duty of loyalty to the corporation or its stockholders;
●
any
    act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
●
unlawful
    payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL; or
●
any
    transaction from which the director derived an improper personal benefit.
This
limitation of liability does not apply to liabilities arising under federal securities laws and does not affect the availability of equitable
remedies such as injunctive relief or rescission.
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Our
Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provide that we are authorized to indemnify our directors
and officers to the fullest extent permitted by Delaware law. Our Amended and Restated Certificate of Incorporation and Amended and Restated
Bylaws also provide that, upon satisfaction of certain conditions, we are required to advance expenses incurred by a director or executive
officer in advance of the final disposition of any action or proceeding, and permit us to secure insurance on behalf of any officer,
director, employee or other agent for any liability arising out of his or her actions in that capacity regardless of whether we would
otherwise be permitted to indemnify him or her under the provisions of Delaware law. We have entered into agreements to indemnify our
directors, executive officers and other employees as determined by the board of directors. With certain exceptions, these agreements
provide for indemnification for related expenses, including, among other things, attorneys' fees, judgments, fines and settlement
amounts incurred by any of these individuals in any action or proceeding. We believe that these provisions and agreements are necessary
to attract and retain qualified persons as directors and officers. In addition, we have obtained customary directors' and officers'
liability insurance.
The
limitation of liability and indemnification provisions in our Amended and Restated Certificate of Incorporation and Amended and Restated
Bylaws may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. They may also reduce
the likelihood of derivative litigation against our directors and officers, even though an action, if successful, might benefit us and
other stockholders. Further, a stockholder's investment may be adversely affected to the extent that we pay the costs of settlement
and damage awards against directors and officers as required by these indemnification provisions. At present, there is no pending litigation
or proceeding involving any of our directors, officers or employees for which indemnification is sought, and we are not aware of any
threatened litigation that may result in claims for indemnification.
EXECUTIVE
AND DIRECTOR COMPENSATION
Summary
Compensation Table
The
following table presents the compensation awarded to, earned by or paid to each of our named executive officers for the years ended December
31, 2021 and 2020. We did not award any cash or non-cash compensation to our principal executive officer or principal financial officer,
who we also refer to as our "named executive officers" for the year ended December 31, 2021.
Name and Principal Position
Year
Salary ($)
Option Awards ($) (1)
Total ($)
Ilya Rachman,
2021
193,315
203,416
396,731
Chief Executive Officer
2020
-
-
-
Gabriel Morris,
2021
100,000
362,091
462,091
Chief Financial Officer
2020
-
-
-
(1)
Represents
    the grant date fair value of the option awards during the year calculated in accordance with Financial Accounting Standards Board
    Accounting Standards Codification Topic 718, Compensation - Stock Compensation.
Outstanding
Equity Awards at December 31, 2021
The
following table provides information regarding option awards held by each of our named executive officers that were outstanding as of
December 31, 2021. There were no stock awards or other equity awards outstanding as of December 31, 2021.
Option Awards
Name
Number of Securities Underlying
    Unexercised Options (#) Exercisable
Number of Securities Underlying
    Unexercised Options (#) Unexercisable
Option Exercise Price ($)
Option Expiration Date
Ilya Rachman
Chief Executive Officer
33,750
(1)
236,250
$
1.86
June 18, 2031
Gabriel Morris,
Chief
    Financial Officer
96,188
(2)
160,312
$
0.80
March 12, 2031
26,250
(3)
183,750
$
1.86
June 18, 2031
(1)
The
    options vest in 48 monthly installments with the first installment vesting on July 18, 2021.
(2)
The
    options vest in 24 monthly installments with the first installment vesting on April 18, 2021. Notwithstanding the foregoing, in the
    event of the termination of the Management Services Agreement by and between the Company and Alwaysraise LLC dated March 18, 2021
    (as amended, the "Alwaysraise Agreement"), one-half of the options shall become fully vested. In the event that fewer
    than one-half of the options are available to be vested, the remaining portion of the options subject to vesting shall become fully
    vested.
(3)
The
    options vest in 48 monthly installments with the first installment vesting on July 18, 2021. Notwithstanding the foregoing, in the
    event of the termination of the Alwaysraise Agreement, one-half of the options shall become fully vested. In the event that fewer
    than one-half of the options are available to be vested, the remaining portion of the options subject to vesting shall become fully
    vested.
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Non-Employee
Director Compensation
The
following table presents the total compensation for each person who served as a non-employee member of our Board and received compensation
for such service during the fiscal year ended December 31, 2021. Other than as set forth in the table and described more fully below,
we did not pay any compensation, make any equity awards or non-equity awards to, or pay any other compensation to any of the non-employee
members of our Board in 2021. Directors who are also employees do not receive cash or equity compensation for service on our Board of
Directors in addition to compensation payable for their service as employees of the Company.
Name
Stock
awards
($)
All
                                            other
compensation
($)
(4)
Total
($)
Magda Marquet
(1)
45,204
-
45,204
Helen C. Adams
(2)
28,252
13,425
41,677
Jane Buchan
(3)
22,606
12,603
35,209
Jason Hsu
-
-
-
Carey Ng
-
-
-
(1)
On
    June 18, 2021, we authorized the issuance of 60,000 shares of common stock to Dr. Marquet. The shares vest in 48 equal monthly installments.
    Of such shares, 7,500 shares of common stock vested as of December 31, 2021.
(2)
On
    June 18, 2021, we authorized the issuance of 37,500 shares of its common stock to Ms. Adams. The shares vest in 48 equal monthly
    installments. Of such shares, 4,688 shares of common stock vested as of December 31, 2021.
(3)
On
    June 18, 2021, we authorized the issuance of 30,000 shares of its common stock to Dr. Buchan. The shares vest in 48 equal monthly
    installments. Of such shares, 3,750 shares of common stock vested as of December 31, 2021.
(4)
Cash
    compensation during 2021.
Employment
Agreements
On
June 18, 2021, we entered into an Employment Agreement with Ilya Rachman (the "Rachman Employment Agreement"), effective
for a three-year term. Pursuant to the Rachman Employment Agreement, the Company employs Dr. Rachman as Chief Executive Officer and Dr.
Rachman is entitled to a base salary of $360,000 annually. Dr. Rachman is also entitled to a performance-based bonus of 100% of the base
salary (subject to, and determined by, the Board in its sole discretion) plus additional performance bonuses to be determined by the
Board. For the year ended December 31, 2021, Dr. Rachman forewent his entire performance-based bonus and additional bonuses. Unless terminated
by us without "cause" or by Dr. Rachman with "good reason" (as such terms are defined in the Rachman Employment
Agreement), upon termination, Dr. Rachman will be entitled only to his base salary through the date of termination, valid expense reimbursements
and unused vacation pay. If terminated by us without "cause" or by Dr. Rachman with "good reason," he is entitled
to be paid his base salary through the end of the term at the rate of 150%, valid expense reimbursements and accrued but unused vacation
pay. Dr. Rachman's employment agreement contains provisions for the protection of our intellectual property and contains non-compete
restrictions in the event of his termination other than us without "cause" or by Dr. Rachman with "good reason"
(generally imposing restrictions on (i) employment or consultation with competing companies or customers, (ii) recruiting or hiring employees
for a competing company and (iii) soliciting or accepting business from our customers for a period of six months following termination).
Pursuant to the Rachman Employment Agreement, Dr. Rachman may serve as a consultant to, or on boards of directors of, or in any other
capacity to other companies provided that they will not interfere with the performance of his duties to us.
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On March 18, 2021, we entered
into the Management Services Agreement with Alwaysraise LLC, of which Gabriel Morris, our Chief Financial Officer and director, is the
Managing Partner and sole member, effective for a three-year term, which was amended effective June 18, 2021 (the "
Alwaysraise
Agreement
"). Pursuant to the
Alwaysraise Agreement
, we employ Mr. Morris as
Chief Financial Officer and Mr. Morris is entitled to a base salary of $240,000 annually beginning in December 2021 ($120,000 annually
prior). Mr. Morris is also entitled to a performance-based bonus of 100% of the base salary (subject to, and determined by, the Board
in its sole discretion) plus additional performance bonuses to be determined by the Board. For the year ended December 31, 2021, Mr.
Morris forewent his entire performance-based bonus and additional bonuses. Unless terminated by us without "cause" or by
Alwaysraise LLC (as such terms are defined in the
Alwaysraise Agreement
), upon termination
Mr. Morris will be entitled only to his base salary through the date of termination, valid expense reimbursements and unused vacation
pay. If terminated by us without "cause", he is entitled to be paid his base salary through the end of the term at the rate
of 150%, valid expense reimbursements and accrued but unused vacation pay. The
Alwaysraise Agreement
contains provisions for the protection of our intellectual property and confidential information.
On
June 24, 2021, we issued an offer letter to Graham Ross Oncology Consulting Services Ltd., a United Kingdom company, of which Graham
Ross, our consulting Acting Chief Medical Officer and Head of Clinical Development is the sole member, regarding Dr. Ross's provision
of consultative services to us (the "Offer Letter"). Pursuant to the Offer Letter, Dr. Ross is entitled to an hourly rate
for his consulting services and an option grant. On June 24, 2021, we also signed a mutual confidentiality and non-disclosure agreement
with Graham Ross Oncology Consulting Services Ltd.
On
May 16, 2017, we entered into a consulting agreement with Ally CMC Consulting, a California limited liability company, of which Nandan
Oza is Principal. Pursuant to the consulting agreement, Mr. Oza is entitled to compensation from time-to-time as stated in statements
of work and per monthly invoices containing an itemized description of all expenses, charges, costs, and a description of the Services
performed. In 2017, we also signed a mutual confidentiality and non-disclosure agreement with Ally CMC Consulting.
2016
Equity Incentive Plan
In
2016, we adopted the 2016 Equity Incentive Plan (the "2016 Plan") in order to attract and retain the best available personnel
for positions of substantial responsibility, to provide additional incentives to our employees, directors and consultants, and to promote
the success of our business. We originally reserved 417,120 shares of common stock (increased to 1,761,120 shares of common stock as
of June 2021) of common stock for issuance under the 2016 Plan. The 2016 Plan provides for the issuance of incentive stock options and
non-statutory stock options. The 2016 Plan will terminate upon the expiration of a ten year term, and awards issued thereunder shall
expire as provided in the award agreement with respect thereto.
2021
Equity Incentive Plan
On
September 10, 2021, our board of directors adopted, and our stockholders approved, the Immix Biopharma, Inc. 2021 Omnibus Equity Incentive
Plan ("2021 Plan"). We intend to use the 2021 Plan to provide incentives that will assist us to attract, retain, and motivate
employees, officers, consultants, and directors. We may provide these incentives through the grant of stock options, stock appreciation
rights, restricted stock, restricted stock units ("RSUs") and other stock-based awards.
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Shares
Available
The
maximum number of shares of common stock reserved and available for issuance under the 2021 Plan will be equal to the sum of (i) 900,000
shares of common stock; (ii) the number of shares of common stock reserved, but unissued under the 2016 Plan and (iii) the number of
shares of common stock underlying forfeited awards under the 2016 Plan; provided that shares of common stock issued under the 2021 Plan
with respect to an Exempt Award will not count against the share limit. We use the term "Exempt Award" to mean (i) an award
granted in assumption of, or in substitution for, outstanding awards previously granted by another business entity acquired by us or
any of our subsidiaries or with which we or any of our subsidiaries merge, or (ii) an award that a participant purchases at fair market
value.
Administration
The
2021 Plan is administered by our board of directors or by one or more committees of directors appointed by our board of directors (the
"Administrator"). Our board of directors may delegate different levels of authority to different committees and grant authority
under the 2021 Plan. Any committee delegated administrative authority under the 2021 Plan may further delegate its authority under the
2021 Plan to another committee of directors, and any such delegate shall be deemed to be an Administrator of the 2021 Plan. The Administrator
comprised solely of directors may also delegate, to the extent permitted by Section 157 of the Delaware General Corporation Law and any
other applicable law, to one or more officers of the Company, its powers under the 2021 Plan (a) to designate Eligible Recipients (as
defined herein) who will receive grants of awards under the 2021 Plan, and (b) to determine the number of shares subject to, and the
other terms and conditions of, such awards. It is anticipated that the Administrator (either generally or with respect to specific transactions)
will be constituted so as to comply, as necessary or desirable, with the requirements of Section 162(m)of Internal Revenue Code of 1986,
as amended (the "Internal Revenue Code"), and Rule 16b-3 promulgated under the Exchange Act.
Eligibility
Awards
may be granted pursuant to the 2021 Plan only to persons who are Eligible Recipients. Under the 2021 Plan, "Eligible Recipient"
means an employee, director or independent contractor of the Company or any affiliate thereof who has been selected as an eligible participant
by the Administrator; provided, however, that an Eligible Recipient of an option or a stock appreciation right means an employee, non-employee
director or independent contractor of the Company or any of its affiliates with respect to whom the Company is an "eligible issuer
of service recipient stock" within the meaning of Section 409A of the Code. Incentive stock options ("ISOs") may be
granted only to employees of the Company, its "parent corporation" (as such term is defined in Section 424(e) of the Code)
or a subsidiary of the Company.
Awards
The
2021 Plan permits the grant of: (a) stock options, which may be intended as ISOs or as nonqualified stock options (options not meeting
the requirements to qualify as ISOs); (b) stock appreciation rights ("SARs"); (c) restricted stock; (d) RSUs; or (e) other
stock-based awards, including: (i) unrestricted shares of common stock, dividend equivalents or performance units, each of which may
be subject to the attainment of performance goals or a period of continued provision of service or employment or other terms or conditions.
Consideration
for Awards
The
purchase price for any award granted under the 2021 Plan or the common stock to be delivered pursuant to any such award, as applicable,
may be paid by means of any lawful consideration as determined by the Administrator, including, without limitation, one or a combination
of the following methods:
●
services
    rendered by the recipient of such award;
●
cash,
    check payable to the order of the Company, or electronic funds transfer;
●
notice
    and third party payment in such manner as may be authorized by the Administrator;
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●
the
    delivery of previously owned and fully vested shares of common stock;
●
by
    a reduction in the number of shares otherwise deliverable pursuant to the award; or
●
subject
    to such procedures as the Administrator may adopt, pursuant to a "cashless exercise" with a third party who provides
    financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards.
Certain
Federal Tax Consequences
The
following summary of the federal income tax consequences of the 2021 Plan transactions is based upon federal income tax laws in effect
as of May 26, 2022. This summary does not purport to be a complete description of all applicable rules, and does not discuss state,
local or non-U.S. tax consequences.
Nonqualified
Stock Options.
The grant of a nonqualified stock option under the 2021 Plan will not result in any U.S. federal income taxes
to the participant or to the Company. Upon exercise of a nonqualified stock option, the participant will recognize ordinary compensation
income equal to the excess of the fair market value of the shares of common stock at the time of exercise over the option exercise price.
If the participant is an employee, this income is subject to withholding for federal income and employment tax purposes. The Company
is entitled to an income tax deduction in the amount of the income recognized by the participant, subject to possible limitations imposed
by the Internal Revenue Code, including Section 162(m) thereof. Any gain or loss on the participant's subsequent disposition of
the shares will be treated as long-term or short-term capital gain or loss, depending on the sales proceeds received and whether the
shares are held for more than one year following exercise. The Company does not receive a tax deduction for any subsequent capital gain
realized by the participant.
Incentive
Stock Options.
The grant of an ISO under the 2021 Plan will not result in any U.S. federal income tax consequences to the participant
or to the Company. A participant recognizes no federal taxable income upon exercising an ISO (subject to the alternative minimum tax
rules discussed below), and the Company receives no deduction at the time of exercise provided that the participant was, without a break
in service, an employee of the Company or a subsidiary during the period beginning on the date of the grant of the option and ending
on the date three months prior to the date of exercise (one year prior to the date of exercise if the participant is "disabled"
as that term is defined in the Internal Revenue Code). In the event of a disposition of stock acquired upon exercise of an ISO, the tax
consequences depend upon how long the participant has held the shares. If the participant does not dispose of the shares within two years
after the ISO was granted, nor within one year after the ISO was exercised, the participant will recognize a long-term capital gain (or
loss) equal to the difference between the sale price of the shares and the exercise price. The Company is not entitled to any deduction
under these circumstances.
If
the participant fails to satisfy either of the foregoing holding periods (referred to as a "disqualifying disposition"),
he or she will recognize ordinary compensation income in the year of the disposition. The amount of ordinary compensation income generally
is the lesser of (i) the difference between the amount realized on the disposition and the exercise price or (ii) the difference between
the fair market value of the stock at the time of exercise and the exercise price. Such amount is not subject to withholding for federal
income and employment tax purposes, even if the participant is an employee of the Company. Any gain in excess of the amount taxed as
ordinary income will generally be treated as a short-term capital gain. The Company, in the year of the disqualifying disposition, is
entitled to a deduction equal to the amount of ordinary compensation income recognized by the participant, subject to possible limitations
imposed by the Internal Revenue Code, including Section 162(m) thereof.
The
"spread" under an ISO — i.e., the difference between the fair market value of the shares at exercise and the exercise
price — is classified as an item of adjustment in the year of exercise for purposes of the alternative minimum tax. If a participant's
alternative minimum tax liability exceeds such participant's regular income tax liability, the participant will owe the alternative
minimum tax liability.
Stock
Appreciation Rights
. A participant who is granted an SAR generally will not recognize ordinary income upon receipt of the SAR.
Rather, at the time of exercise of such SAR, the participant will recognize ordinary income for U.S. federal income tax purposes in an
amount equal to the value of any cash received and the fair market value on the date of exercise of any shares received. The Company
generally will be entitled to a tax deduction at such time and in the same amount, if any, that the participant recognizes as ordinary
income. The participant's tax basis in any shares received upon exercise of an SAR will be the fair market value of the shares
on the date of exercise, and if the shares are later sold or exchanged, then the difference between the amount received upon such sale
or exchange and the fair market value of such shares on the date of exercise will generally be taxable as long-term or short-term capital
gain or loss (if the shares are a capital asset of the participant) depending upon the length of time such shares were held by the participant.
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Restricted
Stock.
Restricted stock is generally taxable to the participant as ordinary compensation income on the date that the restrictions
lapse (i.e. the date that the stock vests), in an amount equal to the excess of the fair market value of the shares on such date over
the amount paid for such stock (if any). If the participant is an employee, this income is subject to withholding for federal income
and employment tax purposes. The Company is entitled to an income tax deduction in the amount of the ordinary income recognized by the
participant, subject to possible limitations imposed by the Internal Revenue Code, including Section 162(m) thereof. Any gain or loss
on the participant's subsequent disposition of the shares will be treated as long-term or short-term capital gain or loss depending
on the sales price and how long the stock has been held since the restrictions lapsed. The Company does not receive a tax deduction for
any subsequent gain.
Participants
receiving restricted stock awards may make an election under Section 83(b) of the Internal Revenue Code ("Section 83(b) Election")
to recognize as ordinary compensation income in the year that such restricted stock is granted, the amount equal to the excess of the
fair market value on the date of the issuance of the stock over the amount paid for such stock. If such an election is made, the recipient
recognizes no further amounts of compensation income upon the lapse of any restrictions and any gain or loss on subsequent disposition
will be long-term or short-term capital gain or loss to the recipient. The Section 83(b) Election must be made within 30 days from the
time the restricted stock is issued.
Other
Awards.
Other awards (such as restricted stock units) are generally treated as ordinary compensation income as and when common
stock or cash are paid to the participant upon vesting or settlement of such awards. If the participant is an employee, this income is
subject to withholding for income and employment tax purposes. The Company is generally entitled to an income tax deduction equal to
the amount of ordinary income recognized by the recipient, subject to possible limitations imposed by the Internal Revenue Code, including
Section 162(m) thereof.
Section
162(m) Limitation.
In general, under Section 162(m) of the Internal Revenue Code, income tax deductions of publicly-held corporations
may be limited to the extent total compensation (including base salary, annual bonus, stock option exercises and non-qualified benefits
paid) for certain executive officers exceeds $1 million (less the amount of any "excess parachute payments" as defined in
Section 280G of the Internal Revenue Code) in any one year. Prior to the Tax Cuts and Jobs Act of 2017 (the "TCJA"), covered
employees generally consisted of our Chief Executive Officer and each of the next three highest compensated officers serving at the end
of the taxable year other than our Chief Financial Officer, and compensation that qualified as "performance-based" under
Section 162(m) was exempt from this $1 million deduction limitation. As part of the TCJA, the ability to rely on this exemption was,
with certain limited exceptions, eliminated; in addition, the definition of covered employees was expanded to generally include all named
executive officers. Certain awards under the 2016 Plan granted prior to November 2, 2017 (to the extent not materially modified thereafter)
may be grandfathered from the changes made by the TCJA under certain limited transition relief; however, for grants after that date and
any grants which are not grandfathered, we will no longer be able to take a deduction for any compensation in excess of $1 million that
is paid to a covered employee. There is no guarantee that we will be able to take a deduction for any compensation in excess of $1 million
that is paid to a covered employee under the 2016 Plan.
CERTAIN
RELATIONSHIPS AND RELATED PERSON TRANSACTIONS
The
following includes a summary of transactions since January 1, 2019 to which we have been a party, including transactions in which the
amount involved in the transaction exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two
completed fiscal years, and in which any of our directors, executive officers or, to our knowledge, beneficial owners of more than 5%
of our capital stock or any member of the immediate family of any of the foregoing persons had or will have a direct or indirect material
interest, other than equity and other compensation, termination, change in control and other arrangements, which are described elsewhere
in this prospectus. We are not otherwise a party to a current related party transaction, and no transaction is currently proposed, in
which the amount of the transaction exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end for the last
two completed fiscal years and in which a related person had or will have a direct or indirect material interest.
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For
the year ended December 31, 2019, an entity affiliated with a shareholder received consulting payments of $35,000 relating to legal services
provided to the Company.
In
March and April 2021, the Company entered into a series of unsecured convertible promissory notes with the Company's CFO and Alwaysraise
LLC, an entity in which the Company's CFO is the Managing Partner and sole member, in the aggregate principal amount of $260,000.
Of the $260,000 principal amount, the Company received $200,000 in cash proceeds and $60,000 in exchange for services. In connection
with the sale of these notes, the Company issued 156,000 warrants with an exercise price of $0.80 per share.
Indemnification
Agreements
Each
of our directors and executive officers have entered into indemnification agreements which provide the directors and executive officers
with contractual rights to indemnification and expense advancement that are, in some cases, broader than the specific indemnification
provisions contained under Delaware law.
Related
Person Transaction Policy
We
have adopted a related person transaction policy that sets forth our procedures for the identification, review, consideration and approval
or ratification of related person transactions. For purposes of our policy only, a related person transaction is a transaction, arrangement
or relationship, or any series of similar transactions, arrangements or relationships, in which we and any related person are, were or
will be participants in which the amount involved exceeds the lesser of $120,000 or 1% of our total assets at year-end. Transactions
involving compensation for services provided to us as an employee or director are not covered by this policy. A related person is any
executive officer, director or beneficial owner of more than 5% of any class of our voting securities, including any of their immediate
family members and any entity owned or controlled by such persons.
Under
the policy, if a transaction has been identified as a related person transaction, including any transaction that was not a related person
transaction when originally consummated or any transaction that was not initially identified as a related person transaction prior to
consummation, our management must present information regarding the related person transaction to our audit committee, or, if audit committee
approval would be inappropriate, to another independent body of our board of directors, for review, consideration and approval or ratification.
The presentation must include a description of, among other things, the material facts, the interests, direct and indirect, of the related
persons, the benefits to us of the transaction and whether the transaction is on terms that are comparable to the terms available to
or from, as the case may be, an unrelated third party or to or from employees generally. Under the policy, we will collect information
that we deem reasonably necessary from each director, executive officer and, to the extent feasible, significant stockholder to enable
us to identify any existing or potential related-person transactions and to effectuate the terms of the policy. In addition, under our
Code of Business Conduct and Ethics, our employees and directors will have an affirmative responsibility to disclose any transaction
or relationship that reasonably could be expected to give rise to a conflict of interest. In considering related person transactions,
our audit committee, or other independent body of our board of directors, will take into account the relevant available facts and circumstances
including, but not limited to:
●
the
    risks, costs and benefits to us;
●
the
    impact on a director's independence in the event that the related person is a director, immediate family member of a director
    or an entity with which a director is affiliated;
●
the
    availability of other sources for comparable services or products; and
●
the
    terms available to or from, as the case may be, unrelated third parties or to or from employees generally.
The
policy requires that, in determining whether to approve, ratify or reject a related person transaction, our audit committee, or other
independent body of our board of directors, must consider, in light of known circumstances, whether the transaction is in, or is not
inconsistent with, our best interests and those of our stockholders, as our audit committee, or other independent body of our board of
directors, determines in the good faith exercise of its discretion.
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PRINCIPAL
STOCKHOLDERS
The
following table sets forth certain information regarding the beneficial ownership of our common stock as of May 26, 2022 by:
●
each
    of our named executive officers;
●
each
    of our directors;
●
all
    of our current directors and named executive officers as a group; and
●
each
    stockholder known by us to own beneficially more than 5% of our common stock.
Beneficial
ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities.
Shares of common stock that may be acquired by an individual or group within 60 days of May 26, 2022, pursuant to the exercise
of options or warrants, vesting of common stock or conversion of preferred stock or convertible debt, are deemed to be outstanding for
the purpose of computing the percentage ownership of such individual or group, but are not deemed to be outstanding for the purpose of
computing the percentage ownership of any other person shown in the table. Percentage of ownership before and after the offering is based
on 13,885,004 shares of common stock issued and outstanding as of May 26, 2022.
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 Immix Biopharma, Inc., 11400 West Olympic
Blvd., Suite 200, Los Angeles, CA 90064.
Name of Beneficial Owner
Shares of
Common Stock
Beneficially Owned
Percentage of Common Stock Beneficially Owned
Directors and Named Executive Officers:
Before
Offering
After
Offering
Ilya Rachman
975,625
(1)
7.0
6.2
Jason Hsu
4,640,913
(2)
33.4
29.8
Gabriel Morris
706,694
(3)
5.0
4.4
Magda Marquet
16,250
(4)
*
*
Helen C. Adams
10,156
(5)
*
*
Jane Buchan
8,125
(6)
*
*
Carey Ng
1,025,221
(7)
7.4
6.6
All current named executive officers and directors as a group (7 persons)
7,382,984
53.2
47.4
5% or Greater Stockholders:
Sean Senn
900,000
6.5
%
5.8
%
Vladimir Torchilin
902,500
6.5
%
5.8
%
*
Represents beneficial ownership of less than 1%.
(1)
Consists
    of (i) 902,500 shares of common stock and (ii) 73,125 shares of common stock issuable upon exercise of stock options. Excludes 196,875
    shares of common stock issuable upon exercise of stock options that are subject to vesting.
(2)
Consists
    of (i) 675,000 shares of common stock owned by Jason Hsu, (ii) 3,915,913 shares of common stock owned by VERITAS LIBERABIT VOS, LLC
    ("VL") and (iii) 50,000 shares of common stock owned by Signature Collection Properties, LLC ("Signature Collection
    Properties"). Jason Hsu is the Sole Member of VL and Signature Collection Properties and in such capacity has the right to
    vote and dispose of the securities held by such entities.
(3)
Consists
    of (i) 76,116 shares of common stock owned by Gabriel Morris, (ii) 246,703 shares of common stock owned by Alwaysraise LLC ("Alwaysraise"),
    (iii) 156,000 shares of common stock issuable upon exercise of warrants owned by Alwaysraise and (iv) 227,875 shares of common stock
    issuable upon exercise of stock options owned by Gabriel Morris. Excludes 238,625 shares of common stock issuable upon exercise
    of stock options that are subject to vesting. Gabriel Morris is the Managing Partner and sole member of Alwaysraise and in such capacity
    has the right to vote and dispose of the securities held by such entity.
(4)
Consists
    of 16,250 shares of common stock issuable upon exercise of stock options. Excludes 43,750 shares of common stock issuable upon exercise
    of stock options that are subject to vesting.
(5)
Consists
    of 10,156 shares of common stock issuable upon exercise of stock options. Excludes 27,344 shares of common stock issuable upon exercise
    of stock options that are subject to vesting.
(6)
Consists
    of 8,125 shares of common stock issuable upon exercise of stock options. Excludes 22,500 shares of common stock issuable upon
    exercise of stock options that are subject to vesting.
(7)
Consists
    of 1,025,221 shares of common stock owned by Mesa Verde Venture Partners III, LP. Carey Ng is the Managing Director of Mesa Verde
    Venture Partners III, LP and in such capacity has the right to vote and dispose of the securities held by such entity.
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DESCRIPTION
OF CAPITAL STOCK
General
Our
authorized capital stock consists of 200,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred
stock, par value $0.0001 per share.
As
of May 26, 2022, there were 13 record holders of our securities. As of May 26, 2022, there were 13,885,004 shares of common
stock issued and outstanding.
The
following description of our capital stock and provisions of our Amended and Restated Certificate of Incorporation and Amended and Restated
Bylaws is only a summary. You should also refer to our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws,
copies of which are filed as exhibits to the registration statement of which this prospectus is a part.
Common
Stock
Our
authorized capital stock consists of 200,000,000 shares of common stock, par value $0.0001 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 preemptive 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.
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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 has the authority, without further action by the stockholders, to issue up to 10 million 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, is able to issue 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.
Options
Our
2016 and 2021 Equity Incentive Plans provide for us to sell or issue shares restricted shares of common stock, or to grant incentive
stock options or nonqualified 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. As of May 26, 2022, 1,332,234 options to purchase
common shares were outstanding. For additional information regarding the terms of the 2021 Plan, see "Executive and Director Compensation
— 2021 Equity Incentive Plan."
Warrants
In
2021, in connection with the issuance of the Series 2021A Notes, we issued 156,000 warrants with a term of 10 years and an exercise
price of $0.80 per share.
In
connection with the closing of our IPO, we issued the representative of the underwriters warrants to purchase up to 241,500 shares
of common stock at an exercise price of $6.25 per share. The representative's warrants are exercisable at any time and from time
to time, in whole or in part, during the four and one half year period commencing on June 13, 2022.
Exclusive
Forum
Our
Amended and Restated Certificate of Incorporation provides that unless we consent in writing to the selection of an alternative forum,
the State of Delaware is the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of us, (ii) any
action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of our Company to us or our stockholders,
(iii) any action asserting a claim against us, our directors, officers or employees arising pursuant to any provision of the DGCL or
our Amended and Restated Certificate of Incorporation or our Amended and Restated Bylaws or (iv) any action asserting a claim against
us, our directors, officers, employees or agents governed by the internal affairs doctrine, except for, as to each of (i) through (iv)
above, any claim as to which the Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of
the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten
days following such determination), which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery,
or for which the Court of Chancery does not have subject matter jurisdiction.
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Additionally,
our Amended and Restated Certificate provides that the foregoing provision shall not apply to suits brought to enforce any liability
or duty created by the Securities Act or the Exchange, or other federal securities laws for which there is exclusive federal or concurrent
federal and state jurisdiction. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock are
deemed to have notice of and consented to this provision.
Anti-Takeover
Provisions of Delaware Law, our Amended and Restated Certificate of Incorporation and our Amended and Restated Bylaws
Delaware
Law
We
are governed by the provisions of Section 203 of the DGCL. 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
Amended and Restated 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
Amended and Restated Bylaws provide that our stockholders may not take action by written consent. Our Amended and Restated Bylaws further
provide that special meetings of our stockholders may be called by a majority of the board of directors, the President, 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.
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 Stock 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 Philadelphia Stock Transfer, Inc. The transfer agent and registrar's address
is 2320 Haverford Road, Suite 230, Ardmore, PA 19003 and its phone number is (484) 416-3124.
Stock
Market Listing
Our
common stock is listed on The Nasdaq Capital Market under the symbol "IMMX."
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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 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 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 common stock, has been requested from the Internal Revenue
Service ("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. 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;
●
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.
Non-U.S.
Holders are urged to consult their own tax advisors with respect to the application of the U.S. federal income tax laws to their 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.
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Non-U.S.
Holder Defined
For
purposes of this discussion, a non-U.S. holder (other than a partnership) is any holder of our common stock 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.
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 non-taxable return of capital and will first reduce a non-U.S. holder's 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 a non-U.S. holder
generally will be subject to U.S. withholding tax either at a rate of 30% of the gross amount of the dividend or at such lower rate as
may be specified by an applicable income tax treaty. In order to receive a reduced treaty rate, a non-U.S. holder must provide us (or
the applicable withholding agent) 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 a non-U.S. holder that are effectively connected with the non-U.S. holder's conduct of a U.S. trade or business (and,
if required by an applicable income tax treaty, attributable to a permanent establishment maintained by the non-U.S. holder in the U.S.)
are generally exempt from such withholding tax. In order to obtain this exemption, the non-U.S. holder 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,
dividends received by a non-U.S. holder that is a corporation that are effectively connected with such non-U.S. holder's conduct
of a U.S. trade or business may also be subject to a branch profits tax at a rate of 30% or at such lower rate as may be specified by
an applicable income tax treaty. Non-U.S. holders should consult their own tax advisors regarding any applicable tax treaties that may
provide for different rules.
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Gain
on Disposition of Common Stock
Subject
to the discussion below regarding backup withholding and foreign accounts, a non-U.S. holder 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 the non-U.S. holder's 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 the non-U.S. holder in the U.S.);
●
the
    non-U.S. holder is 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,"
    ("USRPHC"), for U.S. federal income tax purposes at any time within the shorter of (i) the five-year period preceding
    the non-U.S. holder's disposition of our common stock, or (ii) the non-U.S. holder's holding period for our common stock.
Generally,
a corporation is a USRPHC if the fair market value of its U.S. real property interests equals or exceeds 50% of the sum of the fair market
value of its worldwide real property interests and its other assets used or held for use in a trade or business. 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, a non-U.S. holder would not be subject to U.S. federal income tax on a sale, exchange or other taxable disposition
of shares of our common stock by reason of our status as a USRPHC so long as (i) our common stock is regularly traded on an established
securities market during the calendar year in which such sale, exchange or other taxable disposition of shares of our common stock occurs
and (ii) such non-U.S. holder does not own and is not deemed to own (directly, indirectly or constructively) more than 5% of our common
stock at any time during the relevant period.
Non-U.S.
holders described in the first bullet above 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. Non-U.S. holders described in the
second bullet above, 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 generally be offset by U.S. source capital losses for the year (provided such non-U.S. holders
have timely filed U.S. federal income tax returns with respect to such losses). Non-U.S. holders should consult their own tax advisors
with respect to the application of the foregoing rules to their ownership and disposition of our common stock.
Backup
Withholding and Information Reporting
Generally,
we must report annually to the IRS the amount of dividends paid to non-U.S. holders, their names and addresses and the amount of tax
withheld, if any. A similar report will be sent to non-U.S. holders. Pursuant to applicable income tax treaties or other agreements,
the IRS may make these reports available to tax authorities in a non-U.S. holder's country of residence.
Payments
of dividends or of proceeds on the disposition of stock made to non-U.S. holders may be subject to information reporting and backup withholding
at a current rate of 28% unless such non-U.S. holders establish an exemption, for example, by properly certifying their 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.
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Foreign
Account Tax Compliance
The
Foreign Account Tax Compliance Act ("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. 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.
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
ThinkEquity
LLC is acting as representative of the underwriters of this offering. We have entered into an underwriting agreement dated   , 2022, with
the representative. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to each underwriter named
below, and each underwriter named below has severally agreed to purchase from us, at the public offering price per share less the underwriting
discounts set forth on the cover page of this prospectus, the number of shares of common stock listed next to its name in the following
table:
Underwriter
Number
    of Shares
ThinkEquity
    LLC
Total
The
underwriters are committed to purchase all the shares of common stock offered by the Company, other than those covered by the over-allotment
option to purchase additional shares of common stock described below. The obligations of the underwriters may be terminated upon the
occurrence of certain events specified in the underwriting agreement. Furthermore, the underwriting agreement provides that the obligations
of the underwriters to pay for and accept delivery of the shares offered by us in this prospectus are subject to various representations
and warranties and other customary conditions specified in the underwriting agreement, such as receipt by the underwriters of officers'
certificates and legal opinions.
We
have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to contribute
to payments the underwriters may be required to make in respect thereof.
The
underwriters are offering the shares of common stock subject to prior sale, when, as and if issued to and accepted by them, subject to
approval of legal matters by their counsel and other conditions specified in the underwriting agreement. The underwriters reserve the
right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.
Over-Allotment
Option
We
have granted the representative an over-allotment option. This option, which is exercisable for up to 45 days after the date of this
prospectus, permits the representative to purchase up to an aggregate of 252,525 additional shares of common stock (equal to 15%
of the total number of shares sold in this offering) at the public offering price per share, less the underwriting discounts and commissions,
solely to cover over-allotments, if any. If the underwriters exercise this option in whole or in part, then the underwriters will be
severally committed, subject to the conditions described in the underwriting agreement, to purchase the additional shares of common stock
in proportion to their respective commitments set forth in the prior table.
Discounts,
Commissions and Reimbursement
The representative has
advised us that the underwriters propose to offer the shares of common stock to the public at the public offering price per share set
forth on the cover page of this prospectus. Any shares sold by the underwriter to securities dealers may be sold at a discount of up
to $0.   per share from the public offering price. After the offering to the public, the public offering price and other selling terms
may be changed by the representative.
The
following table summarizes the underwriting discounts and commissions and proceeds, before expenses, to us assuming both no exercise
and full exercise by the underwriters of their over-allotment option:
Per
    Share
Total
    Without
Over-Allotment
Option
Total
    With
Over-Allotment
Option
Public offering
    price
$
$
$
Underwriting
    discounts and commissions (7.5%)
$
$
$
Non-accountable
    expense allowance (0.75%)
$
$
$
Proceeds,
    before expenses, to us
$
$
$
We
have paid an advance of $25,000 to the representative, which will be applied against the actual out-of-pocket accountable expenses that
will be paid by us to the underwriters in connection with this offering, and will be reimbursed to us to the extent not incurred.
In
addition, we have also agreed to pay the following expenses of the underwriters relating to the offering: (a) all filing fees and
expenses associated with the review of this offering by FINRA; (b) all fees, expenses and disbursements relating to the
registration, qualification or exemption of securities offered under the securities laws of foreign jurisdictions designated by the
underwriter; (c) $29,500 for the underwriters' use of Ipreo's book-building, prospectus tracking and compliance software
for this offering; (d) the costs associated with bound volumes of the public offering materials as well as commemorative mementos
and lucite tombstones not to exceed $3,000, (e) the fees and expenses of the representatives' legal counsel incurred in
connection with this offering in an amount up to $75,000; (f) up to $10,000 of the representative's actual accountable road
show expenses for the offering; (g) $10,000 for data services and communications expenses, and (h) up to $30,000 of the
representative's market making and trading, and clearing firm settlement expenses.
We
estimate that the total expenses of the offering payable by us, excluding the total underwriting discounts and commissions and non-accountable
expense allowance, will be approximately $304,000.
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Representative's
Warrants
We
have agreed to issue warrants to ThinkEquity LLC, as representative of the underwriters, upon the closing of this offering, which
entitle it to purchase up to 2.5% of the total number of shares of common stock being sold in this offering (the
"Representative's Warrants"). The exercise price of the Representative's Warrants is equal to $___ per
share, or 125% of the offering price of the common stock offered hereby. The Representative's Warrants will be exercisable at
any time and from time to time, in whole or in part, during the four and a half-year period commencing six months from the effective
date of this registration statement. The Representative's Warrants are deemed underwriter compensation by FINRA and are
therefore subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of FINRA. The representative (or permitted assignees under Rule
5110(e)(2)(B)) will not sell, transfer, assign, pledge, or hypothecate these warrants or the securities underlying these warrants,
nor will they engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic
disposition of the warrants or the underlying securities for a period of 180 days from the effective date of this offering. In
addition, the Representative's Warrants provide for registration rights upon request at the Company's expense, in
certain cases. The one-time demand registration right provided will not be greater than five years from the effective date of this
offering in compliance with FINRA Rule 5110(g)(8)(B) and (C), and any other applicable sections under FINRA Rule 5110. The unlimited
piggyback registration right provided will not be greater than seven years from the effective date of this offering in compliance
with FINRA Rule 5110(g)(8)(D). We will bear all fees and expenses attendant to registering the securities issuable on exercise of
the Representative's Warrants other than underwriting commissions incurred and payable by the holders. The exercise price and
number of shares issuable upon exercise of the Representative's Warrants may be adjusted in certain circumstances including in
the event of a stock dividend or our recapitalization, reorganization, merger, or consolidation. However, neither the Representative
Warrant exercise price, nor the number of shares of common stock underlying such warrants, will be adjusted for issuances of shares
of common stock by the Company at a price below the exercise price of the Representative's Warrants.
Lock-Up
Agreements
The
Company and a stockholder holding more than 5% of its outstanding common stock have agreed for a period of 3 months after
the date of this prospectus, without the prior written consent of the representative, not to directly or indirectly:
●
issue
    (in the case of us), offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
    to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any shares of common stock or other
    capital stock or any securities convertible into or exercisable or exchangeable for our common stock or other capital stock; or
●
in
    the case of us, file or cause the filing of any registration statement under the Securities Act with respect to any shares of common
    stock or other capital stock or any securities convertible into or exercisable or exchangeable for our common stock or other capital
    stock; or
●
complete
    any offering of debt securities of the Company, other than entering into a line of credit, term loan arrangement or other debt instrument
    with a traditional bank; or
●
enter
    into any swap or other agreement, arrangement, hedge or transaction that transfers to another, in whole or in part, directly or indirectly,
    any of the economic consequences of ownership of our common stock or other capital stock or any securities convertible into or exercisable
    or exchangeable for our common stock or other capital stock, whether any transaction described in any of the foregoing bullet points
    is to be settled by delivery of our common stock or other capital stock, other securities, in cash or otherwise, or publicly announce
    an intention to do any of the foregoing.
In
addition, we have agreed that we will not, for a period of 6 months after the date of this prospectus, offer to sell, sell, contract
to sell, grant any option to sell or otherwise dispose of shares of capital stock of our Company or any securities convertible into or
exercisable or exchangeable for shares of capital stock of our Company, directly or indirectly in any at-the-market, continuous equity
or variable rate transaction, without the prior written consent of the representative.
Electronic
Offer, Sale and Distribution of Securities
A
prospectus in electronic format may be made available on the websites maintained by one or more of the underwriters or selling group
members. The representative may agree to allocate a number of securities to underwriters and selling group members for sale to its online
brokerage account holders. Internet distributions will be allocated by the underwriters and selling group members that will make internet
distributions on the same basis as other allocations. Other than the prospectus in electronic format, the information on these websites
is not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part,
has not been approved or endorsed by us, and should not be relied upon by investors.
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Stabilization
In
connection with this offering, the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate-covering
transactions, penalty bids and purchases to cover positions created by short sales.
Stabilizing
transactions permit bids to purchase shares so long as the stabilizing bids do not exceed a specified maximum, and are engaged in for
the purpose of preventing or retarding a decline in the market price of the shares while the offering is in progress.
Over-allotment
transactions involve sales by the underwriters of shares in excess of the number of shares the underwriters are obligated to purchase.
This creates a syndicate short position which may be either a covered short position or a naked short position. In a covered short position,
the number of shares over-allotted by the underwriters is not greater than the number of shares that they may purchase in the over-allotment
option. In a naked short position, the number of shares involved is greater than the number of shares in the over-allotment option. The
underwriters may close out any short position by exercising their over-allotment option and/or purchasing shares in the open market.
Syndicate
covering transactions involve purchases of shares in the open market after the distribution has been completed in order to cover syndicate
short positions. 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 with the price at which they may purchase shares through exercise
of the over-allotment option. If the underwriters sell more shares than could be covered by exercise of the over-allotment option and,
therefore, have a naked short position, the position can be closed out only by buying shares in the open market. A naked short position
is more likely to be created if the underwriters are concerned that after pricing there could be downward pressure on the price of the
shares in the open market that could adversely affect investors who purchase in the offering.
Penalty
bids permit the representative to reclaim a selling concession from a syndicate member when the shares originally sold by that syndicate
member are purchased in stabilizing or syndicate covering transactions 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 shares of common stock or preventing or retarding a decline in the market price of our shares of common stock. As a result, the
price of our common stock in the open market may be higher than it would otherwise be in the absence of these transactions. Neither we
nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the price
of our common stock. These transactions may be effected on Nasdaq, in the over-the-counter market or otherwise and, if commenced, may
be discontinued at any time.
Passive
Market Making
In
connection with this offering, the underwriter and any selling group members may engage in passive market making transactions in our
common stock on Nasdaq in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of
offers or sales of our common stock and extending through the completion of the distribution. A passive market maker must display its
bid at a price not in excess of the highest independent bid of that security. If all independent bids are lowered below the passive market
maker's bid, that bid must then be lowered when specified purchase limits are exceeded.
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.
Offer
restrictions outside the United States
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.
Australia
This
prospectus is not a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian
Securities and Investments Commission and does not purport to include the information required of a disclosure document under Chapter
6D of the Australian Corporations Act. Accordingly, (i) the offer of the securities under this prospectus is only made to persons to
whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act under one or more exemptions
set out in section 708 of the Australian Corporations Act, (ii) this prospectus is made available in Australia only to those persons
as set forth in clause (i) above, and (iii) the offeree must be sent a notice stating in substance that by accepting this offer, the
offeree represents that the offeree is such a person as set forth in clause (i) above, and, unless permitted under the Australian Corporations
Act, agrees not to sell or offer for sale within Australia any of the securities sold to the offeree within 12 months after its transfer
to the offeree under this prospectus.
China
The
information in this document does not constitute a public offer of the securities, whether by way of sale or subscription, in the People's
Republic of China (excluding, for purposes of this paragraph, Hong Kong Special Administrative Region, Macau Special Administrative Region
and Taiwan). The securities may not be offered or sold directly or indirectly in the PRC to legal or natural persons other than directly
to "qualified domestic institutional investors."
European
Economic Area—Belgium, Germany, Luxembourg and Netherlands
The
information in this document has been prepared on the basis that all offers of securities will be made pursuant to an exemption under
the Directive 2003/71/EC ("Prospectus Directive"), as implemented in Member States of the European Economic Area (each, a
"Relevant Member State"), from the requirement to produce a prospectus for offers of securities.
An
offer to the public of securities has not been made, and may not be made, in a Relevant Member State except pursuant to one of the following
exemptions under the Prospectus Directive as implemented in that Relevant Member State:
●
to
    legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose
    corporate purpose is solely to invest in securities;
●
to
    any legal entity that has two or more of (i) an average of at least 250 employees during its last fiscal year; (ii) a total balance
    sheet of more than €43,000,000 (as shown on its last annual unconsolidated or consolidated financial statements) and (iii) an
    annual net turnover of more than €50,000,000 (as shown on its last annual unconsolidated or consolidated financial statements);
●
to
    fewer than 100 natural or legal persons (other than qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive)
    subject to obtaining the prior consent of the Company or any underwriter for any such offer; or
●
in
    any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of securities shall
    result in a requirement for the publication by the Company of a prospectus pursuant to Article 3 of the Prospectus Directive.
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France
This
document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers)
in France within the meaning of Article L.411-1 of the French Monetary and Financial Code (Code Monétaire et Financier) and Articles
211-1 et seq. of the General Regulation of the French Autorité des marchés financiers ("AMF"). The securities
have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France.
This
document and any other offering material relating to the securities have not been, and will not be, submitted to the AMF for approval
in France and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in France.
Such
offers, sales and distributions have been and shall only be made in France to (i) qualified investors (investisseurs qualifiés)
acting for their own account, as defined in and in accordance with Articles L.411-2-II-2° and D.411-1 to D.411-3, D.744-1, D.754-1
;and D.764-1 of the French Monetary and Financial Code and any implementing regulation and/or (ii) a restricted number of non-qualified
investors (cercle restreint d'investisseurs) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2°
and D.411-4, D.744-1, D.754-1; and D.764-1 of the French Monetary and Financial Code and any implementing regulation.
Pursuant
to Article 211-3 of the General Regulation of the AMF, investors in France are informed that the securities cannot be distributed (directly
or indirectly) to the public by the investors 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 French Monetary and Financial Code.
Ireland
The
information in this document does not constitute a prospectus under any Irish laws or regulations and this document has not been filed
with or approved by any Irish regulatory authority as the information has not been prepared in the context of a public offering of securities
in Ireland within the meaning of the Irish Prospectus (Directive 2003/71/EC) Regulations 2005 (the "Prospectus Regulations").
The securities have not been offered or sold, and will not be offered, sold or delivered directly or indirectly in Ireland by way of
a public offering, except to (i) qualified investors as defined in Regulation 2(l) of the Prospectus Regulations and (ii) fewer than
100 natural or legal persons who are not qualified investors.
Israel
The
securities offered by this prospectus have not been approved or disapproved by the Israeli Securities Authority (the ISA), or ISA, nor
have such securities been registered for sale in Israel. The shares may not be offered or sold, directly or indirectly, to the public
in Israel, absent the publication of a prospectus. The ISA has not issued permits, approvals or licenses in connection with the offering
or publishing the prospectus; nor has it authenticated the details included herein, confirmed their reliability or completeness, or rendered
an opinion as to the quality of the securities being offered. Any resale in Israel, directly or indirectly, to the public of the securities
offered by this prospectus is subject to restrictions on transferability and must be effected only in compliance with the Israeli securities
laws and regulations.
Italy
The
offering of the securities in the Republic of Italy has not been authorized by the Italian Securities and Exchange Commission (Commissione
Nazionale per le Societ—$$—Aga e la Borsa, "CONSOB" pursuant to the Italian securities legislation and, accordingly,
no offering material relating to the securities may be distributed in Italy and such securities may not be offered or sold in Italy in
a public offer within the meaning of Article 1.1(t) of Legislative Decree No. 58 of 24 February 1998 ("Decree No. 58"), other
than:
●
to
    Italian qualified investors, as defined in Article 100 of Decree no.58 by reference to Article 34-ter of CONSOB Regulation no. 11971
    of 14 May 1999 ("Regulation no. 1197l") as amended ("Qualified Investors"); and
●
in
    other circumstances that are exempt from the rules on public offer pursuant to Article 100 of Decree No. 58 and Article 34-ter of
    Regulation No. 11971 as amended.
Any
offer, sale or delivery of the securities or distribution of any offer document relating to the securities in Italy (excluding placements
where a Qualified Investor solicits an offer from the issuer) under the paragraphs above must be:
●
made
    by investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Legislative
    Decree No. 385 of 1 September 1993 (as amended), Decree No. 58, CONSOB Regulation No. 16190 of 29 October 2007 and any other applicable
    laws; and
●
in
    compliance with all relevant Italian securities, tax and exchange controls and any other applicable laws.
Any
subsequent distribution of the securities in Italy must be made in compliance with the public offer and prospectus requirement rules
provided under Decree No. 58 and the Regulation No. 11971 as amended, unless an exception from those rules applies. Failure to comply
with such rules may result in the sale of such securities being declared null and void and in the liability of the entity transferring
the securities for any damages suffered by the investors.
Japan
The
securities have not been and will not be registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan
(Law No. 25 of 1948), as amended (the "FIEL") pursuant to an exemption from the registration requirements applicable to a
private placement of securities to Qualified Institutional Investors (as defined in and in accordance with Article 2, paragraph 3 of
the FIEL and the regulations promulgated thereunder). Accordingly, the securities may not be offered or sold, directly or indirectly,
in Japan or to, or for the benefit of, any resident of Japan other than Qualified Institutional Investors. Any Qualified Institutional
Investor who acquires securities may not resell them to any person in Japan that is not a Qualified Institutional Investor, and acquisition
by any such person of securities is conditional upon the execution of an agreement to that effect.
Portugal
This
document is not being distributed in the context of a public offer of financial securities (oferta pública de valores mobiliários)
in Portugal, within the meaning of Article 109 of the Portuguese Securities Code (Código dos Valores Mobiliários). The
securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in Portugal. This document
and any other offering material relating to the securities have not been, and will not be, submitted to the Portuguese Securities Market
Commission (Comissăo do Mercado de Valores Mobiliários) for approval in Portugal and, accordingly, may not be distributed
or caused to distributed, directly or indirectly, to the public in Portugal, other than under circumstances that are deemed not to qualify
as a public offer under the Portuguese Securities Code. Such offers, sales and distributions of securities in Portugal are limited to
persons who are "qualified investors" (as defined in the Portuguese Securities Code). Only such investors may receive this
document and they may not distribute it or the information contained in it to any other person.
Sweden
This
document has not been, and will not be, registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority).
Accordingly, this document may not be made available, nor may the securities be offered for sale in Sweden, other than under circumstances
that are deemed not to require a prospectus under the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980) om handel
med finansiella instrument). Any offering of securities in Sweden is limited to persons who are "qualified investors" (as
defined in the Financial Instruments Trading Act). Only such investors may receive this document and they may not distribute it or the
information contained in it to any other person.
-
124
-
Switzerland
The
securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any
other stock exchange or regulated trading facility in Switzerland. This document 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 material relating to the securities may be publicly distributed or otherwise made publicly
available in Switzerland.
Neither
this document nor any other offering material relating to the securities 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 securities will not be supervised by, the Swiss Financial
Market Supervisory Authority (FINMA).
This
document is personal to the recipient only and not for general circulation in Switzerland.
United
Arab Emirates
Neither
this document nor the securities have been approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates
or any other governmental authority in the United Arab Emirates, nor has the Company received authorization or licensing from the Central
Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or sell the securities within
the United Arab Emirates. This document does not constitute and may not be used for the purpose of an offer or invitation. No services
relating to the securities, including the receipt of applications and/or the allotment or redemption of such shares, may be rendered
within the United Arab Emirates by the Company.
No
offer or invitation to subscribe for securities is valid or permitted in the Dubai International Financial Centre.
United
Kingdom
Neither
the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Services
Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as
amended ("FSMA") has been published or is intended to be published in respect of the securities. This document is issued
on a confidential basis to "qualified investors" (within the meaning of section 86(7) of FSMA) in the United Kingdom, and
the securities may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document,
except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) FSMA. This document should not
be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in
the United Kingdom.
Any
invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) received in connection with the
issue or sale of the securities has only been communicated or caused to be communicated and will only be communicated or caused to be
communicated in the United Kingdom in circumstances in which section 21(1) of FSMA does not apply to the Company.
In
the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters
relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial
Promotions) Order 2005 ("FPO"), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high
net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together
"relevant persons"). The investments to which this document relates are available only to, and any invitation, offer or agreement
to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document
or any of its contents.
Canada
The
securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors,
as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted
clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale
of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements
of applicable securities laws. Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies
for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies
for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's
province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's
province or territory for particulars of these rights or consult with a legal advisor. Pursuant to section 3A.3 of National Instrument
33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI33-105 regarding
underwriter conflicts of interest in connection with this offering.
LEGAL
MATTERS
The
validity of the issuance of the common stock offered by us in this offering will be passed upon for us by Sheppard, Mullin, Richter &
Hampton LLP, New York, New York. Certain legal matters in connection with this offering will be passed upon for the underwriters by Dorsey
& Whitney LLP, New York, New York.
EXPERTS
The
consolidated financial statements of Immix Biopharma, Inc. 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 KMJ Corbin & Company LLP, an independent registered public accounting firm, 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 SEC 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 SEC's website at
www.sec.gov
. The registration statement, including all exhibits
and amendments to the registration statement, has been filed electronically with the SEC.
We
are subject to the information and periodic reporting requirements of the Exchange Act, and, accordingly, are 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 SEC. You will be able to inspect and copy such periodic reports,
proxy statements and other information at the website of the SEC referred to above.
We
also maintain a website at
www.immixbio.com
, at which you may access these materials free of charge as soon as reasonably practicable
after they are electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our
website is not part of, and is not incorporated into, this prospectus, and the inclusion of our website address in this prospectus is
only as an inactive textual reference.
-
125
-
IMMIX
BIOPHARMA, INC.
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Audited
    Consolidated Financial Statements for the Years Ended December 31, 2021 and 2020:
Report
    of Independent Registered Public Accounting Firm
(PCAOB ID:
170
)
F-2
Consolidated Balance Sheets as of December 31, 2021 and 2020
F-
3
Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2021 and 2020
F-
4
Consolidated
    Statements of Stockholders' Equity (Deficit) for the Years Ended December 31, 2021 and 2020
F-
5
Consolidated Statements of Cash Flows for the Years Ended December 31, 2021 and 2020
F-
6
Notes to the Consolidated Financial Statements for the Years Ended December 31, 2021 and 2020
F-
7
Unaudited
    Condensed Consolidated Financial Statements for the Three Months ended March 31, 2022 and 2021:
Condensed Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021
F-20
Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three months ended March 31, 2022 and 2021 (unaudited)
F-21
Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the Three months ended March 31, 2022 and 2021 (unaudited)
F-22
Condensed Consolidated Statements of Cash Flows for the Three months ended March 31, 2022 and 2021 (unaudited)
F-23
Notes to the Condensed Consolidated Financial Statements for the Three months ended March 31, 2022 and 2021 (unaudited)
F-24
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Stockholders and Board of Directors
Immix Biopharma, Inc.
Opinion
on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Immix Biopharma,
Inc. and its subsidiary (the "Company") as of December 31, 2021 and 2020, the related consolidated statements of operations
and comprehensive loss, stockholders' equity (deficit) and cash flows for each of the two years in the period ended December 31,
2021, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated
financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December
31, 2021 and 2020, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2021,
in conformity with accounting principles generally accepted in the United States of America.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company 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 audit to obtain
reasonable assurance about whether the consolidated 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 of the consolidated financial statements, 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.
/s/
KMJ Corbin & Company LLP
We
have served as the Company's auditor since 2021.
Irvine,
California
March 28, 2022
F-
2
Immix
Biopharma, Inc.
Consolidated
Balance Sheets
December 31, 2021
December 31, 2020
ASSETS
Current assets:
Cash
$
17,644,478
$
391,086
Tax receivable
25,722
127,436
Prepaid expenses and other current assets
516,193
13,714
Total current assets
18,186,393
532,236
Equipment, net
5,695
7,361
Total assets
$
18,192,088
$
539,597
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable and accrued expenses
$
142,940
$
252,344
Accrued interest
9,099
342,837
Note payable
50,000
50,000
Convertible notes payable
-
4,050,000
Derivative liability
-
575,000
Total current liabilities
202,039
5,270,181
Total liabilities
202,039
5,270,181
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, $
0.0001
par value;
10,000,000
shares authorized
     and
no
shares authorized
    at December 31, 2021 and 2020, respectively;
no
shares issued and outstanding
-
-
Common stock, $
0.0001
par value;
200,000,000
and
20,000,000
shares authorized; at December 31, 2021 and 2020, respectively;
13,228,689
and
3,375,000
shares issued and outstanding at December 31, 2021 and 2020, respectively
1,323
338
Additional paid-in capital
47,618,852
508,872
Accumulated other comprehensive income
125,408
131,861
Accumulated deficit
(
29,755,534
)
(
5,371,655
)
Stockholders' equity (deficit)
17,990,049
(
4,730,584
)
Total liabilities and stockholders' equity (deficit)
$
18,192,088
$
539,597
See
accompanying notes to the consolidated financial statements.
F-
3
Immix
Biopharma, Inc.
Consolidated
Statements of Operations and Comprehensive Loss
For the Years Ended
December 31,
2021
2020
Operating expenses:
General and administrative expenses
$
1,225,487
$
205,703
Research and development
126,527
248,149
Total operating expenses
1,352,014
453,852
Loss from operations
(
1,352,014
)
(
453,852
)
Other income (expense):
Change in fair value of derivative liability
(
22,759,829
)
(
575,000
)
Loss on debt extinguishment
(
86,170
)
-
Interest expense
(
179,853
)
(
101,976
)
Other income
-
512
Total other expense, net
(
23,025,852
)
(
676,464
)
Loss before provision for income taxes
(
24,377,866
)
(
1,130,316
)
Provision for income taxes
6,013
17,547
Net loss
(
24,383,879
)
(
1,147,863
)
Other comprehensive income (loss):
Foreign currency translation
(
6,453
)
63,637
Total other comprehensive income (loss)
(
6,453
)
63,637
Comprehensive loss
$
(
24,390,332
)
$
(
1,084,226
)
Loss per common share - basic and diluted
$
(
6.64
)
$
(
0.34
)
Weighted average shares outstanding - basic and diluted
3,672,611
3,375,000
See
accompanying notes to the consolidated financial statements.
F-
4
Immix
Biopharma, Inc.
Consolidated
Statements of Stockholders' Equity (Deficit)
For
the Years Ended December 31, 2021 and 2020
Common
Shares
Common
Stock
Amount
Additional
Paid-in
Capital
Accumulated
                                            Other
Comprehensive
Income
Accumulated
Deficit
Total
Stockholders'
Equity
                                            (Deficit)
Balance December 31, 2019
3,375,000
$
338
$
508,872
$
68,224
$
(
4,223,792
)
$
(
3,646,358
)
Net loss
-
-
-
-
(
1,147,863
)
(
1,147,863
)
Foreign currency translation adjustment
-
-
-
63,637
-
63,637
Balance December 31, 2020
3,375,000
338
508,872
131,861
(
5,371,655
)
(
4,730,584
)
Shares issued for cash proceeds, net of offering costs
4,200,000
420
18,648,514
-
-
18,648,934
Shares issued for conversion of convertible notes payable,  related accrued interest, and settlement of derivative liability
5,633,689
563
28,167,882
-
-
28,168,445
Relative fair value of warrants issued in connection with debt
-
-
74,603
-
-
74,603
Stock-based compensation
20,000
2
218,981
-
-
218,983
Net loss
-
-
-
-
(
24,383,879
)
(
24,383,879
)
Foreign currency translation adjustment
-
-
-
(
6,453
)
-
(
6,453
)
Balance December 31, 2021
13,228,689
$
1,323
$
47,618,852
$
125,408
$
(
29,755,534
)
$
17,990,049
See
accompanying notes to the consolidated financial statements.
F-
5
Immix
Biopharma, Inc.
Consolidated
Statements of Cash Flows
For the Years Ended
December 31,
2021
2020
Operating Activities:
Net loss
$
(
24,383,879
)
$
(
1,147,863
)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation
218,983
-
Convertible note issued in exchange for services
60,000
-
Change in fair value of derivative liability
22,759,829
575,000
Loss on debt extinguishment
86,170
-
Amortization of debt discount
58,157
-
Depreciation
2,468
2,321
Changes in operating assets and liabilities:
Tax receivable
97,667
58,494
Prepaid expenses and other current assets
(
502,795
)
10,107
Accounts payable and accrued expenses
(
106,061
)
(
3,830
)
Accrued interest
120,154
101,077
Net cash used in operating activities
(
1,589,307
)
(
404,694
)
Investing Activities:
Purchase of equipment
(
802
)
-
Net cash used in investing activities
(
802
)
-
Financing Activities:
Proceeds from convertible notes payable
200,000
-
Proceeds from sale of common stock, net of offering costs
18,648,934
-
Net cash provided by financing activities
18,848,934
-
Effect of foreign currency on cash
(
5,433
)
61,766
Net change in cash
17,253,392
(
342,928
)
Cash - beginning of year
391,086
734,014
Cash - end of year
$
17,644,478
$
391,086
Supplemental Disclosures of Cash Flow Information:
Interest paid
$
1,542
$
899
Income taxes paid
$
-
$
17,547
Supplemental Disclosures of Noncash Financing Information:
Relative fair value of warrants issued in connection with convertible debt
$
74,603
$
-
Debt discount related to derivative liabilities
$
80,000
$
-
Common stock issued upon conversion of notes payable, related accrued interest and settlement of derivative liability
$
28,178,721
$
-
See
accompanying notes to the consolidated financial statements.
F-
6
Immix
Biopharma, Inc.
Notes
to the Consolidated Financial Statements
Note
1 –
Nature of Business
Immix
Biopharma, Inc. (the "Company") is a clinical-stage pharmaceutical company organized as a Delaware corporation on January
7, 2014 to focus on the development of safe and effective therapies for patients with cancer and inflammatory diseases. In August 2016,
the Company established a wholly-owned Australian subsidiary, Immix Biopharma Australia Pty Ltd. ("IBAPL"), in order to conduct
various preclinical and clinical activities for its development candidates.
Note
2 –
Summary of Significant Accounting Policies
The
accompanying consolidated financial statements and related notes have been prepared in accordance with accounting principles generally
accepted in the United States of America ("U.S. GAAP") and in accordance with the rules and regulations of the United States
Securities and Exchange Commission (the "SEC"). The Company's fiscal year end is December 31.
Risk
and Uncertainties
-
The Company operates in a dynamic and highly competitive industry and is subject to risks and uncertainties common
to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological
innovations, protection of proprietary technology, dependence on key personnel, contract manufacturer and contract research organizations,
compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under
development will require significant additional research and development efforts, including extensive preclinical studies and clinical
trials and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate
personnel infrastructure and extensive compliance and reporting. The Company believes that changes in any of the following areas could
have a material adverse effect on the Company's future financial position, results of operations, or cash flows; ability to obtain
future financing; advances and trends in new technologies and industry standards; results of clinical trials; regulatory approval and
market acceptance of the Company's products; development of sales channels; certain strategic relationships; litigation or claims
against the Company based on intellectual property, patent, product, regulatory, or other factors; and the Company's ability to
attract and retain employees necessary to support its growth.
Products
developed by the Company require approvals from the U.S. Food and Drug Administration ("FDA") or other international regulatory
agencies prior to commercial sales. There can be no assurance that the Company's research and development will be successfully
completed, that adequate protection for the Company's intellectual property will be obtained or maintained, that the products will
receive the necessary approvals, or that any approved products will be commercially viable. If the Company was denied approval, approval
was delayed or the Company was unable to maintain approval, it could have a material adverse impact on the Company. Even if the Company's
product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The
Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology
companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties.
Beginning
in late 2019, the outbreak of a novel strain of virus named SARS-CoV-2 (severe acute respiratory syndrome coronavirus 2), or
coronavirus, which causes coronavirus disease 2019, or COVID-19, evolved into a global pandemic. The extent of the impact of the
coronavirus outbreak on the Company's business will depend on certain developments, including the duration and spread of the
outbreak and the extent and severity of the impact on the Company's clinical trial activities, research activities and
suppliers, all of which are uncertain and cannot be predicted. At this point, the extent to which the coronavirus outbreak may
materially impact the Company's financial condition, liquidity or results of operations is uncertain. The Company has expended
and will continue to expend substantial funds to complete the research, development and clinical testing of product candidates. The
Company will also be required to expend additional funds to establish commercial-scale manufacturing arrangements and to
provide for the marketing and distribution of products that receive regulatory approval. The Company may require additional funds to
commercialize its products. The Company is unable to entirely fund these efforts with its current financial resources. If adequate
funds are unavailable on a timely basis from operations or additional sources of financing, the Company may have to delay, reduce
the scope of or eliminate one or more of its research or development programs which may materially and adversely affect its
business, financial condition and operations.
F-
7
Use
of Estimates in Financial Statement Presentation
-
The preparation of these consolidated financial statements in
conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.
The Company uses significant judgements when making estimates related to the valuation of deferred tax assets and related valuation
allowances, accrual and prepayment of research and development expenses, valuation of stock-based compensation, and the valuation of
derivative financial instruments. Actual results could differ from those estimates.
Forward
Stock Split
–
On October 4, 2021, the Company effected a
3-for-1
forward stock split of its issued and outstanding common stock.
Accordingly, all share and per-share amounts relating to the common stock, stock options and warrants for all periods presented in the
accompanying consolidated financial statements have been retroactively adjusted, where applicable, to reflect the forward stock split.
Principles
of Consolidation
–
The accompanying consolidated financial statements include the accounts of Immix Biopharma, Inc. and the
accounts of its 100% owned subsidiary, IBAPL. All intercompany transactions and balances have been eliminated in consolidation.
Liquidity
and Going Concern
-
These consolidated financial statements have been prepared on a going concern basis, which assumes
the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of
the Company as a going concern is dependent upon the ability of the Company to obtain financing to continue operations. In December
2021, the Company received $
18,648,934
in net proceeds from the initial public offering ("IPO") of its common stock (see Note 5). In January 2022, the Company
raised additional net proceeds of $
2,913,750
from the exercise of the underwriter's over-allotment option in connection with the Company's IPO (See Note 8). The
Company has a history of, and expects to continue to report, negative cash flows from operations and a net loss. Management believes
that its cash on hand at December 31, 2021 and the net proceeds received in
January 2022 will be sufficient to meet the Company's working capital requirements through at least March 31, 2023.
Concentration
of Credit Risk
-
Periodically, the Company may carry cash balances at financial institutions in excess of the federally insured limit
of $
250,000
, or the Australian insured limit of AUD
250,000
. As of December 31, 2021, the Company had $
17,365,222
in excess of the FDIC
insurance limit and
no
amounts in excess of the Australian insured limit. The Company has not experienced losses on these accounts and
management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not
significant.
Equipment
–
Equipment is recorded at cost and depreciated over its estimated useful lives using the straight-line depreciation method as follows:
Computer
    equipment
3
years
Machinery
    and equipment
5
years
Furniture
    and office equipment
7
years
Repairs
and maintenance costs are expensed as incurred.
Impairment
of Long-lived Assets
–
The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances
indicate that the carrying amount of such assets may not be recoverable. Recoverability of a long-lived asset is measured by comparison
of the carrying amount to the expected future undiscounted cash flows that the asset is expected to generate. Any impairment to be recognized
is measured by the amount by which the carrying amount of the asset exceeds its fair value.
F-
8
Fair
Value of Financial Instruments
–
The carrying value of short-term instruments, including cash, tax receivable, accounts payable
and accrued expenses, and notes payable approximate fair value due to the relatively short period to maturity for these instruments.
Derivative instruments are carried at fair value based on unobservable market inputs (see Note 4).
Fair
value is defined 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 maximize the use of observable inputs and minimize the use of unobservable inputs. The
Company utilizes a three-level valuation hierarchy for disclosures of fair value measurements, defined as follows:
Level
1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level
2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs
that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
Level
3 – inputs to the valuation methodology are unobservable and significant to the fair value.
Prior
to the conversion of the convertible notes payable in December 2021, the Company was required to measure and record its derivative instruments
at fair value on a recurring basis (see Notes 3 and 4).
Derivative
Instruments
– The Company evaluated its convertible notes to determine if those contracts or embedded components of those contracts
qualified as derivatives to be separately accounted for in accordance with Accounting Standards Codification ("ASC") 815,
Derivatives and Hedging
. The result of this accounting treatment is that the fair value of the embedded derivative is marked to
market each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in
fair value is recorded in the consolidated statements of operations and comprehensive loss as other income or expense. Upon conversion
or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified
to equity.
In
circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other
embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments
are accounted for as a single, compound derivative instrument.
The
Company determined that the convertible notes contained embedded features that provided the noteholders with multiple settlement alternatives.
Certain of these settlement features provided the noteholders the right to receive cash or a variable number of shares upon the completion
of a capital raising transaction, change of control or default by the Company, which are referred to as "redemption features."
The
redemption features of the convertible notes met the requirements for separate accounting and were accounted for as a single
derivative instrument. The derivative instrument was recorded at fair value at inception and was subject to remeasurement to fair
value at each balance sheet date, with any changes in fair value recognized in the consolidated statements of operations and
comprehensive loss (see Notes 3 and 4).
Income
Taxes
–
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets
and liabilities are determined based on the differences between the financial reporting and the tax bases of reported assets and liabilities
and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company
must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is
more likely than not that some portion or all of a deferred tax asset will not be realized.
The
Company accounts for uncertain tax positions in accordance with the provisions of ASC 740-10 which prescribes a recognition threshold
and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on its tax return. The
Company evaluates and records any uncertain tax positions based on the amount that management deems is more likely than not to be sustained
upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which it operates.
F-
9
Australian
Tax Incentive
–-
IBAPL is eligible to receive a cash refund from the Australian Taxation Office for eligible research and development
("R&D") expenditures under the Australian R&D Tax Incentive Program (the "Australian Tax Incentive").
The Australian Tax Incentive is recognized as a reduction to R&D expense when there is reasonable assurance that the relevant expenditure
has been incurred, the amount can be reliably measured and that the Australian Tax Incentive will be received. The Company recognized
reductions to R&D expense of $
79,978
and $
212,521
for the years ended December 31, 2021 and 2020, respectively.
Stock-Based
Compensation
–
Stock-based compensation expense represents the estimated grant date fair value of the Company's equity
awards, consisting of stock options issued under the Company's stock option plan and restricted common stock (see Note 5). The
fair value of equity awards is recognized over the requisite service period of such awards (usually the vesting period) on a straight-line
basis. The Company estimates the fair value of stock options using the Black-Scholes option pricing model on the date of grant and recognizes
forfeitures as they occur. For stock awards for which vesting is subject to performance-based milestones, the expense is recorded over
the remaining service period after the point when the achievement of the milestone is probable, or the performance condition has been
achieved.
Patent
Costs
–
Although the Company believes that its patents have continuing value, the amount of future benefits to be derived from
the patents is uncertain. Accordingly, patent costs are expensed as incurred.
Advertising
Costs
–
The Company expenses advertising costs as incurred. Advertising costs were not significant during the years ended December
31, 2021 and 2020.
Research
and Development Costs
–-
R&D costs consist primarily of clinical research fees paid to consultants and
outside service providers, and other expenses relating to design, development and testing of the Company's therapy candidates.
R&D costs are expensed as incurred.
Clinical
trial costs are a component of R&D expenses. The Company estimates expenses incurred for clinical trials that are
in process based on services performed under contractual agreements with clinical research organizations and actual clinical investigators.
Included in the estimates are (1) the fee per patient enrolled as specified in the clinical trial contract with each institution participating
in the clinical trial and (2) progressive data on patient enrollments obtained from participating clinical trial sites and the actual
services performed. Changes in clinical trial assumptions, such as the length of time estimated to enroll all patients, rate of screening
failures, patient drop-out rates, number and nature of adverse event reports, and the total number of patients enrolled can impact the
average and expected cost per patient and the overall cost of the clinical trial. The Company monitors the progress of the trials and
their related activities and adjusts expense accruals, when applicable. Adjustments to accruals are charged to expense in the period
in which the facts give rise to the adjustments become known.
Other
Comprehensive Income (Loss)
–
Other comprehensive income (loss) includes foreign currency translation gains and losses. The
cumulative amount of translation gains and losses are reflected as a separate component of stockholders' equity (deficit) in the
consolidated balance sheets, as accumulated other comprehensive income.
Foreign
Currency Translation and Transaction Gains (Losses)
–-
The Company maintains its accounting records in U.S. dollars.
The Company's operating subsidiary, IBAPL, is located in Australia and maintains its accounting records in Australian dollars,
which is its functional currency. Assets and liabilities of the subsidiary are translated into U.S. dollars at exchange rates at the
balance sheet date, equity accounts are translated at historical exchange rate and revenues and expenses are translated by using the
average exchange rates for the period. Translation adjustments are reported as a separate component of other comprehensive income
(loss) in the consolidated statements of operations and comprehensive loss. Foreign currency denominated transactions are translated
at exchange rates approximating those in effect at the transaction dates. Exchange gains (losses) are recognized in earnings and
were $(
6,093
)
and $
3,681
for the years ended December 31, 2021 and 2020, respectively, and are included in general and administrative expenses in the
accompanying consolidated statements of operations and comprehensive loss.
F-
10
Loss
Per Common Share
–
- Basic loss per common share is computed by dividing net loss available to common stockholders by
the weighted-average number of common shares outstanding during the period. Diluted loss per common share is determined using the
weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock
equivalents. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock
equivalents, because their inclusion would be anti-dilutive. As of December 31, 2021 and 2020, the Company's potentially
dilutive shares and options, which were not included in the calculation of net loss per share, included stock options and warrants
exercisable for
1,686,984
and
291,984
common shares, respectively.
Emerging
Growth Company Status
-
The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our
Business Startups Act (the "JOBS Act"), and may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer
an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting
standards. As a result of this election, the Company's financial statements may not be comparable to companies that comply with
public company Financial Accounting Standards Board ("FASB") standards' effective dates. The Company may take advantage
of these exemptions until it is no longer an EGC.
Recent
Accounting Pronouncements
The
Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted,
would have a material effect on the accompanying consolidated financial statements.
Note
3 –
Notes Payable
Convertible
Notes
On
September 1, 2016, the Company entered into a secured convertible promissory note, as amended, with an entity affiliated with a
stockholder of the Company for aggregate borrowings of $
3,000,000
(as amended, "2016 Note"). The 2016 Note was scheduled to mature on
March
31, 2022
, and accrued interest at the applicable federal rate per annum. The 2016 Note was secured by (i) all of the
Company's purchased equipment (to the extent not already encumbered) and (ii) any amounts received as a tax rebate or
incentive during the term of the 2016 Note. On December 20, 2021, the outstanding principal and accrued interest were converted into
shares of the Company's common stock in connection with the Company's IPO (see below). As of December 31, 2020, the
outstanding principal balance on the 2016 Note was $
3,000,000
.
On
October 30, 2018, the Company entered into an unsecured convertible promissory note in the principal amount of $
250,000
(as amended, "2018 Note"). The 2018 Note was scheduled to mature on
March
31, 2022
, and accrued interest at a rate of
4
%
per annum. On December 20, 2021, the outstanding principal and accrued interest were converted into shares of the Company's
common stock in connection with the Company's IPO (see below). As of December 31, 2020, the outstanding principal balance on
the 2018 Note was $
250,000
.
On
October 30, 2019, the Company entered into a series of unsecured convertible promissory notes (as amended, "2019 Notes")
in the aggregate principal amount of $
800,000
.
The 2019 Notes were scheduled to mature on
March
31, 2022
and accrued interest at a rate of
6
%
per annum. On December 20, 2021, the outstanding principal and accrued interest was converted into shares of the Company's
common stock in connection with the Company's IPO (see below). As of December 31, 2020, the outstanding principal balance on
the 2019 Notes was $
800,000
.
F-
11
In
March and April 2021, the Company issued a series of unsecured convertible promissory notes ("2021A Notes") in the
aggregate principal amount of $260,000 to the Company's Chief Financial Officer and Alwaysraise LLC, an entity in which the
Company's Chief Financial Officer is the sole member
. Of the $
260,000
principal
amount, the Company received $
200,000
in
cash proceeds and issued a $
60,000
note
in exchange for services. The 2021A Notes were scheduled to mature on
March
1, 2023
, and accrued interest at a rate of
6
%
per
annum. In connection with the issuance of the 2021A Notes, the Company issued ten-year warrants to purchase
156,000
shares
of the Company's common stock at an exercise price of $
0.80
per
share. The warrants were valued using the Black-Scholes option pricing model with the following inputs: an expected and contractual
life of
10
years,
an assumed volatility of
117%
,
a
zero
dividend
rate, and a risk free rate of
1.70
%
.
The relative fair value of the warrants amounting to $
74,603
was
recorded to debt discount and was amortized to interest expense through the date of the Company's IPO, at which time the
outstanding principal and accrued interest was converted into shares of the Company's common stock (see below).
The
2016 Note, 2018 Note, 2019 Notes and 2021A Notes are collectively referred to as the "Notes." In the event that the Company
issued and sold shares of its equity securities ("Equity Securities") to investors (the "Investors") prior to
the maturity dates of the Notes in an equity financing with total proceeds to the Company of not less than $
10,000,000
(including the
conversion of the Notes, other indebtedness or other convertible securities issued for capital raising purposes (e.g., Simple Agreements
for Future Equity)) (a " Qualified Financing"), then the outstanding principal amount of the Notes and any unpaid accrued
interest would automatically convert in whole without any further action by the holders into Equity Securities sold in the Qualified
Financing at a conversion price equal to the lesser of (i) the price paid per share for Equity Securities by the Investors in the Qualified
Financing multiplied by 0.80, and (ii) the quotient resulting from dividing $
10,000,000
by the number of pre-split outstanding shares
of the common stock of the Company immediately prior to the Qualified Financing (assuming conversion of all securities convertible into
common stock and exercise of all outstanding options and warrants, including all shares of common stock reserved and available for future
grant under any equity incentive or similar plan of the Company, and/or any equity incentive or similar plan created or increased in
connection with Qualified Financing, and including the shares of equity securities of the Company issued for capital raising purposes
(e.g., Simple Agreements for Future Equity)). The issuance of Equity Securities pursuant to the conversion of the Notes were subject
to the same terms and conditions applicable to Equity Securities sold in the Qualified Financing.
Upon
the occurrence of a change of control prior to a Qualified Financing or maturity, the 2019 Notes and the 2021A Notes would upon the election
of the holders either (i) become due and payable upon closing of such change of control in cash in an amount equal to (a) the outstanding
principal amount plus any unpaid accrued interest, plus (b) a repayment premium equal to 200% of the outstanding principal amount, or
(ii) be converted such that the outstanding principal balance and any unpaid accrued interest would convert into shares of the Company's
common stock at a conversion price equal to the quotient resulting from dividing $
10,000,000
by the number of outstanding shares of common
stock of the Company immediately prior to the change of control (assuming conversion of all securities convertible into common stock
and exercise of all outstanding options and warrants, and including the shares of equity securities of the Company issuable upon the
conversion of notes, other indebtedness or other convertible securities issued for capital raising purposes).
On
December 20, 2021, in connection with the Company's IPO, which was deemed a Qualified Financing, the Notes along with the
corresponding accrued interest, were automatically converted into an aggregate of
5,633,689
shares of the Company's common stock. As a result of the conversion, the Company recorded a loss on debt extinguishment of
$
86,170
.
The
Notes contained embedded derivative instruments, including automatic conversion into equity securities upon completion of a Qualified
Financing, that were required to be bifurcated and accounted for separately as a single derivative instrument initially and subsequently
measured at fair value with the change in fair value recorded in other income (expense) in the accompanying consolidated statements of
operations and comprehensive loss. The Company determined that the issuance date fair values of the derivative instruments for the 2016
Note, 2018 Note, and 2019 Notes, was nominal based on its assumptions of probabilities of a Qualified Financing or change of control
transaction. For the 2021A Notes issued during March and April 2021, the Company recorded the fair value of the derivative instruments
of $80,000, as a debt discount on the issuance dates which was amortized to interest expense through the date of the Company's
IPO, at which time the 2021A Notes were converted into shares of the Company's common stock. During the years ended December 31,
2021 and 2020, the Company recognized expense of $
22,759,829
and $
575,000
,
respectively, related to the change in fair value of the derivative instruments. Upon the conversion of the Notes, the Company reclassified
the estimated fair value of the derivative liability of $
23,414,829
to additional paid-in capital. At December
31, 2020, the estimated fair value of the derivative instruments was $
575,000.
Interest
expense related to the Notes was $
118,904
and $
99,824
for the years ended December 31, 2021 and 2020, respectively. As of December 31,
2021 and 2020, accrued interest on the Notes was $
0
and $
334,988
, respectively. Amortization of the debt discounts related to the 2021A
Notes was $
58,157
for the year ended December 31, 2021.
F-
12
Note
Payable – Related Party
On
September 14, 2014, the Company issued an unsecured promissory note in the principal amount of $
50,000
to a stockholder of the Company. The note matured on
September
14, 2017
and accrued interest at a rate of
2.5
%
per annum. On June 9, 2021, the note was amended to extend the maturity date to
September
14, 2022
. As of December 31, 2021 and 2020, the outstanding principal balance on this note was $
50,000
.
Interest
expense related to the Note was $
1,250
and $
1,253
for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021
and 2020, accrued interest on the Notes was $
9,099
and $
7,849
, respectively.
Note
4 –
Fair Value Measurements
The
following table presents information about the Company's financial liabilities measured at fair value on a recurring basis and
indicate the level of the fair value hierarchy utilized to determine such fair values:
Level 1
Level 2
Level 3
Fair Value at
December 31, 2020
Current liabilities:
Derivative liability
$
-
$
-
$
575,000
$
575,000
Total liabilities measured at fair value
$
-
$
-
$
575,000
$
575,000
The
fair value of the embedded derivative instrument identified in the Notes has been estimated using a two-step approach to valuation, employing
a probability-weighted scenario valuation method and then comparing the instrument's value with-and-without the derivative features
in order to estimate their combined fair value, using unobservable inputs, which are classified as Level 3 within the fair value hierarchy.
In order to estimate the fair value of the Notes, the Company estimated the future payoff in each scenario, discounted them to a present
value and then probability weighted them based upon the Company's best likelihood of each event occurring. The primary inputs for
the valuation approach included the probability of achieving various settlement scenarios that provide the noteholders the rights or
the obligations to receive cash or a variable number of shares upon the completion of a Qualified Financing. At December 31, 2020, the
Company estimated a 5% probability of a Qualified Financing occurring, a de minimis probability of a change of control occurring and
a 20% probability of bankruptcy or dissolution of the Company. As of December 31, 2020, the embedded derivative was remeasured to $
575,000
.
As such, an expense of $
575,000
was recorded in the fourth quarter of 2020. Immediately prior to the conversion of the Notes in connection
with the Company's IPO, the Company estimated a 100% probability of a Qualified Financing occurring, a de minimis probability of
a change of control occurring and a 0% probability of bankruptcy or dissolution of the Company. Accordingly, the estimated fair value
of the embedded derivative was remeasured at $
23,414,829
. A loss of $
22,759,829
related to the change in fair value of the derivative
liability was recorded during the year ended December 31, 2021. There were no transfers among Level 1, Level 2 or Level 3 categories
in the years ended December 31, 2021 and 2020.
F-
13
The
following table provides a summary of changes in fair value of the Company's Level 3 financial liabilities for the years ended
December 31, 2021 and 2020:
Debt
Derivative
Balance, January 1, 2020
$
-
Loss from change in fair value included in earnings
575,000
Balance, December 31, 2020
575,000
Additions - initial issuance of 2021A Notes recognized as debt discount
80,000
Loss from change in fair value included in earnings
22,759,829
Reclassification to additional paid-in capital upon conversion of convertible
    notes payable
(
23,414,829
)
Balance, December 31, 2021
$
-
Note
5 –
Stockholders' Equity
The
Company has authorized
200,000,000
shares of common stock and
10,000,000
shares of preferred stock each with a par value of $
0.0001
per
share.
On
December 20, 2021, the Company closed  its IPO of
4,200,000
shares of its common stock offered at a price of $
5.00
per share for gross proceeds of $
21,000,000
.
In connection with the IPO, the Company paid $
2,351,066
in offering costs resulting in net proceeds of $
18,648,934
.
On
December 20, 2021, in connection with the IPO, the Notes along with the related accrued interest, were automatically converted into
an aggregate of
5,633,689
shares of the Company's common stock.
On
December 20, 2021, the Company issued
20,000
shares
of restricted common stock to an unrelated third party for entering into an investor relations contract. The stock was valued at a
share price of $
5.00
, the closing price of the Company's common stock on date of issuance, for a total value of $
59,000
related to services which is included in
general and administrative expenses.
Fair
Value of Common Stock – prior to establishing a public market
Prior
to establishing a public market for the Company's common stock, the estimated fair value of the Company's common stock was determined by the Company's board of directors
as of the date of each option grant, with input from management, considering the Company's most recently available third-party valuations of common
stock, and the Company's board of directors' assessment of additional objective and subjective factors that it believed were relevant and
which may have changed from the date of the most recent valuation through the date of the grant.
Third-party
valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants' Accounting
and Valuation Guide,
Valuation of Privately-Held-Company Equity Securities Issued as Compensation
. The Company's common stock valuations
were prepared using a hybrid method that incorporated elements of both a probability-weighted expected return method ("PWERM")
and an option pricing method ("OPM").
The
OPM was based on the Black-Scholes option pricing model, which allows for the identification of a range of possible future outcomes.
The OPM treats common stock and convertible instruments as call options on the total equity value of a company, with exercise prices
based on the value thresholds at which the allocation among the various holders of a company's securities changes. A discount for
lack of marketability of the common stock was applied to arrive at an indication of value for the common stock.
PWERM
involves a forward-looking analysis of the possible future outcomes of the enterprise. This method is particularly useful when discrete
future outcomes can be predicted at a relatively high confidence level with a probability distribution. Discrete future outcomes considered
under the PWERM included an initial public offering, as well as non-initial public offering market-based outcomes. Determining the fair
value of the enterprise using the PWERM required the Company to develop assumptions and estimates for both the probability of an initial
public offering liquidity event and stay private outcomes, as well as the values the Company expected those outcomes could yield.
F-
14
Prior
to establishing a public trading market for the Company's capital stock, the Company's board of directors exercised reasonable judgment
and considered a number of objective and subjective factors to determine its estimate of the fair value of the Company's common stock,
including changes in the following factors between the date of the valuation and the grant date:
●
the Company's business, financial condition and results of operations, including related industry trends affecting the Company's operations;
●
the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions;
●
the lack of marketability of the Company's common stock;
●
the market performance of comparable publicly traded companies; and
●
U.S. and global economic and capital market conditions and outlook.
The
assumptions underlying the Company's board of directors' valuations represented the board's best estimates, which involved inherent
uncertainties and the application of the board's judgment. As a result, if factors or expected outcomes had changed or the Company's board
of directors had used significantly different assumptions or estimates, the Company's equity-based compensation expense could have been materially
different. Following the completion of the Company's IPO, the Company's board of directors will determine the fair value of the Company's common stock based on the
quoted market prices of the Company's common stock.
Stock
Options
In
2016, the board of directors of the Company approved the Immix Biopharma, Inc. 2016 Equity Incentive Plan (the "2016
Plan"). The 2016 Plan allows for the board of directors to grant various forms of incentive awards covering up to
417,120
shares of the Company's common stock. During the year ended December 31, 2021, the board of directors amended the 2016 Plan to
increase the aggregate number of shares available for issuance under the 2016 Plan to
1,761,120
shares of common stock. On September 10, 2021, the board of directors approved the 2021 Equity Incentive Plan (the "2021
Plan"), reserving
900,000
shares of the Company's common stock for future issuance under the 2021 Plan. As of December 31, 2021, there were an aggregate of
1,340,136
shares of the Company's common stock remaining for issuance under the 2016 Plan and 2021 Plan.
During
the year ended December 31, 2021, the Company granted options to purchase
736,500
shares of the Company's common stock to officers of the Company, and options to purchase
292,500
shares of the Company's common stock to members of the board of directors and scientific advisors of the Company. The exercise
price of the options is $
0.80
-$
1.86
and the options expire
ten
years
following grant.
The
options vest in equal monthly installments beginning on the grant date ranging from 24 to 48 months
.
The
Company estimated the fair value of the stock options using the Black-Scholes option pricing model. The fair value of stock options is
being amortized on a straight-line basis over the requisite vesting period of the awards. The fair value of stock options was estimated
using the following assumptions for the year ended December 31, 2021: an expected and contractual life of
10
years, an assumed volatility
of
117
%-
128
%, a
zero
dividend rate, a risk free rate of
1.37
%-
1.74
%, and fair value of common stock of $
0.83
. The Company recognized
stock-based compensation of $
159,983
related to stock options for the year ended December 31, 2021, which is included in general and
administrative expenses.
The
following table summarizes the stock option activity under the 2016 Plan for the years ended December 31, 2021 and 2020:
Options
Weighted-Average Exercise Price
    Per Share
Outstanding and exercisable, January 1, 2020
291,984
$
1.33
Granted
-
$
-
Exercised
-
$
-
Forfeited
-
$
-
Expired
-
$
-
Outstanding and exercisable, December 31, 2020
291,984
$
1.33
Granted
1,029,000
$
1.60
Exercised
-
$
-
Forfeited
-
$
-
Expired
-
$
-
Outstanding and expected to vest, December 31, 2021
1,320,984
$
1.54
F-
15
The
following table discloses information regarding outstanding and exercisable options at December 31, 2021:
Outstanding
Exercisable
Exercise
                                            Price
Number
    of Option Shares
Weighted
    Average Exercise Price
Weighted
    Average Remaining Life (Years)
Number
    of Option Shares
Weighted
    Average Exercise Price
$
0.80
256,500
$
0.80
9.20
96,188
$
0.80
$
1.33
291,984
1.33
3.67
291,984
1.33
$
1.86
742,500
1.86
9.47
96,250
1.86
1,320,984
$
1.54
8.14
484,422
$
1.33
Aggregate
intrinsic value is calculated as the difference between the exercise price of the underlying stock option and the fair value of the Company's
common stock for stock options that were in-the-money at year end. As of December 31, 2021, the intrinsic value for the options vested
and outstanding was $
1,079,254
and $
2,671,341
, respectively.
Stock
Warrants
In
March and April 2021, in connection with the issuance of the 2021A Notes as discussed in Note 3, the Company issued ten-year
warrants for the purchase of
156,000
shares
of the Company's common stock at an exercise price of $
0.80
per
share, which vested immediately.
In
December 2021, in connection with the IPO, the Company issued five-year warrants for the purchase of
210,000
shares
of the Company's common stock at an exercise price of $
6.25
per
share which vest six months after the date of issuance.
The
following table summarizes the stock warrant activity for the year ended December 31, 2021:
Warrants
Weighted-Average Exercise Price Per Share
Outstanding and exercisable, December 31, 2020
-
$
-
Granted
366,000
$
3.93
Exercised
-
$
-
Forfeited
-
$
-
Expired
-
$
-
Outstanding and exercisable, December 31, 2021
366,000
$
3.93
The
following table discloses information regarding outstanding and exercisable warrants at December 31, 2021:
Outstanding
Exercisable
Exercise
                                            Price
Number of Option Shares
Weighted Average Exercise Price
Weighted Average Remaining Life
    (Years)
Number of Option Shares
Weighted Average Exercise Price
$
0.80
156,000
$
0.80
9.23
156,000
$
0.80
$
6.25
210,000
6.25
4.96
-
-
366,000
$
3.93
6.78
156,000
$
0.80
Aggregate
intrinsic value is calculated as the difference between the exercise price of the underlying stock warrant and the fair value of the
Company's common stock for stock warrants that were in-the-money at year end. As of December 31, 2021, the intrinsic value for
the warrants vested and outstanding was $
430,560
.
F-
16
Note
6 –
Income Taxes
The
Company is subject to taxation in the United States, California and Australia. At December 31, 2021, the Company had federal, state, and
foreign net operating loss ("NOL") carryforwards of approximately $
1,875,000
, $
1,875,000
and $
680,000
, respectively.
The
federal loss carryforwards generated after 2017 of approximately $
1,270,000
will carryforward indefinitely and can be used to offset
up to 80% of future annual taxable income, while those loss carryforwards generated prior to 2018 begin expiring in 2034, unless previously
utilized
.
State loss carryforwards also begin expiring in 2034, unless previously utilized
, while the
Company's foreign loss carryforward
do not expire
. The Company also has federal and California R&D credit carryforwards totaling $
11,697
and $
20,905
,
respectively.
The Federal credits begin to expire in 2026, unless previously utilized
, while
the state credits do not expire
. The Company
also has foreign withholding tax carryforwards totaling $
63,058
at December 31, 2021.
The foreign withholding tax carryforward credit
begins to expire in 2028, unless previously utilized
.
The
Company's NOL and credit carryforwards to offset future taxable income may be subject to a substantial annual limitation as a result
of ownership changes that could occur in the future pursuant to Internal Revenue Code Sections 382 and 383. These ownership changes may
limit the amount of NOL and credit carryforwards that can be utilized to offset future taxable income and income tax, respectively. In
general, an "ownership change" as defined by the tax code results from a transaction or series of transactions over a three-year
period resulting in an ownership change of more than 50 percent of the outstanding stock of a company by certain stockholders or public
groups.
The
Company's federal income tax returns from 2014 forward, state income tax returns from 2014 forward, and its Australian tax returns
beginning in 2017 are subject to examination by tax authorities.
A
reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate to the loss
from operations for the years ended December 31, 2021 and 2020 is as follows:
Year Ended December 31, 2021
Year Ended December 31, 2020
Expected income tax benefit computed at the statutory rate
$
(
5,119,352
)
$
(
237,366
)
State income tax benefit, net of federal benefit, net of valuation allowance
-
-
Foreign rate differential
(
6,232
)
Foreign losses not benefited
32,407
37,278
Tax effect of:
Change in federal valuation allowance
299,385
17,151
Change in fair value of derivative liability
4,779,564
120,750
Other permanent items and tax credits
(
2,491
)
-
Other non-deductible expenses
22,732
79,734
Provision for income taxes
$
6,013
$
17,547
F-
17
Net
deferred tax assets are comprised of the following as of December 31, 2021 and 2020:
December 31, 2021
December 31, 2020
Net operating losses
$
739,168
$
381,305
Foreign tax credits
63,058
57,045
Federal & state research credit carryforwards
32,602
19,430
Stock-based compensation
105,750
43,642
Valuation allowance
(
940,578
)
(
501,422
)
Net deferred tax assets
$
-
$
-
Realization
of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Management assesses the
available positive and negative evidence to estimate if sufficient future taxable income will be generated to use existing deferred tax
assets. Based on the weight of available evidence, including the Company's history of operating losses, management has determined
that it is more likely than not that the Company's net deferred tax assets will not be realized. Accordingly, a valuation allowance
has been established by the Company to fully offset these net deferred tax assets.
For
the years ended December 31, 2021 and 2020, domestic and foreign pre-tax losses were as follows:
December 31, 2021
December 31, 2020
Loss before income taxes - Domestic
$
24,253,224
$
952,800
Loss before income taxes – Foreign
124,642
177,516
Loss before income taxes - Consolidated
$
24,377,866
$
1,130,316
Note
7 –
Commitments and Contingencies
Indemnifications
In
the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties
and may provide for indemnification of the counterparty. The Company's exposure under these agreements is unknown because it involves
claims that may be made against it in the future but have not yet been made. To date, the Company has not been subject to any claims
or been required to defend any action related to its indemnification obligations.
The
Company indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits, while the director
is or was serving at the Company's request in such capacity, as permitted under Delaware law and in accordance with its certificate
of incorporation and bylaws. The term of the indemnification period lasts as long as the director or officer may be subject to any proceeding
arising out of acts or omissions of such individual in such capacity. The maximum amount of potential future indemnification is unlimited.
The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized
any liabilities relating to these obligations as of December 31, 2021 and 2020.
Royalty
Agreement
On
December 22, 2014, the Company entered into a Master Service Agreement ("MSA") with AxioMx, Inc. ("AxioMx").
AxioMx is in the business of developing and supplying custom affinity reagents. AxioMx and the Company entered into the MSA to serve
as a master agreement governing multiple sets of projects as may be agreed upon by them from time to time. Pursuant to the MSA, AxioMx
is entitled to royalties on the sale of any Deliverable (as defined in the MSA) that is used for diagnostic, prognostic or therapeutic
purposes, in humans or animals, or for microbiology testing, including food safety testing or environmental monitoring. Specifically,
the Company shall pay AxioMx a royalty of 3.5% of Net Sales (as defined in the MSA) of assigned products for each Deliverable used in
licensed products for therapeutic purposes. In addition, the Company shall pay AxioMx a royalty of 1.5% of Net Sales of assigned products
for each Deliverable used in licensed products for diagnostic or prognostic purposes; provided, however, if three Deliverables are used
in an assigned product for diagnostic or prognostic purposes, the royalty shall be 4.5%. Through December 31, 2021, no amounts have been
paid or accrued under the MSA
.
F-
18
Legal
Proceedings
From
time to time we may be involved in claims that arise during the ordinary course of business. Although the results of litigation and claims
cannot be predicted with certainty, we do not currently have any pending litigation to which we are a party or to which our property
is subject that we believe to be material. Regardless of the outcome, litigation can be costly and time consuming, and it can divert
management's attention from important business matters and initiatives, negatively impacting our overall operations.
Employment
Agreements
On
June 18, 2021, the Company entered into an Employment Agreement with Ilya Rachman (the "Rachman Employment Agreement"),
effective for a three-year term. Pursuant to the Rachman Employment Agreement, the Company employs Dr. Rachman as Chief Executive
Officer and Dr. Rachman is entitled to a base salary of $
360,000
annually. Dr. Rachman is also entitled to a performance-based bonus of
100
%
of the base salary (subject to, and determined by, the board in its sole discretion) plus additional performance bonuses to be
determined by the board. Unless terminated by the Company without "cause" or by Dr. Rachman with "good
reason" (as such terms are defined in the Rachman Employment Agreement), upon termination, Dr. Rachman will be entitled only to
his base salary through the date of termination, valid expense reimbursements and unused vacation pay. If terminated by the Company without
"cause" or by Dr. Rachman with "good reason," he is entitled to be paid his base salary through the end of
the term at the rate of
150
%,
valid expense reimbursements and accrued but unused vacation pay. Dr. Rachman's employment agreement contains provisions for
the protection of the Company's intellectual property and contains non-compete restrictions in the event of his termination other than by the Company
without "cause" or by Dr. Rachman with "good reason" (generally imposing restrictions on
(i)
employment or consultation with competing companies or customers, (ii) recruiting or hiring employees for a competing company and
(iii) soliciting or accepting business from our customers for a period of six months following termination)
. Pursuant to the
Rachman Employment Agreement, Dr. Rachman may serve as a consultant to, or on boards of directors of, or in any other capacity to
other companies provided that they will not interfere with the performance of his duties to the Company.
On
March 18, 2021, the Company entered into the Management Services Agreement with Alwaysraise LLC, an entity which Gabriel Morris is sole
member, effective for a three-year term, which was amended effective June 18, 2021 (the "Morris MSA"). Pursuant to the Morris
MSA, the Company employs Mr. Morris as Chief Financial Officer and Mr. Morris is entitled to a base salary of $
240,000
annually beginning in December
2021 ($120,000 annually prior). Mr. Morris is also entitled to a performance-based bonus of
100
% of the base salary (subject to, and
determined by, the board in its sole discretion) plus additional performance bonuses to be determined by the board. Unless terminated
by the Company without "cause" or by Alwaysraise LLC (as such terms are defined in the Morris MSA), upon termination Mr. Morris will
be entitled only to his base salary through the date of termination, valid expense reimbursements and unused vacation pay. If terminated
by the Company without "cause" he is entitled to be paid his base salary through the end of the term at the rate of
150
%, valid expense
reimbursements and accrued but unused vacation pay. The Morris MSA contains provisions for the protection of the Company's intellectual property
and confidential information.
On
June 24, 2021, the Company issued an offer letter to Graham Ross Oncology Consulting Services Ltd., a United Kingdom company, of which
Graham Ross, the Company's consulting Acting Chief Medical Officer and Head of Clinical Development is the sole member, regarding Dr. Ross'
provision of consultative services to the Company (the "Offer Letter"). Pursuant to the Offer Letter (signed by Dr. Ross on June 24,
2021), Dr. Ross is entitled to an hourly rate for his consulting services and an option grant. On June 24, 2021, the Company also entered into a mutual
confidentiality and non-disclosure agreement with Graham Ross Oncology Consulting Services Ltd.
Collaboration
Agreement
In
August 2021, the Company entered into a Clinical Collaboration and Supply Agreement with BeiGene Ltd. ("BeiGene") for a combination
Phase 1b clinical trial in solid tumors of IMX-110 and anti-PD-1 Tislelizumab (the subject of a collaboration and license agreement among
BeiGene and Novartis). Under the terms of the agreement, the Company will conduct the combination trial. The cost of Tislelizumab manufacture
and supply (including shipping, taxes and duty if applicable and any third-party license payments that may be due) will be solely borne
by BeiGene.
Note
8 –
Subsequent Events
On
January 5, 2022, the Company sold an additional
630,000
shares of its common stock pursuant to the full exercise of the underwriters' over-allotment option in connection with the
Company's IPO. The additional shares were sold at the IPO price of $
5.00
per share, resulting in additional gross proceeds of
$
3,150,000
and bringing the total gross proceeds from the IPO to $
24,150,000
.
In connection with the exercise of the underwriters' over-allotment, the Company paid $
243,275
in offering costs resulting in net proceeds of $
2,913,750
and bringing total net proceeds from the IPO to $
21,562,684
.
On
January 5, 2022, in connection with the exercise of the over-allotment option, the Company issued five-year warrants to purchase
31,500
shares
of the Company's common stock at an exercise price of $
6.25
per
share which vest
six
months
after the date of
issuance.
F-
19
Immix
Biopharma, Inc.
Condensed
Consolidated Balance Sheets
March 31, 2022
December 31, 2021
(Unaudited)
ASSETS
Current assets:
Cash
$
19,060,684
$
17,644,478
Tax receivable
63,725
25,722
Prepaid expenses and other current assets
888,014
516,193
Total current assets
20,012,423
18,186,393
Equipment, net
5,075
5,695
Total assets
$
20,017,498
$
18,192,088
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses
$
305,679
$
142,940
Accrued interest
9,407
9,099
Note payable
50,000
50,000
Total current liabilities
365,086
202,039
Total liabilities
365,086
202,039
Commitments and contingencies
Stockholders' equity:
Preferred stock,
10,000,000
shares authorized at March 31, 2022 and December 31, 2021;
no
shares issued and outstanding
-
-
Common stock,
200,000,000
shares authorized at March 31, 2022 and December 31, 2021;
13,858,689
and
13,228,689
shares issued and
outstanding at March 31, 2022 and December 31, 2021, respectively;
1,386
1,323
Additional paid-in capital
50,597,613
47,618,852
Accumulated other comprehensive income
140,995
125,408
Accumulated deficit
(
31,087,582
)
(
29,755,534
)
Stockholders' equity
19,652,412
17,990,049
Total liabilities and stockholders' equity
$
20,017,498
$
18,192,088
See
accompanying notes to the unaudited condensed consolidated financial statements.
F-
20
Immix
Biopharma, Inc.
Condensed
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
For the Three Months Ended
March 31,
2022
2021
Operating expenses:
General and administrative expenses
$
700,507
$
137,680
Research and development
629,531
24,840
Total operating expenses
1,330,038
162,520
Loss from operations
(
1,330,038
)
(
162,520
)
Other income (expense):
Change in fair value of derivative liability
-
(
825,000
)
Interest expense
(
388
)
(
27,544
)
Total other expense, net
(
388
)
(
852,544
)
Loss before provision for income taxes
(
1,330,426
)
(
1,015,064
)
Provision for income taxes
1,622
1,591
Net loss
(
1,332,048
)
(
1,016,655
)
Other comprehensive income (loss):
Foreign currency translation
15,587
(
9,170
)
Total other comprehensive income (loss)
15,587
(
9,170
)
Comprehensive loss
$
(
1,316,461
)
$
(
1,025,825
)
Loss per common share - basic and diluted
$
(
0.10
)
$
(
0.30
)
Weighted average shares outstanding - basic and diluted
13,830,374
3,375,000
See
accompanying notes to the unaudited condensed consolidated financial statements.
F-
21
Immix
Biopharma, Inc.
Condensed
Consolidated Statements of Stockholders' Equity (Deficit)
For
the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Common
Additional
Accumulated Other
Total
Stockholders'
Common
Stock
Paid-in
Comprehensive
Accumulated
Equity
Shares
Amount
Capital
Income
Deficit
(Deficit)
Balance December 31, 2021
13,228,689
$
1,323
$
47,618,852
$
125,408
$
(
29,755,534
)
$
17,990,049
Shares issued for cash proceeds, net of offering costs
630,000
63
2,913,687
-
-
2,913,750
Stock-based compensation
-
-
65,074
-
-
65,074
Net loss
-
-
-
-
(
1,332,048
)
(
1,332,048
)
Foreign currency translation adjustment
-
-
-
15,587
-
15,587
Balance March 31, 2022
13,858,689
$
1,386
$
50,597,613
$
140,995
$
(
31,087,582
)
$
19,652,412
Balance December 31, 2020
3,375,000
$
338
$
508,872
$
131,861
$
(
5,371,655
)
$
(
4,730,584
)
Relative fair value of warrants issued in connection with debt
-
-
42,764
-
-
42,764
Stock-based compensation
-
-
4,247
-
-
4,247
Net loss
-
-
-
-
(
1,016,655
)
(
1,016,655
)
Foreign currency translation adjustment
-
-
-
(
9,170
)
-
(
9,170
)
Balance March 31, 2021
3,375,000
$
338
$
555,883
$
122,691
$
(
6,388,310
)
$
(
5,709,398
)
See
accompanying notes to the unaudited condensed consolidated financial statements.
F-
22
Immix
Biopharma, Inc.
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
For the Three Months Ended
March 31,
2022
2021
Operating Activities:
Net loss
$
(
1,332,048
)
$
(
1,016,655
)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation
65,074
4,247
Convertible note issued in exchange for services
-
60,000
Change in fair value of derivative liability
-
825,000
Amortization of debt discount
-
1,691
Depreciation
620
608
Changes in operating assets and liabilities:
Tax receivable
(
35,960
)
(
25,493
)
Prepaid expenses and other current assets
(
353,741
)
293
Accounts payable and accrued expenses
160,925
(
141,989
)
Accrued interest
308
25,852
Net cash used in operating activities
(
1,494,822
)
(
266,446
)
Investing Activities:
Purchase of equipment
-
(
802
)
Net cash used in investing activities
-
(
802
)
Financing Activities:
Proceeds from convertible notes payable
-
100,000
Payments of deferred offering costs
-
(
35,000
)
Proceeds from sale of common stock, net of offering costs
2,913,750
-
Net cash provided by financing activities
2,913,750
65,000
Effect of foreign currency on cash
(
2,722
)
(
8,043
)
Net change in cash
1,416,206
(
210,291
)
Cash – beginning of year
17,644,478
391,086
Cash – end of year
$
19,060,684
$
180,795
Supplemental Disclosures of Cash Flow Information:
Interest paid
$
80
$
-
Income taxes paid
$
-
$
-
Supplemental Disclosures of Noncash Financing Information:
Relative fair value of warrants issued in connection with convertible debt
$
-
$
42,764
Debt discount related to derivative liabilities
$
-
$
50,000
See
accompanying notes to the unaudited condensed consolidated financial statements.
F-
23
Immix
Biopharma, Inc.
Notes
to the Condensed Consolidated Financial Statements
(Unaudited)
Note
1 –
Nature of Business
Immix
Biopharma, Inc. (the "Company") is a clinical-stage pharmaceutical company organized as a Delaware corporation on January
7, 2014 to focus on the development of safe and effective therapies for patients with cancer and inflammatory diseases. In August 2016,
the Company established a wholly-owned Australian subsidiary, Immix Biopharma Australia Pty Ltd. ("IBAPL"), in order to conduct
various preclinical and clinical activities for its development candidates.
Note
2 –
Summary of Significant Accounting Policies
The
accompanying condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles
generally accepted in the United States of America ("U.S. GAAP") and in accordance with the rules and regulations of the
United States Securities and Exchange Commission (the "SEC"). The Company's fiscal year end is December 31.
The
condensed consolidated financial statements and related disclosures as of March 31, 2022 and for the three months ended March 31, 2022
and 2021 are unaudited, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.
In our opinion, these unaudited condensed consolidated financial statements include all adjustments (consisting only of normal
recurring adjustments) necessary for the fair statement of the results for the interim periods. These unaudited condensed consolidated
financial statements should be read in conjunction with the audited financial statements of the Company for the years ended December
31, 2021 and 2020 which are included in our Form 10-K filed with the SEC on March 28, 2022. The results of operations for the three months
ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
Risk
and Uncertainties
–
The Company operates in a dynamic and highly competitive industry and is subject to risks and uncertainties
common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological
innovations, protection of proprietary technology, dependence on key personnel, contract manufacturer and contract research organizations,
compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under
development will require significant additional research and development efforts, including extensive preclinical studies and clinical
trials and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate
personnel infrastructure and extensive compliance and reporting. The Company believes that changes in any of the following areas could
have a material adverse effect on the Company's future financial position, results of operations, or cash flows; ability to obtain
future financing; advances and trends in new technologies and industry standards; results of clinical trials; regulatory approval and
market acceptance of the Company's products; development of sales channels; certain strategic relationships; litigation or claims
against the Company based on intellectual property, patent, product, regulatory, or other factors; and the Company's ability to
attract and retain employees necessary to support its growth.
Products
developed by the Company require approvals from the U.S. Food and Drug Administration ("FDA") or other international regulatory
agencies prior to commercial sales. There can be no assurance that the Company's research and development will be successfully
completed, that adequate protection for the Company's intellectual property will be obtained or maintained, that the products will
receive the necessary approvals, or that any approved products will be commercially viable. If the Company was denied approval, approval
was delayed or the Company was unable to maintain approval, it could have a materially adverse impact on the Company. Even if the Company's
product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The
Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology
companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties.
F-
24
Beginning
in late 2019, the outbreak of a novel strain of virus named SARS-CoV-2 (severe acute respiratory syndrome coronavirus 2), or coronavirus,
which causes coronavirus disease 2019, or COVID-19,  evolved into a global pandemic. The extent of the impact of the coronavirus outbreak
on the Company's business will depend on certain developments, including the duration and spread of the outbreak and the extent
and severity of the impact on the Company's clinical trial activities, research activities and suppliers, all of which are uncertain
and cannot be predicted. At this point, the extent to which the coronavirus outbreak may materially impact the Company's financial
condition, liquidity or results of operations is uncertain. The Company has expended and will continue to expend substantial funds to
complete the research, development and clinical testing of product candidates. The Company also will be required to expend additional
funds to establish commercial-scale manufacturing arrangements and to provide for the marketing and distribution of products that receive
regulatory approval. The Company may require additional funds to commercialize its products. The Company is unable to entirely fund these
efforts with its current financial resources. If adequate funds are unavailable on a timely basis from operations or additional sources
of financing, the Company may have to delay, reduce the scope of or eliminate one or more of its research or development programs which
would materially and adversely affect its business, financial condition and operations.
Use
of Estimates in Financial Statement Presentation
–
The preparation of these condensed consolidated financial statements in
conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company uses
significant judgements when making estimates related to the valuation of deferred tax assets and related valuation allowances, accrual
and prepayment of research and development expenses, and the valuation of derivative financial instruments. Actual results could differ
from those estimates.
Principles
of Consolidation
–
The
accompanying condensed consolidated financial statements include the accounts of Immix Biopharma, Inc. and the accounts of its
100
%
owned subsidiary, IBAPL. All intercompany transactions and balances have been eliminated in consolidation.
Liquidity
and Going Concern
–
These condensed consolidated financial statements have been prepared on a going concern basis, which assumes the Company will
continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going
concern is dependent upon the ability of the Company to obtain financing to continue operations. In December 2021, the Company received
$
18,648,934
in
net proceeds from the initial public offering ("IPO") of its common stock and in January 2022, the Company raised additional
net proceeds of $
2,913,750
from the exercise of the underwriter's
over-allotment option in connection with the Company's IPO. The Company has a history of, and expects to continue to report, negative
cash flows from operations and a net loss. Management believes that its cash on hand at March 31, 2022 will be sufficient to meet the
Company's working capital requirements through at least May 15, 2023.
Concentration
of Credit Risk
–
Periodically, the Company may carry cash balances at financial institutions in excess of the federally insured
limit of $
250,000
, or the Australian insured limit of AUD
250,000
. As of March 31, 2022, the Company had $
18,815,000
in excess of the
FDIC insurance limit and
no
amounts in excess of the Australian insured limit. The Company has not experienced losses on these accounts
and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is
not significant.
Fair
Value of Financial Instruments
–
The carrying value of short-term instruments, including cash, tax receivable, accounts payable
and accrued expenses, and notes payable approximate fair value due to the relatively short period to maturity for these instruments.
Derivative instruments are carried at fair value based on unobservable market inputs.
Fair
value is defined 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 maximize the use of observable inputs and minimize the use of unobservable inputs. The
Company utilizes a three-level valuation hierarchy for disclosures of fair value measurements, defined as follows:
Level
1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
F-
25
Level
2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs
that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
Level
3 – inputs to the valuation methodology are unobservable and significant to the fair value.
Australian
Tax Incentive
–-
IBAPL is eligible to receive a cash refund from the Australian Taxation Office for eligible research and development
("R&D") expenditures under the Australian R&D Tax Incentive Program (the "Australian Tax Incentive").
The Australian Tax Incentive is recognized as a reduction to R&D expense when there is reasonable assurance that the relevant expenditure
has been incurred, the amount can be reliably measured and that the Australian Tax Incentive will be received. The Company recognized
reductions to R&D expense of $
35,960
and $
21,114
for the three months ended March 31, 2022 and 2021, respectively.
Stock-Based
Compensation
–
Stock-based compensation expense represents the estimated grant date fair value of the Company's equity awards, consisting of stock
options issued under the Company's stock option plan and restricted common stock (see Note 4). The fair value of equity
awards is recognized over the requisite service period of such awards (usually the vesting period) on a straight-line basis. The Company
estimates the fair value of stock options using the Black-Scholes option pricing model on the date of grant and recognizes forfeitures
as they occur. For stock awards for which vesting is subject to performance-based milestones, the expense is recorded over the remaining
service period after the point when the achievement of the milestone is probable, or the performance condition has been achieved.
Research
and Development Costs
–-
Research and development costs consist primarily of clinical research fees paid to consultants and
outside service providers, and other expenses relating to design, development and testing of the Company's therapy candidates.
Research and development costs are expensed as incurred.
Clinical
trial costs are a component of research and development expenses. The Company estimates expenses incurred for clinical trials that are
in process based on services performed under contractual agreements with clinical research organizations and actual clinical investigators.
Included in the estimates are (1) the fee per patient enrolled as specified in the clinical trial contract with each institution participating
in the clinical trial and (2) progressive data on patient enrollments obtained from participating clinical trial sites and the actual
services performed. Changes in clinical trial assumptions, such as the length of time estimated to enroll all patients, rate of screening
failures, patient drop-out rates, number and nature of adverse event reports, and the total number of patients enrolled can impact the
average and expected cost per patient and the overall cost of the clinical trial. The Company monitors the progress of the trials and
their related activities and adjusts expense accruals, when applicable. Adjustments to accruals are charged to expense in the period
in which the facts give rise to the adjustments become known.
Other
Comprehensive Income (Loss)
–
Other
comprehensive income (loss) includes foreign currency translation gains and losses. The cumulative amount of translation gains and losses
are reflected as a separate component of stockholders' equity  in the condensed consolidated balance sheets, as
accumulated other comprehensive income.
Foreign
Currency Translation and Transaction Gains (Losses)
–-
The
Company maintains its accounting records in US Dollars. The Company's operating subsidiary, IBAPL, is located in Australia and
maintains its accounting records in Australian Dollars, which is its functional currency. Assets and liabilities of the subsidiary
are translated into U.S. dollars at exchange rates at the balance sheet date, equity accounts are translated at historical exchange
rate and revenues and expenses are translated by using the average exchange rates for the period. Translation adjustments are
reported as a separate component of other comprehensive income (loss) in the consolidated statements of operations and comprehensive
loss. Foreign currency denominated transactions are translated at exchange rates approximating those in effect at the transaction
dates. Exchange gains and losses are recognized in operations and were $
7,615
and
$
310
for
the three months ended March 31, 2022 and 2021, respectively, and are included in general and administrative expenses in the
accompanying condensed consolidated statements of operations and comprehensive loss.
F-
26
Loss
Per Common Share
–
-
Basic loss per common share is computed by dividing net loss available to common stockholders by the weighted-average number of
common shares outstanding during the period. Diluted loss per common share is determined using the weighted-average number of common
shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are
reported, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would
be anti-dilutive. As of March 31, 2022 and 2021, the Company's potentially dilutive shares and options, which were not
included in the calculation of net loss per share, included stock options and warrants exercisable for
1,729,734
and
644,484
common shares, respectively.
Recent
Accounting Pronouncements
The
Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted,
would have a material effect on the accompanying condensed consolidated financial statements.
Note
3 –
Note Payable
Note
Payable – Related Party
On
September 14, 2014, the Company issued an unsecured promissory note in the principal amount of $
50,000
(the "Note") to
a stockholder of the Company. The Note matured on
September
14, 2017
and accrues interest at
2.5
%
per annum. On June 9, 2021, the Note was amended to extend the maturity date to
September
14, 2022
. As of March 31, 2022 and December
31, 2021, the outstanding principal balance on this note was $
50,000
.
Interest
expense related to the Note was $
308
and $
308
for the three months ended March 31, 2022 and
2021, respectively. As of March 31, 2022 and December 31, 2021, accrued interest on the Note was $
9,407
and $
9,099
, respectively.
Note
4 –
Stockholders' Equity
The
Company has authorized
200,000,000
shares of common stock and
10,000,000
shares of preferred stock each with a par value of $
0.001
per
share.
On
January 5, 2022, the Company sold
630,000
shares of its common stock pursuant to the full
exercise of the over-allotment option in connection with the Company's IPO. The shares were sold at the IPO price of $
5.00
per share, resulting in gross proceeds of $
3,150,000
and bringing the total gross proceeds of the
IPO to $
24,150,000
.
In connection with the exercise of the over-allotment, the Company paid $
243,275
in offering costs resulting in net proceeds of
$
2,913,750
and bringing total net proceeds to $
21,562,684
.
Stock
Options
In
2016, the Board of Directors of the Company approved the Immix Biopharma, Inc. 2016 Equity Incentive Plan (the "2016 Plan").
The 2016 Plan allows for the Board of Directors to grant various forms of incentive awards for up to
417,120
shares of common stock.
During the year ended December 31, 2021, the Board of Directors amended the 2016 Plan to increase the aggregate number of shares available
for issuance under the 2016 Plan to
1,761,120
shares of common stock. On September 10, 2021, the Board of Directors approved the 2021
Equity Incentive Plan (the "2021 Plan"), which reserves
900,000
shares of common stock for future issuance under the 2021
Plan. As of March 31, 2022, there are
1,328,886
awards remaining to be issued under the 2016 Plan and 2021 Plan.
On
January 13, 2022, the Company granted options to purchase
11,250
shares of the Company's common stock to
advisors of the Company, with a term of
10
years and an exercise price of $
5.83
per share which
vest
in equal monthly installments over 48 months
.
The
Company estimated the fair value of the stock options using the Black-Scholes option pricing model. The fair value of stock options is
being amortized on a straight-line basis over the requisite vesting period of the awards. The fair value of stock options was estimated
using the following assumptions for the three months ended March 31, 2022: an expected and contractual life of
10
years, an assumed volatility of
118.25
%,
a
zero
dividend rate, and a risk free rate of
1.70
%.
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27
The
Company recognized stock-based compensation of $
65,074
and
$
4,247
related to stock options for the three months
ended March 31, 2022 and 2021, respectively, which is included in general and administrative expenses.
The
following table summarizes the stock option activity for the three months ended March 31, 2022:
Options
Weighted-
Average Exercise
Price Per Share
Outstanding and exercisable, January 1, 2022
1,320,984
$
1.54
Granted
11,250
$
5.83
Exercised
-
$
-
Forfeited
-
$
-
Expired
-
$
-
Outstanding and expected to vest, March 31, 2022
1,332,234
$
1.57
The
following table discloses information regarding outstanding and exercisable options at March 31, 2022:
Outstanding
Exercisable
Exercise Price
Number of
Option
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Life (Years)
Number of
Option
Shares
Weighted
Average
Exercise Price
$
0.80
256,500
$
0.80
8.95
128,250
$
0.80
$
1.33
291,984
1.33
3.42
291,984
1.33
$
1.86
772,500
1.86
9.22
144,531
1.86
$
5.83
11,250
5.83
9.79
469
5.83
1,332,234
$
1.57
7.91
565,234
$
1.35
Aggregate
intrinsic value is calculated as the difference between the exercise price of the underlying stock option and the fair value of the Company's
common stock for stock options that were in-the-money at period end. As of March 31, 2022, the intrinsic value for the options vested
and outstanding was $
600,344
and $
1,152,209
, respectively.
Stock
Warrants
On
January 5, 2022, in connection with the issuance of the over-allotment purchase discussed above, the Company issued warrants for the
purchase of
31,500
shares of the Company's common stock, with
a term of
5
years and an exercise price of $
6.25
per share which vest
six
months
after the date of issuance.
The
following table summarizes the stock warrant activity for the three months ended March 31, 2022:
Warrants
Weighted-Average
Exercise Price Per
Share
Outstanding and exercisable, January 1, 2022
366,000
$
3.93
Granted
31,500
$
6.25
Exercised
-
$
-
Forfeited
-
$
-
Expired
-
$
-
Outstanding and exercisable, March 31, 2022
397,500
$
4.11
F-
28
The
following table discloses information regarding outstanding and exercisable warrants at March 31, 2022:
Outstanding
Exercisable
Exercise Price
Number of
Option
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Life (Years)
Number of
Option
Shares
Weighted
Average
Exercise Price
$
0.80
156,000
$
0.80
8.99
156,000
$
0.80
$
6.25
241,500
6.25
4.71
-
-
397,500
$
4.11
6.39
156,000
$
0.80
Aggregate
intrinsic value is calculated as the difference between the exercise price of the underlying stock warrant and the fair value of the
Company's common stock for stock warrants that were in-the-money at period end. As of March 31, 2022, the intrinsic value for the
warrants vested and outstanding was $
251,160
.
Note
5 –
Commitments and Contingencies
Indemnifications
In
the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties
and may provide for indemnification of the counterparty. The Company's exposure under these agreements is unknown because it involves
claims that may be made against it in the future but have not yet been made. To date, the Company has not been subject to any claims
or been required to defend any action related to its indemnification obligations.
The
Company indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits, while the director
is or was serving at the Company's request in such capacity, as permitted under Delaware law and in accordance with its certificate
of incorporation and bylaws. The term of the indemnification period lasts as long as the director or officer may be subject to any proceeding
arising out of acts or omissions of such individual in such capacity. The maximum amount of potential future indemnification is unlimited.
The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized
any liabilities relating to these obligations as of March 31, 2022.
Royalty
Agreement
On
December 22, 2014, the Company entered into a Master Service Agreement ("MSA") with AxioMx, Inc. ("AxioMx").
AxioMx is in the business of developing and supplying custom affinity reagents. AxioMx and the Company entered into the MSA to serve
as a master agreement governing multiple sets of projects as may be agreed upon by them from time to time. Pursuant to the MSA, AxioMx
is entitled to royalties on the sale of any Deliverable (as defined in the MSA) that is used for diagnostic, prognostic or therapeutic
purposes, in humans or animals, or for microbiology testing, including food safety testing or environmental monitoring. Specifically,
the Company shall pay AxioMx a royalty of 3.5% of Net Sales (as defined in the MSA) of assigned products for each Deliverable used in
licensed products for therapeutic purposes. In addition, the Company shall pay AxioMx a royalty of 1.5% of Net Sales of assigned products
for each Deliverable used in licensed products for diagnostic or prognostic purposes; provided, however, if three Deliverables are used
in an assigned product for diagnostic or prognostic purposes, the royalty shall be 4.5%. Through March 31, 2022, no amounts have been
paid or accrued under the MSA.
Legal
Proceedings
From
time to time we may be involved in claims that arise during the ordinary course of business. Although the results of litigation and claims
cannot be predicted with certainty, we do not currently have any pending litigation to which we are a party or to which our property
is subject that we believe to be material. Regardless of the outcome, litigation can be costly and time consuming, and it can divert
management's attention from important business matters and initiatives, negatively impacting our overall operations.
F-
29
Employment
Agreements
On
June 18, 2021, the Company entered into an Employment Agreement with Ilya Rachman (the "Rachman Employment Agreement"), effective
for a three-year term. Pursuant to the Rachman Employment Agreement, the Company employs Dr. Rachman as Chief Executive Officer and Dr.
Rachman is entitled to a base salary of $
360,000
annually. Dr. Rachman is also entitled to a performance-based bonus of
100
% of the base
salary (subject to, and determined by, the Board in its sole discretion) plus additional performance bonuses to be determined by the
Board. Unless terminated by us without "cause" or by Dr. Rachman with "good reason" (as such terms are defined
in the Rachman Employment Agreement), upon termination Dr. Rachman will be entitled only to his base salary through the date of termination,
valid expense reimbursements and unused vacation pay. If terminated by us without "cause" or by Dr. Rachman with "good
reason," he is entitled to be paid his base salary through the end of the term at the rate of
150
%, valid expense reimbursements
and accrued but unused vacation pay. Dr. Rachman's employment agreement contains provisions for the protection of our intellectual
property and contains non-compete restrictions in the event of his termination other than us without "cause" or by Dr. Rachman
with "good reason" (generally imposing restrictions on (i) employment or consultation with competing companies or customers,
(ii) recruiting or hiring employees for a competing company and (iii) soliciting or accepting business from our customers for a period
of six months following termination). Pursuant to the Rachman Employment Agreement, Dr. Rachman may serve as a consultant to, or on boards
of directors of, or in any other capacity to other companies provided that they will not interfere with the performance of his duties
to us.
On
March 18, 2021, the Company entered into the Management Services Agreement with Alwaysraise LLC, an entity which Gabriel Morris is sole
member, effective for a three-year term, which was amended effective June 18, 2021 (the "Morris MSA"). Pursuant to the Morris
MSA, we employ Mr. Morris as Chief Financial Officer and Mr. Morris is entitled to a base salary of $
240,000
annually beginning in December
2021 ($
120,000
annually prior). Mr. Morris is also entitled to a performance-based bonus of
100
% of the base salary (subject to, and
determined by, the Board in its sole discretion) plus additional performance bonuses to be determined by the Board. Unless terminated
by us without "cause" or by Alwaysraise LLC (as such terms are defined in the Morris MSA), upon termination Mr. Morris will
be entitled only to his base salary through the date of termination, valid expense reimbursements and unused vacation pay. If terminated
by us without "cause" he is entitled to be paid his base salary through the end of the term at the rate of
150
%, valid expense
reimbursements and accrued but unused vacation pay. The Morris MSA contains provisions for the protection of our intellectual property
and confidential information.
On
June 24, 2021, the Company issued an offer letter to Graham Ross Oncology Consulting Services Ltd., a United Kingdom company, of which
Graham Ross, our consulting Acting Chief Medical Officer and Head of Clinical Development is the sole member, regarding Dr. Ross's
provision of consultative services to us (the "Offer Letter"). Pursuant to the Offer Letter (signed by Dr. Ross on June 24,
2021), Dr. Ross is entitled to an hourly rate for his consulting services and an option grant. On June 24, 2021 we also signed a mutual
confidentiality and non-disclosure agreement with Graham Ross Oncology Consulting Services Ltd.
Collaboration
Agreement
In
August 2021, the Company signed a Clinical Collaboration and Supply Agreement with BeiGene Ltd. ("BeiGene") for a combination
Phase 1b clinical trial in solid tumors of IMX-110 and anti-PD-1 Tislelizumab (the subject of a collaboration and license agreement among
BeiGene and Novartis). Under the terms of the agreement, the Company will conduct the combination trial. The cost of tislelizumab manufacture
and supply (including shipping, taxes and duty if applicable and any third-party license payments that may be due) will be solely borne
by BeiGene.
Note
6 –
Subsequent Events
Subsequent events have been evaluated subsequent
to the consolidated balance sheet date of March 31, 2022 through the filing date of this registration statement. Based on management's
evaluation, there are no other events that required recognition or disclosure, other than those discussed elsewhere in the notes hereto.
On
April 14, 2022, the Company issued
26,315
shares of restricted common stock to an unrelated third party for entering into an investor
relations contract. The stock was valued at a share price of $
1.90
, the closing price of the Company's common stock on the date
prior to issuance, for a total value of $
50,000
.
On May
9, 2022, the Company's board of directors authorized a share repurchase program to acquire up to $
1
million of the Company's
common stock. The Company may purchase common stock on the open market, through privately negotiated transactions, or otherwise, in compliance
with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. The timing, amount of
shares repurchased, and prices paid for the stock under this program will depend on market conditions as well as corporate and regulatory
limitations, including blackout period restrictions. The repurchase program does not obligate the Company to acquire any particular amount
of shares, and the repurchase program may be suspended or discontinued at any time at the Company's discretion.
F-
30
1,683,502
Shares of Common Stock
Immix
Biopharma, Inc.
PROSPECTUS
ThinkEquity
,
2022
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.
Amount to
be
paid
SEC registration fee
$
534
FINRA filing fee
$
1,250
Transfer agent and registrar fees
$
5,000
Accounting fees and expenses
$
20,000
Legal fees and expenses
$
175,000
Printing and engraving expenses
$
5,000
Miscellaneous
$
97,500
Total
$
304,284
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.
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 Amended and Restated
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 expenses (including attorneys' fees), judgments,
fines and amounts paid in settlement (if such settlement is approved in advance by the corporation, which approval shall not be unreasonably
withheld) 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 in
defense of any action, suit or proceeding, or in defense of any claim, issue or matter therein, he or she will be indemnified by us against
all expenses (including attorneys' fees) actually and reasonably incurred in connection therewith. Expenses incurred in defending
a civil or criminal action, suit or proceeding by an Indemnitee, may, subject to the board of directors, be paid in advance of the final
disposition of such action, suit or proceeding.
II-
1
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
Amended
and Restated Certificate of Incorporation
and Amended and Restated Bylaws against any and all expenses,
judgments, fines, penalties and amounts paid in settlement of any claim (if such settlement is approved in advance, which approval shall
not be unreasonably withheld). 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 under applicable law and
our
Amended and Restated Certificate of Incorporation
and Amended and Restated Bylaws.
In
addition, we obtained 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
In
the three years preceding the filing of this registration statement, we have issued the following securities that were not registered
under the Securities Act. No underwriters were involved in the sales and the certificates representing the securities sold and issued
contain legends restricting transfer of the securities without registration under the Securities Act or an applicable exemption from
registration.
On
October 30, 2019, we entered into a series of unsecured convertible promissory notes ("Series 2019 Notes") in the aggregate
principal amount of $800,000. The Series 2019 Notes mature on October 31, 2021 and bear interest at 6% per annum. In the event that the
Company issues and sells shares of its equity securities ("Equity Securities") to investors (the "Investors")
prior to the maturity dates of the Series 2019 Notes in an equity financing with total proceeds to the Company of not less than $10,000,000
(including the conversion of the Notes, other indebtedness or other convertible securities issued for capital raising purposes (e.g.,
Simple Agreements for Future Equity)) (a "Qualified Financing"), then the outstanding principal amount of the Series 2019
Notes and any unpaid accrued interest shall automatically convert in whole without any further action by the holders into Equity Securities
sold in the Qualified Financing at a conversion price equal to the lesser of (i) the price paid per share for Equity Securities by the
Investors in the Qualified Financing multiplied by 0.80, and (ii) the quotient resulting from dividing $10,000,000 by the number of pre-split
outstanding shares of the common stock of the Company immediately prior to the Qualified Financing (assuming conversion of all securities
convertible into common stock and exercise of all outstanding options and warrants, including all shares of common stock reserved and
available for future grant under any equity incentive or similar plan of the Company, and/or any equity incentive or similar plan created
or increased in connection with Qualified Financing, and including the shares of equity securities of the Company issued for capital
raising purposes (e.g., Simple Agreements for Future Equity)). The issuance of Equity Securities pursuant to the conversion of the Series
2019 Notes shall be upon and subject to the same terms and conditions applicable to Equity Securities sold in the Qualified Financing.
Upon the occurrence of a change of control prior to a Qualified Financing or maturity, the Series 2019 Notes would upon the election
of the holders either (i) become due and payable upon closing of such change of control in cash in an amount equal to (a) the outstanding
principal amount plus any unpaid accrued interest, plus (b) a repayment premium equal to 200% of the outstanding principal amount, or
(ii) be converted such that the outstanding principal balance and any unpaid accrued interest would convert into shares of the Company's
common stock at a conversion price equal to the quotient resulting from dividing $10,000,000 by the number of pre-split outstanding shares
of common stock of the Company immediately prior to the change of control (assuming conversion of all securities convertible into common
stock and exercise of all outstanding options and warrants, and including the shares of equity securities of the Company issuable upon
the conversion of notes, other indebtedness or other convertible securities issued for capital raising purposes).
II-
2
On
October 26, 2021, the Company entered into an amendment with the holders of the Series 2019 Notes which provides for the extension of
the maturity dates of these convertible notes to March 31, 2022.
In
March and April 2021 the Company entered into a series of unsecured convertible promissory notes (as amended, "Series 2021A Notes")
with both related and unrelated parties in the aggregate principal amount of $260,000. Of the $260,000 principal amount, the Company
received $200,000 in cash proceeds and issued $60,000 in notes in exchange for services. The Series 2021A Notes mature on March 1, 2023
and bear interest at 6% per annum. In the event that the Company issues and sells shares of its Equity Securities to Investors prior
to the maturity date of the Series 2021A Notes in an equity financing with total proceeds to the Company of not less than $10,000,000
in a Qualified Financing, then the outstanding principal amount of the Series 2021A Notes and any unpaid accrued interest shall automatically
convert in whole without any further action by the holders into Equity Securities sold in the Qualified Financing at a conversion price
equal to the lesser of (i) the price paid per share for Equity Securities by the Investors in the Qualified Financing multiplied by 0.80,
and (ii) the quotient resulting from dividing $10,000,000 by the pre-split number of outstanding shares of the common stock of the Company
immediately prior to the Qualified Financing (assuming conversion of all securities convertible into common stock and exercise of all
outstanding options and warrants, including all shares of common stock reserved and available for future grant under any equity incentive
or similar plan of the Company, and/or any equity incentive or similar plan created or increased in connection with Qualified Financing,
and including the shares of equity securities of the Company issued for capital raising purposes (e.g., Simple Agreements for Future
Equity)). The issuance of Equity Securities pursuant to the conversion of the Series 2021A Notes shall be upon and subject to the same
terms and conditions applicable to Equity Securities sold in the Qualified Financing. The Series 2021A Notes also provide for a change
of control repayment premium similar to the terms of the Series 2019 Notes (see above paragraph). In connection with the sale of the
Series 2021A Notes, the Company issued 156,000 warrants with a term of 10 years and an exercise price of $0.80 per share.
On
December 20, 2021, the Company issued an aggregate of 5,633,689 shares of common stock upon the conversion of outstanding notes.
During the year ended December
31, 2021, we granted options to purchase up to 736,500 shares of our common stock to our officers and options to purchase up to 292,500
shares of our common stock to members of our board of directors and our scientific advisors.
In March and April 2021,
we entered into a series of unsecured convertible promissory notes with both related and unrelated parties in the aggregate principal
amount of $260,000. Of the $260,000 principal amount, we received $200,000 in cash proceeds and issued $60,000 in notes in exchange for
services.
On April 14, 2022, the
Company issued 26,315 shares of common stock to a third party in consideration for services provided to the Company.
We
deemed the offers, sales and issuances of the securities described above to be exempt from registration under the Securities Act in reliance
on Section 4(a)(2) of the Securities Act, including Regulation D and Rule 506 promulgated thereunder, relative to transactions by an
issuer not involving a public offering.
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Item
16. Exhibits and Financial Statement Schedules
EXHIBIT
INDEX
Exhibit
    No.
Description
1.1*
Form of Underwriting Agreement
3.1
Third
    Amended and Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 to the Company's Current Report
    on Form 8-K filed with the SEC on December 20, 2021)
3.2
Amended
    and Restated Bylaws (Incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed with
    the SEC on December 20, 2021)
4.1
Specimen Stock Certificate evidencing the shares of common stock (Incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-1 filed with the SEC on October 6, 2021)
4.2*
Form of Representative's Warrant
5.1*
Opinion of Sheppard, Mullin, Richter & Hampton LLP
10.1+
2021 Equity Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form S-1 filed with the SEC on October 6, 2021)
10.2+
Form of Indemnification Agreement with directors and executive officers (Incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form S-1 filed with the SEC on October 6, 2021)
10.3#
IP License Agreement by and between the Company and Immix Biopharma Australia Pty Ltd dated January 23, 2017 (Incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form S-1 filed with the SEC on October 6, 2021)
10.4+
2016 Equity Incentive Plan (Incorporated by reference to Exhibit 10.4 to the Company's Registration Statement on Form S-1 filed with the SEC on October 6, 2021)
10.5+
Employment Agreement by and between the Company and Ilya Rachman dated June 18, 2021 (Incorporated by reference to Exhibit 10.5 to the Company's Registration Statement on Form S-1 filed with the SEC on October 6, 2021)
10.6+
Management Services Agreement by and between the Company and Alwaysraise LLC, dated March 18, 2021 (Incorporated by reference to Exhibit 10.6 to the Company's Registration Statement on Form S-1 filed with the SEC on October 6, 2021)
10.7
Master Service Agreement by and between the Company and AxioMx, Inc. dated December 22, 2014 (Incorporated by reference to Exhibit 10.7 to the Company's Registration Statement on Form S-1 filed with the SEC on October 6, 2021)
10.8#
Clinical Collaboration and Supply Agreement by and between the Company and BeiGene Switzerland GmbH dated August 20, 2021 (Incorporated by reference to Exhibit 10.8 to the Company's Registration Statement on Form S-1 filed with the SEC on October 15, 2021)
23.1*
Consent of KMJ Corbin & Company LLP, independent registered public accounting firm
23.2*
Consent of Sheppard, Mullin, Richter & Hampton, LLP (included in Exhibit 5.1)
24.1*
Power of Attorney (included on the signature page of this registration statement)
107*
Filing Fee Table
*
Filed herewith.
**
To be filed by amendment.
+
Indicates a management contract or any compensatory plan, contract or arrangement.
#
Pursuant to Item 601(b)(10) of Regulation S-K, certain confidential portions of this exhibit were omitted by means of marking such portions
with an asterisk because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly
disclosed.
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.
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4
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
Immix Biopharma, Inc.
pursuant to the foregoing provisions, or otherwise,
Immix
    Biopharma, Inc.
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
Immix Biopharma, Inc.
of expenses incurred or paid by a director,
    officer or controlling person of
Immix Biopharma, Inc.
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,
Immix Biopharma, Inc.
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
Immix
    Biopharma, Inc.
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.
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5
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 City of Los Angeles, State of California, on the 27
th
day of May, 2022.
IMMIX
    BIOPHARMA, INC.
By:
/s/
                                            Ilya Rachman
Ilya
    Rachman
Chief
    Executive Officer
(Principal Executive Officer)
KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Ilya Rachman, his true and lawful
attorney-in-fact and agent with full power of substitution and re-substitution, for him and in his name, place and stead, in any and
all capacities to sign any or all amendments (including, without limitation, post-effective amendments) to this Registration Statement,
any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and any or all pre- or
post-effective amendments thereto, and to file the same, with all exhibits thereto, and all other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform
each and every act and thing requisite and necessary to be done in and about the premises, as fully for all intents and purposes as he
or she might or could do in person, hereby ratifying and confirming that said attorney-in-fact and agent, or any substitute or substitutes
for him, may lawfully do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities Act of 1933, as amended,
the following persons in the capacities and on the dates indicated have signed this Registration Statement below.
Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-1 has been signed by the following
persons in the capacities and on the dates indicated below.
Signature
Title
Date
/s/
                                            Ilya Rachman
Chief
    Executive Officer and Chairman
May
    27, 2022
Ilya
    Rachman
(Principal
    Executive Officer)
/s/
                                            Gabriel Morris
Chief
    Financial Officer and Director
May
    27, 2022
Gabriel
    Morris
(Principal
    Financial and Accounting Officer)
/s/
                                            Jason Hsu
Director
May
    27, 2022
Jason
    Hsu
/s/
                                            Magda Marquet
Director
May
    27, 2022
Magda
    Marquet
/s/
                                            Helen C. Adams
Director
May
    27, 2022
Helen
    C. Adams
/s/
                                            Carey Ng
Director
May
    27, 2022
Carey
    Ng
/s/
                                            Jane Buchan
Director
May
    27, 2022
Jane
    Buchan
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