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

<p style="margin: 0"></p>

<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 12pt; margin-bottom: 3pt"><div style="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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



<p style="margin: 0"></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; font-size: 14pt"><b>UNITED
STATES</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; font-size: 14pt"><b>&#160;SECURITIES
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<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; font-size: 12pt"><b>Washington,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Mark
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 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: 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: 0; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;(Address
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b>(Registrant&#8217;s
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
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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>

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<td style="padding: 0; width: 34%; text-align: center; text-indent: 0"><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>

<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">Indicate
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Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
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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>

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<td style="padding: 0; width: 44%; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; width: 26%; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</span></td>
<td style="padding: 0; width: 2%; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--EntitySmallBusiness_c20211001__20220630_zuEnpjUA2oM5"><ix:nonNumeric contextRef="From2021-10-01to2022-06-30" format="ixt:booleanfalse" name="dei:EntitySmallBusiness">&#9744;</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">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 pursuant to Section 13(a) of the Exchange Act</span></p>

<p style="font: 10pt Segoe UI Symbol,sans-serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#9744;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
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shares of common stock outstanding as of August 9, 2022.</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"></p>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <div style="border-bottom: Black 2pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></td></tr></table></div>
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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/normal Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td colspan="2"><a href="#a_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART I&#160;&#160;&#160;FINANCIAL
    INFORMATION</b></span></a></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
<tr style="vertical-align: top">
    <td style="width: 9%">&#160;</td>
<td style="padding: 0; line-height: 107%; text-indent: 0; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_002"><b>ITEM
1. FINANCIAL STATEMENTS</b></a></span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right; width: 6%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
<td style="padding: 0; line-height: 107%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_003"><b>ITEM
2. MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</b></a></span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
<td style="padding: 0; line-height: 107%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_004"><b>ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS.</b></a></span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
<td style="padding: 0; line-height: 107%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_005"><b>ITEM
4. CONTROLS AND PROCEDURES</b></a></span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
<td style="padding: 0; line-height: 107%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_006"><b>PART II&#160;&#160;&#160;OTHER
    INFORMATION</b></a></span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
<td style="padding: 0; line-height: 107%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_007"><b>ITEM
1. LEGAL PROCEEDINGS</b></a></span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
<td style="padding: 0; line-height: 107%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_008"><b>ITEM
1A. RISK FACTORS</b></a></span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
<td style="padding: 0; line-height: 107%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_009"><b>ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</b></a></span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
<td style="padding: 0; line-height: 107%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_010"><b>ITEM
3. DEFAULTS UPON SENIOR SECURITIES</b></a></span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
<td style="padding: 0; line-height: 107%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_011"><b>ITEM
4. MINE SAFETY DISCLOSURES</b></a></span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
<td style="padding: 0; line-height: 107%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_012"><b>ITEM
5. OTHER INFORMATION</b></a></span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
<td style="padding: 0; line-height: 107%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_013"><b>ITEM
6. EXHIBIT</b></a></span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
<td style="padding: 0; line-height: 107%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_014"><b>SIGNATURES</b></a></span></td>
<td style="padding: 0; line-height: 107%; text-indent: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td></tr>
</table>



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




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

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

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    <!-- Field: /Page -->

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_001"></span>PART
I &#8211; FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_002"></span>ITEM
1. FINANCIAL STATEMENTS</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: center"><b>Anavex Life Sciences Corp.</b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">June 30, 2022</p>

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

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

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

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

<!-- Field: Page; Sequence: 3 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>



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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<tr style="vertical-align: bottom">
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    <td>&#160;</td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Issued and outstanding:</td>
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    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--CommonStockValue_iI_pp0p0_c20210930_zGi99HEaOOHd" title="Capital stock Authorized: 200,000,000 common stock, par value $0.001 per share Issued and outstanding:77,942,568 common shares (September 30, 2021 - 75,918,465)" style="text-align: right"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">75,920</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">348,328,048</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_40A_eus-gaap--StockholdersEquity_iTI_mtCzDEE_maCz6f6_zD7ICXdEprBi" style="vertical-align: bottom; background-color: White">
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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>

<p style="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Accompanying Notes to Condensed Consolidated Interim Financial Statements</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; width: 100%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anavex
Life Sciences Corp.</b></span></td></tr>
<tr style="vertical-align: top">
<td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
Condensed Consolidated</span></td></tr>
<tr style="vertical-align: top">
<td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
of Operations and Comprehensive Loss</span></td></tr>
<tr style="vertical-align: top">
<td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three and nine months ended June 30, 2022 and 2021</span></td></tr>
<tr style="vertical-align: top">
<td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></td></tr>
</table>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></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; text-align: center; margin-top: 0; margin-bottom: 0">See Accompanying Notes to Condensed
Consolidated Interim Financial Statements</p>

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

<!-- Field: Page; Sequence: 5 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; width: 100%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anavex
    Life Sciences Corp.</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
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  <tr style="vertical-align: top">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_30E_114_zJ7vklo4wMO1" summary="xdx: Statement - Interim Condensed Consolidated Statement of Changes in Stockholders&apos; Equity" style="font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
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<td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><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 id="xdx_4BD_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_zAFdSQvHZGVl" 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>
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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><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>
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<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 id="xdx_4BA_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsMember_zuaM0fH4qpJl" 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 id="xdx_4B4_z5oulmh1VT84" 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">
<td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td 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="15" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
Stock</span></td>
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="7" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><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 colspan="3" style="text-align: center"><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 colspan="3" style="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 colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional</span></td>
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share&#160;</span></td>
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="text-align: center"><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 colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><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 colspan="3" style="text-align: center"><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 colspan="3" style="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 colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paid-in</span></td>
<td 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="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">proceeds</span></td>
<td 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="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated</span></td>
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><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: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Par
Value</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receivable</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deficit</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><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 colspan="3" style="text-align: center"><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 colspan="3" style="text-align: center"><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 colspan="3" style="text-align: center"><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 colspan="3" style="text-align: center"><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 colspan="3" style="text-align: center"><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 colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_43B_c20220401__20220630_eus-gaap--StockholdersEquity_iS_z72W7noJUADa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; width: 40%; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
April 1, 2022</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 id="xdx_98D_eus-gaap--SharesOutstanding_iS_c20220401__20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zqPSM0sA2oh2" title="Beginning balance, shares" style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2022-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">77,161,688</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">77,163</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">371,437,616</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-03-31_custom_ShareProceedsReceivableMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">403,696</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-03-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">218,906,042</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 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: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">152,205,041</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueOther_i_pp0p0" style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
issued under Sales Agreement</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="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 id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesOther_c20220401__20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_pdd" title="Shares issued under Sales Agreement, shares" style="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:StockIssuedDuringPeriodSharesOther" contextRef="From2022-04-012022-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">557,177</ix:nonFraction></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"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2022-04-012022-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">557</ix:nonFraction></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"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2022-04-012022-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,178,127</ix:nonFraction></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"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2022-04-012022-06-30_custom_ShareProceedsReceivableMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">403,696</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0222">&#8212;</span></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"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,582,380</ix:nonFraction></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 id="xdx_409_ecustom--LessShareIssueCosts_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
share issue costs</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#8212;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0227">&#8212;</span></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">(<ix:nonFraction name="avxl:LessShareIssueCosts" contextRef="From2022-04-012022-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">185,361</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0229">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0230">&#8212;</span></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>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_40C_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_i_pp0p0" style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
issued pursuant to exercise of stock options</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="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 id="xdx_98A_ecustom--SharesIssuedUponExerciseOfStockOptionsShares_c20220401__20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z0HMNGnZLBg4" title="Shares issued upon exercise of stock options, shares" style="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="avxl:SharesIssuedUponExerciseOfStockOptionsShares" contextRef="From2022-04-012022-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">223,703</ix:nonFraction></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"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2022-04-012022-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">224</ix:nonFraction></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"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2022-04-012022-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">513,043</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0235">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0236">&#8212;</span></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"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">513,267</ix:nonFraction></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 id="xdx_405_eus-gaap--ShareBasedCompensation_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
based compensation</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#8212;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0241">&#8212;</span></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"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2022-04-012022-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,988,614</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0243">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0244">&#8212;</span></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"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,988,614</ix:nonFraction></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 id="xdx_404_eus-gaap--ProfitLoss_zKD66Tf6Wc4" style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
loss</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0247">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0248">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0249">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; 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:ProfitLoss" contextRef="From2022-04-012022-06-30_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,367,341</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; 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:ProfitLoss" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,367,341</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_437_c20220401__20220630_eus-gaap--StockholdersEquity_iE_zxX2BPxewrC5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
June 30, 2022</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_98F_eus-gaap--SharesOutstanding_iE_c20220401__20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zTgkczuMkxT9" title="Ending balance, 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:SharesOutstanding" contextRef="AsOf2022-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">77,942,568</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="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">$</span></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">77,944</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">381,932,039</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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0255">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-06-30_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">231,273,383</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">)</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"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">150,736,600</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>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><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>
<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 id="xdx_438_c20210401__20210630_eus-gaap--StockholdersEquity_iS_zvL3Ur0qGHVh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
April 1, 2021</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="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 id="xdx_988_eus-gaap--SharesOutstanding_iS_c20210401__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zVsPp2q0D4E7" title="Beginning balance, shares" style="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:SharesOutstanding" contextRef="AsOf2021-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">70,030,620</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">70,032</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">251,427,781</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0263">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">175,687,517</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">75,810,296</ix:nonFraction></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 id="xdx_402_ecustom--SharesIssuedUnderSalesAgreementNetOfShareIssueCosts_iP3us-gaap--SharesOutstanding_zXeBTRaDBKu8" style="vertical-align: bottom; background-color: White">
  <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
  issued under Sales Agreement, net of share issue costs</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td id="xdx_98F_ecustom--SharesIssuedUnderSalesAgreementNetOfShareissueCostsShares_iP3custom--SharesIssuedUnderSalesAgreementNetOfShareIssueCosts_c20210401__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zKml45K0l8m1" title="Shares issued under Sales agreement, net of shareissue costs, shares" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; <ix:nonFraction name="avxl:SharesIssuedUnderSalesAgreementNetOfShareissueCostsShares" contextRef="From2021-04-012021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,082,263</ix:nonFraction></span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; <ix:nonFraction name="avxl:SharesIssuedUnderSalesAgreementNetOfShareIssueCosts" contextRef="From2021-04-012021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,082</ix:nonFraction></span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; <ix:nonFraction name="avxl:SharesIssuedUnderSalesAgreementNetOfShareIssueCosts" contextRef="From2021-04-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">41,282,225</ix:nonFraction></span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; <span style="-sec-ix-hidden: xdx2ixbrl0271">&#8212;</span></span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; <span style="-sec-ix-hidden: xdx2ixbrl0272">&#8212;</span></span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; <ix:nonFraction name="avxl:SharesIssuedUnderSalesAgreementNetOfShareIssueCosts" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">41,284,307</ix:nonFraction></span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
</tr>
<tr id="xdx_40C_ecustom--LessShareIssueCosts_z9rhm7ilFJS4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
share issue costs</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#8212;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0277">&#8212;</span></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">(<ix:nonFraction name="avxl:LessShareIssueCosts" contextRef="From2021-04-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,302,826</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0279">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0280">&#8212;</span></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">(<ix:nonFraction name="avxl:LessShareIssueCosts" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,302,826</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_407_ecustom--SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCosts_iP3custom--LessShareIssueCosts_zZe4uC8TG9Wi" style="vertical-align: bottom; background-color: White">
  <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
  issued pursuant to registered direct offering, net of share issuance costs</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td id="xdx_981_ecustom--SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCostsShares_iP3custom--SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCosts_c20210401__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z4wldJkd5h3f" title="Shares issued pursuant to registered direct offering, net of share issuance costs, shares" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; <ix:nonFraction name="avxl:SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCostsShares" contextRef="From2021-04-012021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,380,953</ix:nonFraction></span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; <ix:nonFraction name="avxl:SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCosts" contextRef="From2021-04-012021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,381</ix:nonFraction></span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; <ix:nonFraction name="avxl:SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCosts" contextRef="From2021-04-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">49,997,619</ix:nonFraction></span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; <span style="-sec-ix-hidden: xdx2ixbrl0285">&#8212;</span></span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; <span style="-sec-ix-hidden: xdx2ixbrl0286">&#8212;</span></span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
  <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; <ix:nonFraction name="avxl:SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCosts" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000,000</ix:nonFraction></span></td>
  <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; &#160;</span></td>
</tr>
<tr id="xdx_409_ecustom--LessShareIssueCosts1_iP3custom--SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCostsShares_z751GQnn1twb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
share issue costs</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#8212;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0291">&#8212;</span></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">(<ix:nonFraction name="avxl:LessShareIssueCosts1" contextRef="From2021-04-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,095,938</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0293">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0294">&#8212;</span></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">(<ix:nonFraction name="avxl:LessShareIssueCosts1" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,095,938</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_407_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_zGDvvtL6rg9" style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
issued upon exercise of options</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="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 id="xdx_981_ecustom--SharesIssuedUponExerciseOfStockOptionsShares_c20210401__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zNYyKAeWAP8e" title="Shares issued upon exercise of stock options, shares" style="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="avxl:SharesIssuedUponExerciseOfStockOptionsShares" contextRef="From2021-04-012021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">305,997</ix:nonFraction></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"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-04-012021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">306</ix:nonFraction></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"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-04-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">869,300</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0299">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0300">&#8212;</span></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"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">869,606</ix:nonFraction></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 id="xdx_401_ecustom--SharesIssuedPursuantToExerciseOfWarrants_iP3custom--SharesIssuedUponExerciseOfStockOptionsShares_zGuKBTC3dhDf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
issued pursuant to exercise of warrants</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="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 id="xdx_98F_ecustom--SharesIssuedPursuantToExerciseOfWarrantsShares_iP3custom--SharesIssuedPursuantToExerciseOfWarrants_c20210401__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZtUbfpkfpXf" title="Shares issued pursuant to exercise of warrants, shares" style="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="avxl:SharesIssuedPursuantToExerciseOfWarrantsShares" contextRef="From2021-04-012021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">350,000</ix:nonFraction></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"><ix:nonFraction name="avxl:SharesIssuedPursuantToExerciseOfWarrants" contextRef="From2021-04-012021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">350</ix:nonFraction></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"><ix:nonFraction name="avxl:SharesIssuedPursuantToExerciseOfWarrants" contextRef="From2021-04-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,466,150</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0307">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0308">&#8212;</span></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"><ix:nonFraction name="avxl:SharesIssuedPursuantToExerciseOfWarrants" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,466,500</ix:nonFraction></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 id="xdx_40E_eus-gaap--ShareBasedCompensation_zEaiIulIf4pk" style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
based compensation</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#8212;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0313">&#8212;</span></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"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-04-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,293,925</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0315">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0316">&#8212;</span></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"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,293,925</ix:nonFraction></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 id="xdx_40B_eus-gaap--ProfitLoss_zYiQjNKEkZr4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
loss</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><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: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0319">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0320">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0321">&#8212;</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; 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:ProfitLoss" contextRef="From2021-04-012021-06-30_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">10,180,141</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; 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:ProfitLoss" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">10,180,141</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_435_c20210401__20210630_eus-gaap--StockholdersEquity_iE_zT0vTzlRlk35" style="vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
June 30, 2021</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>
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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"><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"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">75,151</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="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">$</span></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">342,938,236</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0327">&#8212;</span></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">$</span></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-06-30_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">185,867,658</ix:nonFraction></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">157,145,729</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>



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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">See Accompanying Notes to Condensed
Consolidated Interim Financial Statements</p>

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

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    <div style="border-bottom: Black 2pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; width: 100%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anavex
Life Sciences Corp.</b></span></td></tr>
<tr style="vertical-align: top">
<td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
Condensed Consolidated Statement of Changes in Stockholders' Equity</span></td></tr>
<tr style="vertical-align: top">
<td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the nine months ended June 30, 2022 and 2021</span></td></tr>
<tr style="vertical-align: top">
<td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</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="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0342">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Stock based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_43B_c20211001__20220630_eus-gaap--StockholdersEquity_iE_zvEDmyBbs3v6" 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 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>
    <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_433_c20201001__20210630_eus-gaap--StockholdersEquity_iS_zxgqgYWyk4Z1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--StockIssuedDuringPeriodValueNewIssues_ztAaTHYqgk05" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Shares issued under 2019 Purchase Agreement</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>
    <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>
  <tr id="xdx_401_eus-gaap--StockIssuedDuringPeriodValuePurchaseOfAssets_iP3us-gaap--SharesOutstanding_zjE0TeWvRcel" 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"><span style="-sec-ix-hidden: xdx2ixbrl0390">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40E_ecustom--CommitmentSharesValue_iP3us-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_zUcMkpjqS5Ec" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="avxl:CommitmentSharesValue" contextRef="From2020-10-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">78</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0397">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0398">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueOther_z0ozIW4wAIU" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Shares issued under Sales Agreement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodSharesOther_c20201001__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_pdd" title="Shares issued under Sales Agreement, shares" style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesOther" contextRef="From2020-10-012021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,634,576</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"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2020-10-012021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,634</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"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2020-10-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">79,101,914</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 style="-sec-ix-hidden: xdx2ixbrl0404">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2020-10-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">79,107,548</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--LessShareIssueCosts_zYfaAQ6CKGmc" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Less: share issue costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0409">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="avxl:LessShareIssueCosts" contextRef="From2020-10-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,437,523</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0411">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="avxl:LessShareIssueCosts" contextRef="From2020-10-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,437,523</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_406_ecustom--SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCosts_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
  <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Shares issued pursuant to registered direct offering, net of share issuance costs</td>
  <td>&#160; &#160;</td>
  <td style="text-align: left">&#160; &#160;</td>
  <td id="xdx_988_ecustom--SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCostsShares_c20201001__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_pdd" title="Shares issued pursuant to registered direct offering, net of share issuance costs, shares" style="text-align: right">&#160; <ix:nonFraction name="avxl:SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCostsShares" contextRef="From2020-10-012021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,380,953</ix:nonFraction></td>
  <td style="text-align: left">&#160; &#160;</td>
  <td>&#160; &#160;</td>
  <td style="text-align: left">&#160; &#160;</td>
  <td style="text-align: right">&#160; <ix:nonFraction name="avxl:SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCosts" contextRef="From2020-10-012021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,381</ix:nonFraction></td>
  <td style="text-align: left">&#160; &#160;</td>
  <td>&#160; &#160;</td>
  <td style="text-align: left">&#160; &#160;</td>
  <td style="text-align: right">&#160; <ix:nonFraction name="avxl:SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCosts" contextRef="From2020-10-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">49,997,619</ix:nonFraction></td>
  <td style="text-align: left">&#160; &#160;</td>
  <td>&#160; &#160;</td>
  <td style="text-align: left">&#160; &#160;</td>
  <td style="text-align: right">&#160; <span style="-sec-ix-hidden: xdx2ixbrl0416">&#8212;</span></td>
  <td style="text-align: left">&#160; &#160;</td>
  <td>&#160; &#160;</td>
  <td style="text-align: left">&#160; &#160;</td>
  <td style="text-align: right">&#160; <ix:nonFraction name="avxl:SharesIssuedPursuantToRegisteredDirectOfferingNetOfShareIssuanceCosts" contextRef="From2020-10-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000,000</ix:nonFraction></td>
  <td style="text-align: left">&#160; &#160;</td>
</tr>
<tr id="xdx_404_ecustom--LessShareIssueCosts1_zJz06Y07aUFf" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Less: share issue costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0421">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="avxl:LessShareIssueCosts1" contextRef="From2020-10-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,095,938</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0423">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="avxl:LessShareIssueCosts1" contextRef="From2020-10-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,095,938</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_401_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_zhZL4ElGklk9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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; text-align: center; margin-top: 0; margin-bottom: 0">See Accompanying Notes to Condensed
Consolidated Interim Financial Statements</p>

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

<!-- Field: Page; Sequence: 7 -->
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
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    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; width: 100%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anavex
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  <tr style="vertical-align: top">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
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  <tr style="vertical-align: top">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">See Accompanying Notes to Condensed
Consolidated Interim Financial Statements</p>

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

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

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

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anavex
Life Sciences Corp.</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Condensed Consolidated Interim Financial Statements</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
30, 2022</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></p>

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

<ix:nonNumeric contextRef="From2021-10-01to2022-06-30" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_80F_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zLgoFKzLxsKg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Note 1 &#9;&#160;&#160;&#160;&#160;&#160;<span style="text-decoration: underline"><span id="xdx_823_z3PTuESTS5q3">Description
of Business and Basis of Presentation</span></span></p>

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

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
of Business</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anavex
Life Sciences Corp. (&#8220;Anavex&#8221; or the &#8220;Company&#8221;) is a clinical stage biopharmaceutical company engaged in the
development of differentiated therapeutics by applying precision medicine to central nervous system (&#8220;CNS&#8221;) diseases with
high unmet need. Anavex analyzes genomic data from clinical studies to identify biomarkers, which are used to select patients that will
receive the therapeutic benefit for the treatment of neurodegenerative and neurodevelopmental diseases. The Company&#8217;s lead compound
ANAVEX<sup>&#174;</sup>2-73 is being developed to treat Alzheimer&#8217;s disease, Parkinson&#8217;s disease and potentially other central
nervous system diseases, including rare diseases, such as Rett syndrome, a rare severe neurological monogenic disorder caused by mutations
in the X-linked gene, methyl-CpG-binding protein 2 (&#8220;MECP2&#8221;).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
of Presentation</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: 42.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 42.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities
and Exchange Commission (&#8220;SEC&#8221;) and accounting principles generally accepted in the United States of America (&#8220;U.S.
GAAP&#8221;) for interim reporting. Accordingly, certain information and note disclosures normally included in the annual financial statements
in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the
disclosures are adequate to make the information presented not misleading.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
accompanying unaudited interim condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments,
which in the opinion of management are necessary for fair presentation of the information contained herein. The consolidated balance
sheet as of September 30, 2021 was derived from the audited annual financial statements but does not include all disclosures required
by U.S. GAAP. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited
consolidated financial statements and notes thereto included in the Company&#8217;s annual report on Form 10-K for the year ended September
30, 2021 filed with the SEC on November 24, 2021. The Company follows the same accounting policies in the preparation of interim reports.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 42.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
results for the three and nine months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the
year ending September 30, 2022.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the Company&#8217;s potential drug compounds are in the clinical development stage and the Company cannot be certain that its research
and development efforts will be successful or, if successful, that its potential drug compounds will ever be approved for sales to pharmaceutical
companies or generate commercial revenues. To date, we have not generated any revenues from our operations. The Company expects the business
to continue to experience negative cash flows from operations for the foreseeable future and cannot predict when, if ever, our business
might become profitable.</span></p>

<ix:exclude><p id="xdx_23E_z0guco3NnCql" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"></p>

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<ix:exclude><p id="xdx_23F_zz2kDvKl6rj2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"></p>

<ix:exclude><p id="xdx_238_z4v8VMMTthQ" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anavex
Life Sciences Corp.</span></p></ix:exclude>

<ix:exclude><p id="xdx_236_zs3EVh3aXvgd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Interim Condensed Consolidated Financial Statements</span></p></ix:exclude>

<ix:exclude><p id="xdx_233_z3eFlhKODzz3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
30, 2022</span></p></ix:exclude>

<ix:exclude><p id="xdx_233_zo5LsLa23sId" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited</span></p></ix:exclude>
<ix:exclude><p id="xdx_230_zko4x2dQ0xx8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"></p>

<ix:exclude><p id="xdx_23E_zEcBI4MxJNQb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
1 &#160;&#160;&#160;&#160;&#160;&#9;<span style="text-decoration: underline">Description of Business and Basis of Presentation</span> &#8211; (Continued)</span></p></ix:exclude>

<ix:exclude><p id="xdx_230_zps28Y5f5S9j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_231_zsGfuletlcD2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
&#8211; (Continued)</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
believes that the current working capital position will be sufficient to meet the Company&#8217;s working capital requirements beyond
the next 12 months after the date that these interim condensed consolidated financial statements are issued. The process of drug development
can be costly, and the timing and outcomes of clinical trials is uncertain.&#160;The assumptions upon which the Company has based its
estimates are routinely evaluated and may be subject to change.&#160;The actual amount of the Company&#8217;s expenditures will vary
depending upon a number of factors including but not limited to the design, timing and duration of future clinical trials, the progress
of the Company&#8217;s research and development programs and the level of financial resources available. The Company has the ability
to adjust its operating plan spending levels based on the timing of future clinical trials.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 42.55pt; text-align: justify"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than our rights related to the Sales Agreement (as defined below in Note 5), there can be no assurance that additional financing will
be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If the Company is not able
to obtain the additional financing on a timely basis, if and when it is needed, it will be forced to delay or scale down some or all
of its research and development activities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: gray"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Use
of Estimates</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: gray"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in accordance 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 revenue and expenses in
the reporting period. The Company regularly evaluates estimates and assumptions related to accounting for research and development costs,
incentive income receivable, valuation and recoverability of deferred tax assets, asset impairment, stock-based compensation, and loss
contingencies. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors, including
the potential future effects of COVID-19, that it believes to be reasonable under the circumstances, the results of which form the basis
for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent
from other sources. The actual results experienced by the Company may differ materially and adversely from the Company&#8217;s estimates.
To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

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<ix:exclude><p id="xdx_235_zqvbmstDsNdj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_231_zn4biP5Vv9lc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anavex
Life Sciences Corp.</span></p></ix:exclude>

<ix:exclude><p id="xdx_235_zaTUTiilad3a" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Interim Condensed Consolidated Financial Statements</span></p></ix:exclude>

<ix:exclude><p id="xdx_23B_z9230eoKRgfh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
30, 2022</span></p></ix:exclude>

<ix:exclude><p id="xdx_23A_z3qtxQfkdUo" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></p></ix:exclude>

<ix:exclude><p id="xdx_23E_ziyi5sDaTiVg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<ix:exclude><p id="xdx_23A_zjlaBBhXZen2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
1 &#160;&#160;&#160;&#160;&#160;&#9;<span style="text-decoration: underline">Description of Business and Basis of Presentation</span> &#8211; (Continued)</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 42.55pt"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 42.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principles
of Consolidation</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 42.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements include the accounts of Anavex Life Sciences Corp. and its wholly-owned subsidiaries, Anavex Australia
Pty Limited. (&#8220;Anavex Australia&#8221;), a company incorporated under the laws of Australia, Anavex Germany GmbH, a company incorporated
under the laws of Germany, and Anavex Canada Ltd., a company incorporated under the laws of the Province of Ontario, Canada. All inter-company
transactions and balances have been eliminated.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 42.55pt; text-align: justify; color: gray"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Fair
Value Measurements</i></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 60.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 42.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value hierarchy under GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable,
that may be used to measure fair value which are the following:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 103.5pt; text-align: justify; text-indent: -40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 - &#9;quoted prices (unadjusted) in active markets for identical assets or liabilities;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 60.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 103.5pt; text-align: justify; text-indent: -40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 - observable inputs other than Level 1, quoted prices for similar assets or liabilities in active &#9;&#9;markets, quoted prices for
identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose
significant value drivers are observable; and</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 60.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 103.5pt; text-align: justify; text-indent: -40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 - &#9;assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant
to the fair value of the assets or liabilities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 103.5pt; text-align: justify; text-indent: -40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2022 and September 30, 2021, the Company did not have any Level 3 assets or liabilities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 42.55pt; text-align: justify; color: gray"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Basic
and Diluted Loss per Share</i></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
income/(loss) per common share is computed by dividing net income/(loss) available to common stockholders by the weighted average number
of common shares outstanding during the period. Diluted income/(loss) per common share is computed by dividing net income/(loss) available
to common stockholders by the sum of (1) the weighted-average number of common shares outstanding during the period, (2) the dilutive
effect of the assumed exercise of options and warrants using the treasury stock method and (3) the dilutive effect of other potentially
dilutive securities. For purposes of the diluted net loss per share calculation, options and warrants are potentially dilutive securities
and are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, loss per share excludes <span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20211001__20220630_pdd" title="Loss per share for potentially dilutive common shares"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-10-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">13,194,616</ix:nonFraction></span> (September 30, 2021 &#8211; <span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20201001__20210930_pdd" title="Loss per share for potentially dilutive common shares"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-10-012021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,540,903</ix:nonFraction></span>) potentially dilutive common shares related
to outstanding options and warrants, as their effect was anti-dilutive.</span></p>

<ix:exclude><p id="xdx_239_z0DTEjktxpI6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

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<ix:exclude><p id="xdx_231_zxf1cXQuMite" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"></p>

<ix:exclude><p id="xdx_237_zHh3aWpkUJTl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anavex
Life Sciences Corp.</span></p></ix:exclude>

<ix:exclude><p id="xdx_236_z9ZTWbnRKGCl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Interim Condensed Consolidated Financial Statements</span></p></ix:exclude>

<ix:exclude><p id="xdx_235_zryLxAXYRH2j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
30, 2022</span></p></ix:exclude>

<ix:exclude><p id="xdx_239_zHlfi38ImTzi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></p></ix:exclude>
<ix:exclude><p id="xdx_230_z7NPEJQB8EI4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_231_z2OGcTOgGf47" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-10-01to2022-06-30" escape="true" name="us-gaap:NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock"><p id="xdx_804_eus-gaap--NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_z7xuxYhTmh61" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
2&#9;&#160;&#160;&#160;&#160;&#160;&#160;<span style="text-decoration: underline"><span id="xdx_82E_zAeS4gxOqSyc">Recent Accounting Pronouncements</span></span></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-10-01to2022-06-30" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zrnSjxk9FKFh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_860_znxLYpWZ61af">Recently
Adopted Accounting Pronouncements</span></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
October 1, 2021, the Company adopted ASU 2019-12, &#8220;Simplifying the Accounting for Income Taxes (ASC 740)&#8221;, which is intended
to simplify various aspects related to accounting for income taxes by removing certain exceptions to the general principles in Topic
740 and clarifying and amending existing guidance to improve consistent application. There was no material impact on the Company&#8217;s
operations, financial condition, or cash flows.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-10-01to2022-06-30" escape="true" name="avxl:OtherIncomeDisclosureTextBlock"><p id="xdx_803_ecustom--OtherIncomeDisclosureTextBlock_zzZm1O5SAftb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="text-decoration: underline"><span id="xdx_822_z4X41tOnbOO2">Other Income</span> </span></span></p>

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

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; 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 Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended September 30, 2021, the Company received $<span id="xdx_900_eus-gaap--ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned_c20201001__20210930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MichaelJFoxMember_pp0p0" title="Research and development incentive income"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned" contextRef="From2020-10-012021-09-30_custom_MichaelJFoxMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">497,931</ix:nonFraction></span> of a $<span id="xdx_903_eus-gaap--ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned_c20201001__20210930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ParkinsonMember_pp0p0" title="Research and development incentive income"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned" contextRef="From2020-10-012021-09-30_custom_ParkinsonMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">995,862</ix:nonFraction></span> research grant awarded by the Michael J. Fox Foundation
for Parkinson&#8217;s Research. The grant will be used to fund a clinical trial of the Company&#8217;s lead compound, ANAVEX<sup>&#174;</sup>2-73
related to Parkinson&#8217;s disease.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; 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 Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
grant income is being deferred when received and amortized to other income as the related research and development expenditures are incurred.
During the three and nine months ended June 30, 2022, the Company did <span id="xdx_909_ecustom--NonOperatingIncomeFromGrant_pp0p0_do_c20220401__20220630_zOb9sGlxU7Kh" title="Grant income"><span id="xdx_90D_ecustom--NonOperatingIncomeFromGrant_pp0p0_do_c20211001__20220630_zDDYDoUqL1vg" title="Grant income"><ix:nonFraction name="avxl:NonOperatingIncomeFromGrant" contextRef="From2022-04-012022-06-30" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="avxl:NonOperatingIncomeFromGrant" contextRef="From2021-10-01to2022-06-30" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span>t recognize any of this grant on its statements of operations
(2021: $<span id="xdx_904_ecustom--NonOperatingIncomeFromGrant_c20210401__20210630_pp0p0" title="Grant income"><ix:nonFraction name="avxl:NonOperatingIncomeFromGrant" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">43,280</ix:nonFraction></span> and $<span id="xdx_908_ecustom--NonOperatingIncomeFromGrant_c20201001__20210630_pp0p0" title="Grant income"><ix:nonFraction name="avxl:NonOperatingIncomeFromGrant" contextRef="From2020-10-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">54,100</ix:nonFraction></span> respectively). At June 30, 2022, an amount of $<span id="xdx_90A_ecustom--DeferredGrantIncome_c20220630_pp0p0" title="Deferred grant income"><ix:nonFraction name="avxl:DeferredGrantIncome" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">443,831</ix:nonFraction></span> (September 30, 2021: $<span id="xdx_90C_ecustom--DeferredGrantIncome_c20210930_pp0p0" title="Deferred grant income"><ix:nonFraction name="avxl:DeferredGrantIncome" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">443,831</ix:nonFraction></span>) of this grant is recorded
as deferred grant income, representing the amount of this grant which has not yet been amortized to other income. The Company will recognize
this income on its statement of operations as the relating expenditures are incurred to offset the income.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; 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 Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development incentive income</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; 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 Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development incentive income represents the receipt by Anavex Australia, of the Australian research and development incentive credit,
(the &#8220;R&amp;D Incentive Credit&#8221;).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; 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 Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three and nine months ended June 30, 2022 the Company recorded research and development incentive income of $<span id="xdx_90B_eus-gaap--ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned_c20220401__20220630_pp0p0" title="Research and development incentive income"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">682,432</ix:nonFraction></span> (AUD <span id="xdx_90A_eus-gaap--ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned_c20220401__20220630__srt--CurrencyAxis__currency--AUD_pp0p0" title="Research and development incentive income"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned" contextRef="From2022-04-012022-06-30_currency_AUD" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">954,986</ix:nonFraction></span>)
and $<span id="xdx_90F_eus-gaap--ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned_c20211001__20220630_pp0p0" title="Research and development incentive income"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned" contextRef="From2021-10-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,328,675</ix:nonFraction></span> (AUD <span id="xdx_906_eus-gaap--ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned_c20211001__20220630__srt--CurrencyAxis__currency--AUD_pp0p0" title="Research and development incentive income"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned" contextRef="From2021-10-012022-06-30_currency_AUD" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,218,303</ix:nonFraction></span>) (2021: $<span id="xdx_90D_eus-gaap--ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned_c20210401__20210630_pp0p0" title="Research and development incentive income"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,363,661</ix:nonFraction></span> (AUD <span id="xdx_908_eus-gaap--ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned_c20210401__20210630__srt--CurrencyAxis__currency--AUD_pp0p0" title="Research and development incentive income"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned" contextRef="From2021-04-012021-06-30_currency_AUD" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,770,444</ix:nonFraction></span>) and $<span id="xdx_901_eus-gaap--ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned_c20201001__20210630_pp0p0" title="Research and development incentive income"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned" contextRef="From2020-10-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,593,856</ix:nonFraction></span> (AUD <span id="xdx_904_eus-gaap--ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned_c20201001__20210630__srt--CurrencyAxis__currency--AUD_pp0p0" title="Research and development incentive income"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned" contextRef="From2020-10-012021-06-30_currency_AUD" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,750,539</ix:nonFraction></span>)), respectively, related to the R&amp;D
Incentive Credit for eligible research and development expenses incurred during the period.</span></p>

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

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4&#9; &#9; &#160;&#160;&#160;<span style="text-decoration: underline"><span id="xdx_82A_zEf0nvcC1Im">Accrued liabilities</span></span></span></p>

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

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.75in"></p>

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<p id="xdx_8A3_zJy5wECD7XTc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0.75in">&#160;</p>

<ix:exclude><!-- Field: Page; Sequence: 12 -->
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<ix:exclude><p id="xdx_231_zSimQHHImww6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_235_zuMr2H7Vvfr9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anavex
Life Sciences Corp.</span></p></ix:exclude>

<ix:exclude><p id="xdx_23E_zJnz4XsHLvsa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Interim Condensed Consolidated Financial Statements</span></p></ix:exclude>

<ix:exclude><p id="xdx_236_zsB3gup1X8Ic" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
30, 2022</span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_z77IKEcytlFa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></p></ix:exclude>
<ix:exclude><p id="xdx_23D_zpk0EHEQ42G9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-10-01to2022-06-30" escape="true" name="avxl:EquityOfferingTextBlock"><p id="xdx_805_ecustom--EquityOfferingTextBlock_zI3gvjmJbt24" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
5&#160;&#160;&#160;&#160;&#160;&#160;&#9;<span style="text-decoration: underline"><span id="xdx_82D_zrXqiavVlsY4">Equity Offerings</span></span></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-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 Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
Stock</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
shares are voting and are entitled to dividends as declared at the discretion of the Board of Directors (the &#8220;Board&#8221;).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred
Stock</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Board has the authority to issue preferred stock in one or more series and to fix the rights, preferences, privileges,
restrictions and the number of shares constituting any series of the designation of the series.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
Agreement</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company entered into a Controlled Equity Offering Sales Agreement on July 6, 2018, which was amended and restated on May 1, 2020 (the
&#8220;Sales Agreement&#8221;) with Cantor Fitzgerald&#160;&amp; Co. and SVB Leerink LLC (together the &#8220;Sales Agents&#8221;), pursuant
to which the Company may offer and sell shares of common stock registered under an effective registration statement from time to time
through the Sales Agents (the &#8220;Offering&#8221;).&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
delivery of a placement notice based on the Company&#8217;s instructions and subject to the terms and conditions of the Sales Agreement,
the Sales Agents may sell the Shares by methods deemed to be an &#8220;at the market offering&#8221; offering, in negotiated transactions
at market prices prevailing at the time of sale or at prices related to such prevailing market prices, or by any other method permitted
by law, including negotiated transactions, subject to the prior written consent of the Company. The Company is not obligated to make
any sales of Shares under the Sales Agreement. The Company or Sales Agents may suspend or terminate the offering of Shares upon notice
to the other party, subject to certain conditions.&#160; The Sales Agents will act as agent on a commercially reasonable efforts basis
consistent with their normal trading and sales practices and applicable state and federal law, rules&#160;and regulations and the rules&#160;of
Nasdaq.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreed to pay the Sales Agents commissions for their services of up to <span id="xdx_907_ecustom--PercentageOfGrossProceedsFromSales_dp_c20211001__20220630__us-gaap--TypeOfArrangementAxis__custom--EquityOfferingSalesAgreementMember__dei--LegalEntityAxis__custom--CantorFitzgeraldAndCoMember_zPhXlmfMizje" title="Percentage of gross proceeds from sales"><ix:nonFraction name="avxl:PercentageOfGrossProceedsFromSales" contextRef="From2021-10-012022-06-30_custom_EquityOfferingSalesAgreementMember_custom_CantorFitzgeraldAndCoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.0</ix:nonFraction></span>% of the gross proceeds from the sale of the Shares
pursuant to the Sales Agreement. The Company also agreed to provide the Sales Agents with customary indemnification and contribution
rights. During the nine months ended June 30, 2022, <span id="xdx_90E_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20211001__20220630__us-gaap--TypeOfArrangementAxis__custom--EquityOfferingSalesAgreementMember__dei--LegalEntityAxis__custom--CantorFitzgeraldAndCoMember_pdd" title="Number of common stock sold"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-10-012022-06-30_custom_EquityOfferingSalesAgreementMember_custom_CantorFitzgeraldAndCoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,623,566</ix:nonFraction></span> shares were sold pursuant to the Offering for gross proceeds of $<span id="xdx_906_ecustom--GrossProceedsFromIssuancePublicOffering_pp0p0_c20211001__20220630__us-gaap--TypeOfArrangementAxis__custom--EquityOfferingSalesAgreementMember__dei--LegalEntityAxis__custom--CantorFitzgeraldAndCoMember_ztZUZfpJGtNc" title="Gross proceeds from Issuance Public Offering"><ix:nonFraction name="avxl:GrossProceedsFromIssuancePublicOffering" contextRef="From2021-10-012022-06-30_custom_EquityOfferingSalesAgreementMember_custom_CantorFitzgeraldAndCoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">20,982,148</ix:nonFraction></span>
(net proceeds of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp0p0_c20211001__20220630__us-gaap--TypeOfArrangementAxis__custom--EquityOfferingSalesAgreementMember__dei--LegalEntityAxis__custom--CantorFitzgeraldAndCoMember_z0N81rBaPW0g"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-10-012022-06-30_custom_EquityOfferingSalesAgreementMember_custom_CantorFitzgeraldAndCoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">20,258,981</ix:nonFraction></span> after deducting offering expenses) (2021: <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20201001__20210630__us-gaap--TypeOfArrangementAxis__custom--EquityOfferingSalesAgreementMember__dei--LegalEntityAxis__custom--CantorFitzgeraldAndCoMember_pdd" title="Number of common stock sold"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2020-10-012021-06-30_custom_EquityOfferingSalesAgreementMember_custom_CantorFitzgeraldAndCoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,634,576</ix:nonFraction></span> shares were sold for gross proceeds of $<span id="xdx_90D_ecustom--GrossProceedsFromIssuancePublicOffering_pp0p0_c20201001__20210630__us-gaap--TypeOfArrangementAxis__custom--EquityOfferingSalesAgreementMember__dei--LegalEntityAxis__custom--CantorFitzgeraldAndCoMember_zjH13dysxIXd"><ix:nonFraction name="avxl:GrossProceedsFromIssuancePublicOffering" contextRef="From2020-10-012021-06-30_custom_EquityOfferingSalesAgreementMember_custom_CantorFitzgeraldAndCoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">79,107,548</ix:nonFraction> </span>(net
proceeds of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pp0p0_c20201001__20210630__us-gaap--TypeOfArrangementAxis__custom--EquityOfferingSalesAgreementMember__dei--LegalEntityAxis__custom--CantorFitzgeraldAndCoMember_z8i8iutnnCX" title="Proceeds from Issuance Public Offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2020-10-012021-06-30_custom_EquityOfferingSalesAgreementMember_custom_CantorFitzgeraldAndCoMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">76,670,025</ix:nonFraction></span> after deducting offering expenses)). At June 30, 2022, an amount of $<span id="xdx_908_ecustom--SalesOfAgreementAmount_c20220630_pp0p0" title="Sales of agreement amount"><ix:nonFraction name="avxl:SalesOfAgreementAmount" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">142,410,402</ix:nonFraction></span> (September 30, 2021: $<span id="xdx_90A_ecustom--SalesOfAgreementAmount_c20210930_pp0p0" title="Sales of agreement amount"><ix:nonFraction name="avxl:SalesOfAgreementAmount" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">163,392,550</ix:nonFraction></span>)
was registered pursuant to an effective registration statement and remained available to be sold under the Sales Agreement.</span></p>

<ix:exclude><p id="xdx_234_z2czfRBsmMm" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<ix:exclude><!-- Field: Page; Sequence: 13 -->
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<ix:exclude><p id="xdx_23A_zTt41ONoeFM1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p><ix:exclude><p id="xdx_231_zrlx9aCHRPzk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anavex
                                            Life Sciences Corp.</span></p></ix:exclude>

<ix:exclude><p id="xdx_23D_zrUktjIJ8yVi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Interim Condensed Consolidated Financial Statements</span></p></ix:exclude>

<ix:exclude><p id="xdx_231_zZH7341anzXh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
30, 2022</span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zxZQ9gTsAwkc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></p></ix:exclude>

<ix:exclude><p id="xdx_23C_zrO0vp5QAuLj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23C_zPXliYeO4rd5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
5&#160;&#160;&#160;&#160;&#160;&#160;&#9;<span style="text-decoration: underline">Equity Offerings</span> &#8211; (continued)</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019
Purchase Agreement</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 7, 2019, the Company entered into a $50,000,000 purchase agreement (the &#8220;2019 Purchase Agreement&#8221;) with Lincoln Park,
as amended on July 1, 2020, pursuant to which the Company had the right to sell and issue to Lincoln Park, and Lincoln Park was obligated
to purchase, up to $<span id="xdx_90D_ecustom--ValueOfSharesObligatedToPurchase_c20190606__20190607__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreement1Member__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_pp0p0" title="Value of shares obligated to purchase"><ix:nonFraction name="avxl:ValueOfSharesObligatedToPurchase" contextRef="From2019-06-062019-06-07_custom_PurchaseAgreement1Member_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">50,000,000</ix:nonFraction></span> in value of its shares of common stock from time to time over a three-year period until July 1, 2022.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration for entering into the 2019 Purchase Agreement, the Company issued to Lincoln Park 324,383 shares of common stock as a commitment
fee during the year ended September 30, 2019 and agreed to issue up to <span id="xdx_90A_ecustom--NumberOfSharesObligatedToPurchaseProrataBasic_c20190606__20190607__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreement1Member__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_pdd" title="Pro rata basic number of shares obligated to purchase"><ix:nonFraction name="avxl:NumberOfSharesObligatedToPurchaseProrataBasic" contextRef="From2019-06-062019-06-07_custom_PurchaseAgreement1Member_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">162,191</ix:nonFraction></span> shares pro rata, when and if, Lincoln Park purchased,
at the Company&#8217;s discretion, the $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20190606__20190607__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreement1Member__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_pp0p0" title="Proceeds from Issuance or Sale of Equity"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2019-06-062019-06-07_custom_PurchaseAgreement1Member_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">50,000,000</ix:nonFraction></span> aggregate commitment.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 42.55pt; text-align: justify"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2022 and September 30, 2021, no shares remained available for issuance under the 2019 Purchase Agreement. During the nine months
ended June 30, 2021, the Company issued to Lincoln Park an aggregate of 4,086,209 shares of common stock including<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesOther_c20211001__20220630__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreement1Member__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_pdd" title="Shares issued under Sales Agreement, net of shares issue costs, shares"> <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesOther" contextRef="From2021-10-012022-06-30_custom_PurchaseAgreement1Member_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,007,996</ix:nonFraction> </span>shares of
common stock for an aggregate purchase price of $<span id="xdx_904_ecustom--StockIssuedDuringPeriodValueNewIssues1_c20211001__20220630__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreement1Member__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_pp0p0" title="Number of shares issued for aggregate purchase price, value"><ix:nonFraction name="avxl:StockIssuedDuringPeriodValueNewIssues1" contextRef="From2021-10-012022-06-30_custom_PurchaseAgreement1Member_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">24,111,198</ix:nonFraction></span> and <span id="xdx_909_ecustom--StockIssuedDuringPeriodSharesNewIssues1_c20211001__20220630__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreement1Member__dei--LegalEntityAxis__custom--LincolnParkCapitalFundLLCMember_pdd" title="Number of shares issued for commitment"><ix:nonFraction name="avxl:StockIssuedDuringPeriodSharesNewIssues1" contextRef="From2021-10-012022-06-30_custom_PurchaseAgreement1Member_custom_LincolnParkCapitalFundLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">78,213</ix:nonFraction></span> commitment shares.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-10-01to2022-06-30" escape="true" name="us-gaap:CommitmentsDisclosureTextBlock"><p id="xdx_80E_eus-gaap--CommitmentsDisclosureTextBlock_zUkmgXtOrZV" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
6 &#160;&#160;&#160;&#160;&#160;&#9;<span style="text-decoration: underline"><span id="xdx_824_zBzixcaVAMh5">Commitments and Contingencies </span></span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: gray"><tr style="vertical-align: top">
<td style="width: 42.75pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">a)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Leases
                                            </i></span></td></tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 60.75pt; color: gray"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">During
the three and nine months ended June 30, 2022, the Company incurred office lease expense of $<span id="xdx_90C_ecustom--OperatingLeasesRentExpense_pp0p0_c20220401__20220630_zVXelDSDtp78" title="Operating Leases, Rent Expense"><ix:nonFraction name="avxl:OperatingLeasesRentExpense" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">21,015</ix:nonFraction></span> and $<span id="xdx_909_ecustom--OperatingLeasesRentExpense_pp0p0_c20211001__20220630_z1mqR2uyz4Gh" title="Operating Leases, Rent Expense"><ix:nonFraction name="avxl:OperatingLeasesRentExpense" contextRef="From2021-10-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">42,348</ix:nonFraction></span> (2021: $<span id="xdx_901_ecustom--OperatingLeasesRentExpense_pp0p0_c20210401__20210630_zaD4miPJIuv" title="Operating Leases, Rent Expense"><ix:nonFraction name="avxl:OperatingLeasesRentExpense" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">18,994</ix:nonFraction></span> and $<span id="xdx_90F_ecustom--OperatingLeasesRentExpense_pp0p0_c20201001__20210630_zQ93tVUH60Rk" title="Operating Leases, Rent Expense"><ix:nonFraction name="avxl:OperatingLeasesRentExpense" contextRef="From2020-10-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">117,284</ix:nonFraction></span>),
respectively.</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 42.75pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
                                            401(k) Benefit Plan</span></td></tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 60.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
Company has a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code. The plan covers all United States
based employees. United States based employees eligible to participate in the plan may contribute up to the current statutory limits
under the Internal Revenue Service regulations. The 401(k) plan permits the Company to make additional matching contributions on behalf
of contributing employees. During the three and nine months ended June 30, 2022, the Company made $<span id="xdx_90F_eus-gaap--PensionContributions_c20220401__20220630_pp0p0" title="Contribution amount"><ix:nonFraction name="us-gaap:PensionContributions" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">27,358</ix:nonFraction></span> and $<span id="xdx_90B_eus-gaap--PensionContributions_c20211001__20220630_pp0p0" title="Contribution amount"><ix:nonFraction name="us-gaap:PensionContributions" contextRef="From2021-10-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">120,979</ix:nonFraction></span> (2021: $<span id="xdx_90D_eus-gaap--PensionContributions_c20210401__20210630_pp0p0" title="Contribution amount"><ix:nonFraction name="us-gaap:PensionContributions" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">28,221</ix:nonFraction></span>
and $<span id="xdx_909_eus-gaap--PensionContributions_c20201001__20210630_pp0p0" title="Contribution amount"><ix:nonFraction name="us-gaap:PensionContributions" contextRef="From2020-10-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">102,261</ix:nonFraction></span>), respectively, in matching contributions under the 401(k) plan.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 60.75pt; color: gray"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: gray"><tr style="vertical-align: top">
<td style="width: 42.75pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">c)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Litigation</i></span></td></tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 60.75pt; color: gray"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to claims and legal proceedings that arise in the ordinary course of business. Such matters are inherently uncertain,
and there can be no guarantee that the outcome of any such matter will be decided favorably to the Company or that the resolution of
any such matter will not have a material adverse effect upon the Company's consolidated financial statements. The Company does not believe
that any of</span> <span style="font-family: Times New Roman, Times, Serif">such pending claims and legal proceedings will have a material
adverse effect on its consolidated financial statements.</span></p>

<ix:exclude><p id="xdx_235_zWwkjIoNVnzc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"></p>

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<ix:exclude><p id="xdx_23C_zNSBGqyXZJyf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p><ix:exclude><p id="xdx_23C_ztsRGBAtsSV6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anavex
                                            Life Sciences Corp.</span></p></ix:exclude>

<ix:exclude><p id="xdx_235_z8d0XHZAtU46" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Interim Condensed Consolidated Financial Statements</span></p></ix:exclude>

<ix:exclude><p id="xdx_235_z9ZotYzRo0v8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
30, 2022</span></p></ix:exclude>

<ix:exclude><p id="xdx_235_zqde38o4OCgc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></p></ix:exclude>

<ix:exclude><p id="xdx_23A_zHxtOrfr1Qc7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<ix:exclude><p id="xdx_23F_zH2GNotFAwv3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
6&#9;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="text-decoration: underline">Commitments and Contingencies</span> &#8211; (Continued)</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 60.75pt; color: gray"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: gray"><tr style="vertical-align: top">
<td style="width: 42.75pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">d)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Share
                                            Purchase Warrants</i></span></td></tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 42.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;A
summary of the status of the Company&#8217;s outstanding share purchase warrants is presented below:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

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    <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
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    <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
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</ix:nonNumeric><p id="xdx_8AD_zXr7NlRY7Wk9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 58.5pt; text-align: justify; text-indent: -0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2022, the Company had share purchase warrants outstanding as follows</span>&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<ix:nonNumeric contextRef="From2021-10-01to2022-06-30" escape="true" name="avxl:ScheduleOfSharePurchaseWarrantsOutstandingTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_89F_ecustom--ScheduleOfSharePurchaseWarrantsOutstandingTableTextBlock_zMsYB5MDcFyg" summary="xdx: Disclosure - Commitments and Contingencies (Details 1)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: right; text-indent: -10pt"><span id="xdx_8B1_z404gnhCoY16" style="display: none">Schedule of share purchase warrants outstanding</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; text-align: center">Number</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Exercise Price</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Expiry Date</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 style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td>&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A1_zngh7yVOQCQf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: gray"><tr style="vertical-align: top">
<td style="width: 42.75pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">e)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Stock&#8211;based
                                            Compensation Plan</i></span></td></tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-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 Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015
Stock Option Plan</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; 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 Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 18, 2015, the Company&#8217;s Board approved a 2015 Omnibus Incentive Plan (the &#8220;2015 Plan&#8221;), which provided for
the grant of stock options and restricted stock awards to directors, officers, employees and consultants of the Company.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
maximum number of our common shares reserved for issue under the plan was <span id="xdx_90D_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_c20220630__us-gaap--PlanNameAxis__custom--StockOptionPlan2015Member_pdd" title="Maximum number of common shares reserved for future issuance"><ix:nonFraction name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="AsOf2022-06-30_custom_StockOptionPlan2015Member" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,050,553</ix:nonFraction> </span>shares, subject to adjustment in the event of a change
of the Company&#8217;s capitalization.</span></p>

<ix:exclude><p id="xdx_23F_zEUhAB2vqe1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

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<ix:exclude><p id="xdx_233_zTFXETqDSzrc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23C_zAJAYQCzzPci" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anavex
Life Sciences Corp.</span></p></ix:exclude>

<ix:exclude><p id="xdx_23C_zy7Bojvv0mWb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Interim Condensed Consolidated Financial Statements</span></p></ix:exclude>

<ix:exclude><p id="xdx_235_zfA0yRAr3Ie9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
30, 2022</span></p></ix:exclude>

<ix:exclude><p id="xdx_233_zx1n7G04tiMh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></p></ix:exclude>

<ix:exclude><p id="xdx_238_zKGbkhClGMg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_232_zhXKQRY8DvF" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
6&#9;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="text-decoration: underline">Commitments and Contingencies</span> &#8211; (Continued)</span></p></ix:exclude>

<ix:exclude><p id="xdx_234_zDgucKv0jlCi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<ix:exclude><table cellpadding="0" cellspacing="0" id="xdx_235_zGMlLI3IHtHi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: gray"><tr style="vertical-align: top">
<td style="width: 42.75pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">e)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Stock-based
                                            Compensation Plan &#8211; (Continued)</i></span></td></tr></table></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 67.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019
Stock Option Plan</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 15, 2019, the Board approved the 2019 Omnibus Incentive Plan (the &#8220;2019 Plan&#8221;), which provides for the grant of stock
options and restricted stock awards to directors, officers, employees, consultants and advisors of the Company.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
maximum number of our common shares reserved for issue under the plan was <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_c20211001__20220630__us-gaap--PlanNameAxis__custom--StockOptionPlan2019Member_pdd" title="Additional shares of common stock available for issuance"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized" contextRef="From2021-10-012022-06-30_custom_StockOptionPlan2019Member" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,000,000</ix:nonFraction></span> shares, subject to adjustment in the event of a change
of the Company&#8217;s capitalization.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the nine months ended June 30, 2022, <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20211001__20220630__us-gaap--PlanNameAxis__custom--StockOptionPlan2022Member_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2021-10-012022-06-30_custom_StockOptionPlan2022Member" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">406,453</ix:nonFraction></span> options previously available under the 2019 Plan and the 2015 Plan became available under
the 2022 Plan (as defined below).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022
Stock Option Plan</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 25, 2022, the Board approved the 2022 Omnibus Incentive Plan (the &#8220;2022 Plan&#8221;). The 2022 Plan was approved by stockholders
on May 24, 2022. Under the terms of the 2022 Plan, <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_c20211001__20220630__us-gaap--PlanNameAxis__custom--StockOptionPlan2022Member_pdd" title="Additional shares of common stock available for issuance"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized" contextRef="From2021-10-012022-06-30_custom_StockOptionPlan2022Member" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction> </span>additional shares of Common Stock will be available for issuance under
the plan, in addition to the shares available under the 2019 Plan and the 2015 Plan. Any awards outstanding under a previous stock option
plan will remain subject to and be paid under such plan, and any shares subject to outstanding awards under a previous plan that subsequently
cease to be subject to such awards (other than by reason of settlement of the awards in shares) will automatically become available for
issuance under the 2022 Plan.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2022 Plan provides that it may be administered by the Board, or the Board may delegate such responsibility to a committee. The exercise
price will be determined by the Board at the time of grant shall be at least equal to the fair market value on such date. If the grantee
is a 10% stockholder on the grant date, then the exercise price shall not be less than 110% of fair market value of the Company&#8217;s
shares of common stock on the grant date. Stock options may be granted under the 2022 Plan for an exercise period of up to ten years
from the date of grant of the option or such lesser periods as may be determined by the Board, subject to earlier termination in accordance
with the terms of the 2022 Plan. At June 30, 2022, <span id="xdx_903_ecustom--OptionIssued_c20211001__20220630_zCy7QikHbqnc" title="Option issued"><ix:nonFraction name="avxl:OptionIssued" contextRef="From2021-10-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,298,000</ix:nonFraction></span> options had been issued under the 2022 Plan and <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_c20220630__us-gaap--PlanNameAxis__custom--StockOptionPlan2022Member_pdd" title="Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2022-06-30_custom_StockOptionPlan2022Member" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,108,453</ix:nonFraction></span> options were available
</span><span style="font-family: Times New Roman, Times, Serif">for issue under the 2022 Plan, subject to stockholder approval.</span></p>

<ix:exclude><p id="xdx_23C_zFlUoYoNhPcf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"></p>

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<ix:exclude><p id="xdx_236_zJ0sPLf7hKPg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_231_zQFDKC1ro7Df" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anavex
Life Sciences Corp.</span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zdcvJtxHBrli" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Interim Condensed Consolidated Financial Statements</span></p></ix:exclude>

<ix:exclude><p id="xdx_23A_zs5uaFyrwSZ8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
30, 2022</span></p></ix:exclude>

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<ix:exclude><p id="xdx_23F_z13qhlLgOEu4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<ix:exclude><p id="xdx_236_zlsPRj4NtIA6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#9;<span style="text-decoration: underline">Commitments and Contingencies</span> &#8211; (Continued)</span></p></ix:exclude>

<ix:exclude><p id="xdx_238_zpSoNrAJkxcd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<ix:exclude><table cellpadding="0" cellspacing="0" id="xdx_231_zeoGQIqdL8I2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: gray"><tr style="vertical-align: top">
<td style="width: 42.75pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">e)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Stock-based
                                            Compensation Plan &#8211; (Continued)</i></span></td></tr></table></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the status of Company&#8217;s outstanding stock options is presented below:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

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    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">Weighted</td><td>&#160;</td>
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    <td colspan="3" style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">Average</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">Weighted Average</td><td>&#160;</td>
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    <td colspan="3" style="text-align: center">Number of</td><td>&#160;</td>
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    <td colspan="3" style="text-align: center">Grant Date Fair Value</td><td>&#160;</td>
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    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Shares</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center">($)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center">($)</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 19%; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding,
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    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20201001__20210930__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zW7csxuW2u4k" title="Options Outstanding at beginning" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2020-09-30_us-gaap_StockOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,076,266</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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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)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding: 0pt 0pt 2.5pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding,
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    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</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 style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable,
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  </table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p>

</ix:nonNumeric><p id="xdx_8A8_zxAdCEvk0cRl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes information about stock options at June 30, 2022 by a range of exercise prices:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-10-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_894_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zPysIElXurS2" summary="xdx: Disclosure - Commitments and Contingencies (Details 3)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#160;</td><td style="padding: 0pt 0pt 0pt 10pt; text-align: right; text-indent: -10pt"><span id="xdx_8B6_zJpjIQXnZA67" style="display: none">Schedule Of Share-based Payment Arrangement, Option, Activity</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td colspan="7" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Range of exercise
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    <td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">average</span></td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise price</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">options</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise price</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="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"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20211001__20220630__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--OptionPrice4Member_zS4voK6pDsU" title="Weighted average remaining contractual life (in years)"><ix:nonNumeric contextRef="From2021-10-012022-06-30_us-gaap_StockOptionMember_custom_OptionPrice4Member" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">9.38</ix:nonNumeric></span></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 id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_c20220630__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--OptionPrice4Member_pdd" title="Weighted average exercise price" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2022-06-30_us-gaap_StockOptionMember_custom_OptionPrice4Member" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.05</ix:nonFraction></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>
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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 id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_c20220630__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--OptionPrice4Member_pdd" title="Weighted average exercise price" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice" contextRef="AsOf2022-06-30_us-gaap_StockOptionMember_custom_OptionPrice4Member" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">14.40</ix:nonFraction></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: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A3_zU2ipszcQbD8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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At June 30, 2022, the weighted average contractual life of options outstanding was <span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20211001__20220630_z0M2wwhieNDd" title="Weighted average contractual life of options outstanding"><ix:nonNumeric contextRef="From2021-10-01to2022-06-30" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">6.62</ix:nonNumeric></span> years (September 30, 2021: <span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20201001__20210930_zmCILppq5ra3" title="Weighted average contractual life of options outstanding"><ix:nonNumeric contextRef="From2020-10-012021-09-30" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">6.65</ix:nonNumeric></span> years) and for
options exercisable was <span id="xdx_900_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2_dtY_c20211001__20220630_zUpcE52yDoOa" title="Options exercisable"><ix:nonNumeric contextRef="From2021-10-01to2022-06-30" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2">5.21</ix:nonNumeric></span> years (September 30, 2021: <span id="xdx_901_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2_dtY_c20201001__20210930_zgs3PZs6pVf9" title="Options exercisable"><ix:nonNumeric contextRef="From2020-10-012021-09-30" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2">5.80</ix:nonNumeric></span> years).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted market price
of the Company&#8217;s stock for the options that were in-the-money at June 30, 2022.</span></p>

<ix:exclude><p id="xdx_23B_zaTXEvWTuuV7" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<ix:exclude><!-- Field: Page; Sequence: 17 -->
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    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_232_zSBbwAm7xb5e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p><ix:exclude><p id="xdx_23D_zaDxxdI21M1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anavex
                                            Life Sciences Corp.</span></p></ix:exclude>

<ix:exclude><p id="xdx_23D_zVPmvn0Byfd3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Interim Condensed Consolidated Financial Statements</span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zqTNwlMjYWn4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
30, 2022</span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zykyTaq9w7b3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></p></ix:exclude>

<ix:exclude><p id="xdx_23B_zQn9P0Q7Ho6e" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<ix:exclude><p id="xdx_239_zIq6tb4MzNGg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
6&#9;&#160;&#160;&#160;&#160;&#160;&#160;<span style="text-decoration: underline">Commitments and Contingencies</span> &#8211; (Continued)</span></p></ix:exclude>

<ix:exclude><p id="xdx_23B_zyPwp7ClDhu3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<ix:exclude><table cellpadding="0" cellspacing="0" id="xdx_233_z0qMTWCrfEJc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; color: gray"><tr style="vertical-align: top">
<td style="width: 42.75pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">e)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Stock-based
                                            Compensation Plan &#8211; (Continued)</i></span></td></tr></table></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three and nine months ended June 30, 2022, the Company recognized stock-based compensation expense of $<span id="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_c20220401__20220630_pp0p0" title="Share based compensation"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,988,614</ix:nonFraction></span> and $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_c20211001__20220630_pp0p0" title="Share based compensation"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-10-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">12,336,844</ix:nonFraction></span>
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for services. These amounts have been included in general and &#9;administrative expenses and research and development expenses on the
Company&#8217;s statement of &#9;operations as follows:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

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    <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8BF_zxQqWg1gJINh" style="display: none">Schedule of general and administrative expenses and research and development expenses</span></td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><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 colspan="7" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three months
    ended June 30,</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="7" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nine months
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    <td style="padding: 0pt 0pt 2.5pt 10pt; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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</ix:nonNumeric><p id="xdx_8A5_zTZt5sDBAkK8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
amount of approximately $<span id="xdx_902_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_c20220630_pp0p0" title="Remaining stock based compensation"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">24,276,312</ix:nonFraction> </span>in stock-based compensation is expected to be recorded over the remaining term &#9;of such options
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of each option award granted during the three and nine months ended June 30, 2022 and 2021 is estimated on the date of grant
using the Black Scholes option pricing model based on the following weighted average assumptions:</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<ix:nonNumeric contextRef="From2021-10-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_894_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_z9doc0ils37e" summary="xdx: Disclosure - Commitments and Contingencies (Details 5)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B4_zbUynMVHmZqd" style="display: none">Schedule of weighted average assumptions for fair value of each option award</span></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 style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 1pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2022</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2021</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Risk-free interest rate</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20211001__20220630_zc2QyWVE6FZ1" title="Risk-free interest rate" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-10-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.10</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td><td style="width: 8%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20211001__20220630_zSPFF48pCIg1" title="Expected life of options (years)"><ix:nonNumeric contextRef="From2021-10-01to2022-06-30" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">5.51</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)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Dividend rate</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20201001__20210630_zNJdFZDYkbQc" title="Dividend rate" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2020-10-012021-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.00</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8AA_zbiVlCUIx3wg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of stock compensation charges recognized during the three and nine months ended June 30, 2022 and 2021 was determined with
reference to the quoted market price of the Company&#8217;s shares on the grant date.&#160;</span></p>

</ix:nonNumeric><p id="xdx_814_zVr0kHBfZq7h" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 58.5pt; text-align: justify"><span 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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_003"></span>ITEM
2. MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Forward-Looking
Statements</i></b></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">This
Quarterly Report on Form 10-Q includes forward-looking statements. All statements other than statements of historical facts contained
in this Quarterly Report on Form 10-Q, including statements regarding our anticipated future clinical and regulatory milestone events,
future financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements.
The words &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221;
&#8220;expect&#8221; &#8220;should,&#8221; &#8220;forecast,&#8221; &#8220;could,&#8221; &#8220;suggest,&#8221; &#8220;plan&#8221; and
similar expressions, as they relate to us, are intended to identify forward-looking statements. Such forward-looking statements include,
without limitation, statements regarding:</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 cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="padding: 0; width: 28px; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; width: 24px; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">volatility
in our stock and in the markets in general;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to successfully conduct clinical and preclinical trials for our product candidates;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to raise additional capital on favorable terms and the impact of such activities on our stockholders and stock price;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
impact of the COVID-19 outbreak and its effect on us;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to generate any revenue or to continue as a going concern;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to execute our research and development plan on time and on budget; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
products&#8217;&#8217; ability to demonstrate efficacy or an acceptable safety profile of our product candidates; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to obtain the support of qualified scientific collaborators; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability, whether alone or with commercial partners, to successfully commercialize any of our product candidates that may be approved
for sale; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to identify and obtain additional product candidates; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
reliance on third parties in non-clinical and clinical studies; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to defend against product liability claims; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to safeguard against security breaches; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to obtain and maintain sufficient intellectual property protection for our product candidates; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to comply with our intellectual property licensing agreements; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to defend against claims of intellectual property infringement; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to comply with the maintenance requirements of the government patent agencies; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to protect our intellectual property rights throughout the world; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition;
</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
anticipated start dates, durations and completion dates of our ongoing and future clinical studies; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
anticipated designs of our future clinical studies; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
impact of fast track designation on receipt of actual FDA approval; </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
anticipated future regulatory submissions and our ability to receive regulatory approvals to develop and market our product candidates,
including any orphan drug or fast track designations; and </span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
anticipated future cash position.</span></td></tr>
</table>

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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">We
have based these forward-looking statements largely on our current expectations and projections about future events, including the responses
we expect from the U.S. Food and Drug Administration, (&#8220;FDA&#8221;), and other regulatory authorities and financial trends that
we believe may affect our financial condition, results of operations, business strategy, preclinical and clinical trials, and financial
needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions including without limitation
the risks described in &#8220;Risk Factors&#8221; in Part I, Item 1A of our Annual Report on Form 10-K filed with the Securities and
Exchange Commission on November 24, 2021. These risks are not exhaustive. Other sections of this Quarterly Report on Form 10-Q include
additional factors which could adversely impact our business and financial performance. Moreover, we operate in a very competitive and
rapidly changing environment. New risk factors emerge from time to time and it is not possible for our management to predict all risk
factors, 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. You should not rely upon forward-looking
statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements
will be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as
required by applicable laws including the securities laws of the United States, we assume no obligation to update or supplement forward-looking
statements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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">As
used in this Quarterly Report on Form 10-Q, the terms &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; and &#8220;Anavex&#8221;
mean Anavex Life Sciences Corp., unless the context clearly requires otherwise.</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"><b><i>Our
Current Business</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"><b><i>&#160;</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">Anavex
Life Sciences Corp. is a clinical stage biopharmaceutical company engaged in the development of differentiated therapeutics by applying
precision medicine to central nervous system (&#8220;CNS&#8221;) diseases with high unmet need. We analyze genomic data from clinical
studies to identify biomarkers, which we use to select patients that will receive the therapeutic benefit for the treatment of neurodegenerative
and neurodevelopmental diseases.</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">Our
lead compound, ANAVEX<sup>&#174;</sup>2-73, is being developed to treat Alzheimer&#8217;s disease, Parkinson&#8217;s disease and potentially
other central nervous system diseases, including rare diseases, such as Rett syndrome, a rare severe neurological monogenic disorder
caused by mutations in the X-linked gene, methyl-CpG-binding protein 2 (&#8220;MECP2&#8221;).</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">We
currently have two core programs and two seed programs. Our core programs are at various stages of clinical and preclinical development,
in neurodegenerative and neurodevelopmental diseases.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes key information about our programs:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><img src="image_001.jpg" alt="" /><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>*
= Orphan Drug Designation by the FDA; Dashed lines indicate planned clinical studies</i></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">Anavex
has a portfolio of compounds varying in sigma-1 receptor (S1R) binding activities. The SIGMAR1 gene encodes the S1R protein, which is
an intracellular chaperone protein with important roles in cellular communication. S1R is also involved in transcriptional regulation
at the nuclear envelope and restores homeostasis and stimulates recovery of cell function when activated. In order to validate the ability
of our compounds to activate quantitatively the S1R, we performed, in collaboration with Stanford University, a quantitative Positron
Emission Tomography (PET) imaging scan in mice, which demonstrated a dose-dependent ANAVEX<sup>&#174;</sup>2-73 target engagement or receptor
occupancy (RO) with S1R in the brain.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><img src="image_002.jpg" alt="" />&#160;</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>Source:
Reyes S et al., Sci Rep. 2021 Aug 25; 11(1):17150</i>s</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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>Cellular
Homeostasis</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">Many
diseases are possibly directly caused by chronic homeostatic imbalances or cellular stress of brain cells. In pediatric diseases like
Rett syndrome or infantile spasms, the chronic cellular stress is possibly caused by the presence of a constant genetic mutation. In
neurodegenerative diseases, such as Alzheimer&#8217;s and Parkinson&#8217;s diseases, chronic cellular stress is possibly caused by age-correlated
buildup of cellular insult and hence chronic cellular stress. Specifically, defects in homeostasis of protein or ribonucleic acid (&#8220;RNA&#8221;)
lead to the death of neurons and dysfunction of the nervous system. The spreading of protein aggregates resulting in a proteinopathy,
a characteristic finding in Alzheimer&#8217;s and Parkinson&#8217;s diseases that results from disorders of protein synthesis, trafficking,
folding, processing or degradation in cells. The clearance of macromolecules in the brain is particularly susceptible to imbalances that
result in aggregation and degeneration in nerve cells. For example, Alzheimer&#8217;s disease pathology is characterized by the presence
of amyloid plaques, neurofibrillary tangles, which are aggregates of hyperphosphorylated Tau protein that are a marker of other diseases
known as tauopathies as well as inflammation of microglia. With the SIGMAR1 activation through SIGMAR1 agonists like ANAVEX<sup>&#174;</sup>2-73,
our approach is to restore cellular balance, i.e. homeostasis. Therapies that correct defects in cellular homeostasis might have the
potential to halt or delay neurodevelopmental and neurodegenerative disease progression.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>ANAVEX</i></b><sup>&#174;</sup><b><i>2-73-specific
Biomarkers</i></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">&#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">A
full genomic analysis of Alzheimer&#8217;s disease (AD) patients treated with ANAVEX<sup>&#174;</sup>2-73 resulted in the identification
of actionable genetic variants. A significant impact of the genomic biomarkers SIGMAR1, the direct target of ANAVEX<sup>&#174;</sup>2-73
and COMT, a gene involved in memory function, on the drug response level was identified, leading to an early ANAVEX<sup>&#174;</sup>2-73-specific
biomarker hypothesis. It is expected that <i>excluding</i> patients with SIGMAR1 identified biomarker variant (approximately 10%-20%
of the population) in prospective studies would identify approximately 80%-90% patients that would display clinically significant improved
functional and cognitive scores.</span></p>

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

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<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consistency between the identified DNA and RNA data related to ANAVEX<sup>&#174;</sup>2-73, which are considered independent of AD pathology,
as well as multiple endpoints and time-points, provides support for precision medicine clinical development of ANAVEX<sup>&#174;</sup>2-73
by using genetic biomarkers identified within the study population itself to target patients who are most likely to respond to ANAVEX<sup>&#174;</sup>2-73
treatment in AD as well as indications like Parkinson&#8217;s disease dementia (PDD) or Rett syndrome (RTT) in which ANAVEX<sup>&#174;</sup>2-73
is currently studied.</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><i>Clinical
Studies Overview</i></b></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"><i>Alzheimer&#8217;s
Disease</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2016, we completed a Phase 2a clinical trial, consisting of PART A and PART B, which lasted a total of 57 weeks, for ANAVEX<sup>&#174;</sup>2-73
in mild-to-moderate Alzheimer&#8217;s patients. This open-label randomized trial met both primary and secondary endpoints and was designed
to assess the safety and exploratory efficacy of ANAVEX<sup>&#174;</sup>2-73 in 32 patients. ANAVEX<sup>&#174;</sup>2-73 targets sigma-1
and muscarinic receptors, which have been shown in preclinical studies to reduce stress levels in the brain believed to restore cellular
homeostasis and to reverse the pathological hallmarks observed in Alzheimer&#8217;s disease. In October 2017, we presented positive pharmacokinetic
(PK) and pharmacodynamic (PD) data from the Phase 2a study, which established a concentration-effect relationship between ANAVEX<sup>&#174;</sup>2-73
and study measurements. These measures obtained from all patients who participated in the entire 57 weeks include exploratory cognitive
and functional scores as well as biomarker signals of brain activity. Additionally, the study appears to show that ANAVEX<sup>&#174;</sup>2-73
activity is enhanced by its active metabolite (ANAVEX19-144), which also targets the sigma-1 receptor and has a half-life approximately
twice as long as the parent molecule.</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">Two
consecutive trial extensions for the Phase 2a trial have allowed participants who completed the 52-week PART B of the study to continue
taking ANAVEX<sup>&#174;</sup>2-73, providing an opportunity to gather extended safety data for a cumulative time period of five years.
In August 2020, patients completing these Phase 2a trial extensions were granted continued access to treatment with ANAVEX<sup>&#174;</sup>2-73
through the Australian Government Department of Health &#8211; Therapeutic Goods Administration (TGA) compassionate use Special Access
Scheme.</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">A
larger Phase 2b/3 double-blind, placebo-controlled study of ANAVEX<sup>&#174;</sup>2-73 in Alzheimer&#8217;s disease commenced in August
2018. The Phase 2b/3 study enrolled 509 patients for 48 weeks, randomized 1:1:1 to two different ANAVEX<sup>&#174;</sup>2-73 doses or
placebo. The trial commenced in Australia; and during fiscal 2020 additional regions were added in the United Kingdom, The Netherlands,
Germany and Canada. The ANAVEX<sup>&#174;</sup>2-73 Phase 2b/3 study design incorporates genomic precision medicine biomarkers identified
in the ANAVEX<sup>&#174;</sup>2-73 Phase 2a study. Primary and secondary endpoints will assess safety and both cognitive and functional
efficacy, measured through Alzheimer&#8217;s Disease Assessment Scale &#8211; Cognition (ADAS-Cog), ADCS-ADL and Clinical Dementia Rating
&#8211; Sum of Boxes for cognition and function (CDR-SB). The study completed enrollment in June 2021, exceeding the 450 patient enrollment
target at 52 sites across North America, Europe and Australia.</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">In
October 2019, we initiated a long-term open label extension study of ANAVEX<sup>&#174;</sup>2-73, entitled the ATTENTION-AD study, for
patients who have completed the 48-week Phase 2b/3 placebo-controlled trial referenced above. This study is expected to last two years
and will give patients the opportunity to continue their treatment. Upon request by patients, caretakers and investigators, this extension
study was extended by one further year.</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>Rett
Syndrome </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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2016, we presented positive preclinical data for ANAVEX<sup>&#174;</sup>2-73 in Rett syndrome, a rare neurodevelopmental disease.
The study was funded by the International Rett Syndrome Foundation (&#8220;Rettsyndrome.org&#8221;). In January 2017, we were awarded
a financial grant from Rettsyndrome.org of a minimum of $0.6 million to cover some of the costs of a multicenter Phase 2 clinical trial
of ANAVEX<sup>&#174;</sup>2-73 for the treatment of Rett syndrome. This award was received in quarterly instalments which commenced during
fiscal 2018.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2019, we commenced the first Phase 2 clinical trial in a planned Rett syndrome program of ANAVEX<sup>&#174;</sup>2-73 for the treatment
of Rett syndrome. The studies will be conducted in a range of patient age demographics and geographic regions, utilizing a convenient
oral liquid once-daily formulation of ANAVEX<sup>&#174;</sup>2-73.</span></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"></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">The
first Phase 2 study, (ANAVEX&#174;2-73-RS-001), which took place in the United States, was completed in December 2020. This trial was
a randomized double-blind, placebo-controlled safety, tolerability, pharmacokinetic and efficacy study of oral liquid ANAVEX<sup>&#174;</sup>2-73
formulation in 25 adult female patients with Rett syndrome over a 7-week treatment period including ANAVEX<sup>&#174;</sup>2-73-specific
genomic precision medicine biomarkers. The primary endpoint of the trial was safety. The dosing of 5 mg ANAVEX<sup>&#174;</sup>2-73 was
well-tolerated and demonstrated dose-proportional PK (pharmacokinetics). All secondary efficacy endpoints of the trial showed statistically
significant and clinically meaningful response in the Rett Syndrome Behaviour Questionnaire (RSBQ AUC) Total scores, when compared to
placebo, in the ITT cohort (all participants, p = 0.011). 66.7% of ANAVEX<sup>&#174;</sup>2-73 treated subjects showed a statistically
significant improvement in RSBQ response as compared to 10% of the subjects on placebo in the ITT cohort (all participants, p = 0.011).
ANAVEX<sup>&#174;</sup>2-73 treatment resulted in a sustained improvement in Clinical Global Impression Improvement (CGI-I) scores throughout
the 7-week study, when compared to placebo in the ITT cohort (all participants, p = 0.014). Consistent with previous ANAVEX<sup>&#174;</sup>2-73
clinical trials, patients carrying the common form of the SIGMAR1 gene treated with ANAVEX<sup>&#174;</sup>2-73 experienced stronger improvements
in the prespecified efficacy endpoints.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
second, international study of ANAVEX<sup>&#174;</sup>2-73 for the treatment of Rett syndrome, called the AVATAR study, commenced in June
2019. This study took place in Australia and the United Kingdom using a higher dose than the U.S. based Phase 2 study for Rett syndrome.
The study was a Phase 3 randomized, double-blind, placebo-controlled trial to evaluate the safety and efficacy of ANAVEX<sup>&#174;</sup>2-73
in 33 patients over a 7-week treatment period including ANAVEX<sup>&#174;</sup>2-73 specific precision medicine biomarkers. Following
the successful completion of the U.S. Phase 2 Rett syndrome study (ANAVEX&#174;2-73-RS-001), and the knowledge gained from it, the endpoints
for the AVATAR study (ANAVEX&#174;2-73-RS-002) were appropriately updated according to ICH guidelines and were approved by the U.K. Medicines
and Healthcare products Regulatory Agency (MHRA) and in Australia by the Human Research Ethics Committees (HREC), where the AVATAR study
was conducted. Subsequently the AVATAR study was updated from a Phase 2 to a Phase 3 study.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
data of the AVATAR study was released in February 2022. The study met all primary and secondary efficacy and safety endpoints, with consistent
improvements in primary efficacy endpoint, RSBQ AUC (p = 0.037) response, and secondary efficacy endpoints, ADAMS (p = 0.010) and CGI-I
(p = 0.037) response. Efficacy endpoints demonstrated statistically significant and clinically meaningful reductions in Rett syndrome
symptoms. Convenient once daily oral liquid doses of up to 30mg of ANAVEX<sup>&#174;</sup>2-73 were also well tolerated with good medication
compliance. All patients who participated in the study are eligible to receive ANAVEX<sup>&#174;</sup>2-73 under a voluntary open label
extension protocol, which is currently ongoing.</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">In
July 2020, we commenced the third study of ANAVEX<sup>&#174;</sup>2-73 for the treatment of Rett syndrome, called the EXCELLENCE study.
This Phase 2/3 study in pediatric patients with Rett syndrome will evaluate the safety and efficacy of ANAVEX<sup>&#174;</sup>2-73 in
approximately 84 pediatric patients, aged 5 to 18, over a 12-week treatment period incorporating ANAVEX<sup>&#174;</sup>2-73 specific
precision medicine biomarkers. All patients who participate in the study will be eligible to receive ANAVEX<sup>&#174;</sup>2-73 under
a voluntary open label extension protocol.</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>Parkinson&#8217;s
Disease</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2016, we presented positive preclinical data for ANAVEX<sup>&#174;</sup>2-73 in an animal model of Parkinson&#8217;s disease,
which demonstrated significant improvements on behavioral, histopathological, and neuroinflammatory endpoints. The study was funded by
the Michael J. Fox Foundation. Additional data announced in October 2017 indicates that ANAVEX<sup>&#174;</sup>2-73 induces robust neurorestoration
in experimental Parkinsonism. The encouraging results we have gathered in this model, coupled with the favorable profile of this compound
in the Alzheimer&#8217;s disease trial, support the notion that ANAVEX<sup>&#174;</sup>2-73 is a promising clinical candidate drug for
Parkinson&#8217;s disease dementia.</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">In
October 2020, we completed a double-blind, randomized, placebo-controlled proof-of-concept Phase 2 trial with ANAVEX<sup>&#174;</sup>2-73
in Parkinson&#8217;s Disease Dementia (PDD), to study the effect of the compound on both the cognitive and motor impairment of Parkinson&#8217;s
disease. The Phase 2 study enrolled approximately 132 patients for 14 weeks, randomized 1:1:1 to two different ANAVEX<sup>&#174;</sup>2-73
doses, 30mg and 50mg, or placebo. The ANAVEX<sup>&#174;</sup>2-73 Phase 2 PDD study design incorporated genomic precision medicine biomarkers
identified in the ANAVEX<sup>&#174;</sup>2-73 Phase 2a Alzheimer&#8217;s disease study.</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"></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">Within
this study ANAVEX<sup>&#174;</sup>2-73 was safe and well tolerated in oral doses up to 50mg once daily. The results show clinically meaningful,
dose-dependent, and statistically significant improvements in the Cognitive Drug Research (CDR) computerized assessment system analysis.
Treatment with ANAVEX<sup>&#174;</sup>2-73 also resulted in clinically meaningful improvements as measured by the global composite score
of Parkinson&#8217;s disease symptom severity, MDS-UPDRS Total score on top of standard of care including dopaminergic therapy, levodopa
and other anti-PD medications after 14 weeks of treatment, suggesting ANAVEX<sup>&#174;</sup>2-73&#8217;s potential global capability
of slowing and reversing symptoms that progress in Parkinson&#8217;s disease. The study confirmed the precision medicine approach of
targeting SIGMAR1 as a genetic biomarker in response to ANAVEX<sup>&#174;</sup>2-73.</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">In
January 2021, we announced we were awarded a research grant of $1.0 million from&#160;The Michael J. Fox Foundation for Parkinson&#8217;s
Research&#160;(MJFF) to develop ANAVEX<sup>&#174;</sup>2-73 for the treatment of Parkinson&#8217;s disease. The award will explore utilization
of PET imaging biomarkers to enable measurement of target engagement and pathway activation of the sigma-1 receptor (SIGMAR1) with clinically
relevant doses in people with Parkinson&#8217;s disease.</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>Frontotemporal
Dementia</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2020, we commenced the First-in-Human Phase 1 clinical trial of ANAVEX<sup>&#174;</sup>3-71. ANAVEX<sup>&#174;</sup>3-71 was previously
granted orphan drug designation for the treatment of Frontotemporal Dementia (FTD) by the FDA. ANAVEX<sup>&#174;</sup>3-71 is an orally
administered small molecule targeting sigma-1 and M1 muscarinic receptors that is designed to be beneficial for neurodegenerative diseases.
In preclinical studies, ANAVEX<sup>&#174;</sup>3-71 demonstrated disease-modifying activity against the major hallmarks of Alzheimer&#8217;s
disease in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid and tau pathologies, as well as beneficial effects on mitochondrial
dysfunction and neuroinflammation.</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">The
Phase 1 clinical trial was a prospective double-blind, randomized, placebo-controlled study. A total of 36 healthy male and female subjects
were included. Single escalating doses of ANAVEX<sup>&#174;</sup>3-71 were administered in order to evaluate the safety, tolerability,
and pharmacokinetics (PK) of ANAVEX<sup>&#174;</sup>3-71 and the effects of food and gender on its PK in healthy volunteers. </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">The
study met its primary and secondary endpoints of safety, with no serious adverse events (SAEs) or dose-limiting toxicities observed.
ANAVEX<sup>&#174;</sup>3-71 was well tolerated in all cohorts receiving ANAVEX<sup>&#174;</sup>3-71 in single doses ranging from 5 mg to
200 mg daily with no SAEs and no significant lab abnormalities in any subject. In the study, ANAVEX<sup>&#174;</sup>3-71 exhibited linear
pharmacokinetics. Its pharmacokinetics was also dose proportional for doses up to 160 mg. Gender had no effect on the PK of the drug
and food had no effect on the bioavailability of ANAVEX<sup>&#174;</sup>3-71. The study also met the secondary objective of characterizing
the effect of ANAVEX<sup>&#174;</sup>3-71 on electrocardiogram (ECG) parameters. There were no clinically significant ECG parameters throughout
the study. Participant QTcF measures were normal across all dose groups with no difference between ANAVEX<sup>&#174;</sup>3-71 and placebo.</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">Based
on these results, and ANAVEX<sup>&#174;</sup>3-71 pre-clinical profile, the Company intends to advance ANAVEX<sup>&#174;</sup>3-71 into
a biomarker-driven clinical development dementia program for the treatment of FTD, schizophrenias and Alzheimer&#8217;s disease, evaluating
longitudinal effect of treatment with ANAVEX<sup>&#174;</sup>3-71. We believe the results of these studies could serve as the basis for
advancing into respective registration studies in the U.S.</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"><b><i>Our
Pipeline</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">Our
research and development pipeline includes ANAVEX<sup>&#174;</sup>2-73 currently in three different clinical study indications, and several
other compounds in different stages of clinical and pre-clinical study.</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">Our
proprietary SIGMACEPTOR&#8482; Discovery Platform produced small molecule drug candidates with unique modes of action, based on our understanding
of sigma receptors. Sigma receptors may be targets for therapeutics to combat many human diseases, both of neurodegenerative nature,
including Alzheimer&#8217;s disease, as well as of neurodevelopmental nature, like Rett syndrome. When bound by the appropriate ligands,
sigma receptors influence the functioning of multiple biochemical signals that are involved in the pathogenesis (origin or development)
of disease. Multiple viruses including SARS-CoV-2 (COVID-19) induce cellular stress by intrinsic mitochondrial apoptosis and other related
cellular processes, in order to ensure survival and replication. Hence, it is possible that S1R could play a role in modulating the cellular
response to viral infection and ameliorate pathogenesis.</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"></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">Compounds
that have been subjects of our research include the following:</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">ANAVEX<sup>&#174;</sup>2-73
<i>(blarcamesine)</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANAVEX<sup>&#174;</sup>2-73
may offer a disease-modifying approach in neurodegenerative and neurodevelopmental diseases by activation of sigma-1 receptors.</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">In
Rett syndrome, administration of ANAVEX<sup>&#174;</sup>2-73 resulted in both significant and dose related improvements in an array of
behavioral paradigms in the MECP2 HET Rett syndrome disease model. In addition, in a further experiment sponsored by Rettsyndrome.org,
ANAVEX<sup>&#174;</sup>2-73 was evaluated in automatic visual response and respiration tests in 7-month old mice, an age at which advanced
pathology is evident. Vehicle-treated MECP2 mice demonstrated fewer automatic visual responses than wild-type mice. Treatment with ANAVEX<sup>&#174;</sup>2-73
for four weeks significantly increased the automatic visual response in the MECP2 Rett syndrome disease mice. Additionally, chronic oral
dosing daily for 6.5 weeks of ANAVEX<sup>&#174;</sup>2-73 starting at ~5.5 weeks of age was conducted in the MECP2 HET Rett syndrome disease
mouse model assessed the different aspects of muscular coordination, balance, motor learning and muscular strengths, some of the core
deficits observed in Rett syndrome. Administration of ANAVEX<sup>&#174;</sup>2-73 resulted in both significant and dose related improvements
in an array of these behavioral paradigms in the MECP2 HET Rett syndrome disease model.</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">In
May 2016 and June 2016, the FDA granted Orphan Drug Designation to ANAVEX<sup>&#174;</sup>2-73 for the treatment of Rett syndrome and
infantile spasms, respectively. In November 2019, the FDA granted to ANAVEX<sup>&#174;</sup>2-73 the Rare Pediatric Disease (RPD) designation
for the treatment of Rett syndrome. The RPD designation provides priority review by the FDA to encourage the development of treatments
for rare pediatric diseases.</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">Further,
in February 2020, the FDA granted Fast Track designation for the ANAVEX<sup>&#174;</sup>2-73 clinical development program for the treatment
of Rett syndrome. The FDA Fast Track program is designed to facilitate and expedite the development and review of new drugs to address
unmet medical needs in the treatment of serious and life-threatening conditions.</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">For
Parkinson&#8217;s disease, data demonstrates significant improvements and restoration of function in a disease modifying animal model
of Parkinson&#8217;s disease. Significant improvements were seen on all measures tested: behavioral, histopathological, and neuroinflammatory
endpoints. In October 2020, we completed a double-blind, randomized, placebo-controlled proof-of-concept Phase 2 trial with ANAVEX<sup>&#174;</sup>2-73
in Parkinson&#8217;s Disease Dementia (PDD), to study the effect of the compound on both the cognitive and motor impairment of Parkinson&#8217;s
disease. The Phase 2 study enrolled approximately 132 patients for 14 weeks, randomized 1:1:1 to two different ANAVEX<sup>&#174;</sup>2-73
doses, 30mg and 50mg, or placebo. The ANAVEX<sup>&#174;</sup>2-73 Phase 2 PDD study design incorporated genomic precision medicine biomarkers
identified in the ANAVEX<sup>&#174;</sup>2-73 Phase 2a Alzheimer&#8217;s disease study.</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">The
study found that ANAVEX<sup>&#174;</sup>2-73 was safe and well tolerated in oral doses up to 50mg once daily. The results show clinically
meaningful, dose-dependent, and statistically significant improvements in the Cognitive Drug Research (CDR) computerized assessment system
analysis. We anticipate conducting further clinical trials of ANAVEX<sup>&#174;</sup>2-73 in Parkinson&#8217;s disease dementia after
submitting the results of the study to the FDA to obtain regulatory guidance.</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">In
Alzheimer&#8217;s disease (AD) animal models, ANAVEX<sup>&#174;</sup>2-73 has shown pharmacological, histological and behavioral evidence
as a potential neuroprotective, anti-amnesic, anti-convulsive and anti-depressive therapeutic agent, due to its potent affinity to sigma-1
receptors and moderate affinities to M1-4 type muscarinic receptors. In addition, ANAVEX<sup>&#174;</sup>2-73 has shown a potential dual
mechanism which may impact amyloid, tau pathology and inflammation. In a transgenic AD animal model Tg2576, ANAVEX<sup>&#174;</sup>2-73
induced a statistically significant neuroprotective effect against the development of oxidative stress in the mouse brain, as well as
significantly increased the expression of functional and synaptic plasticity markers that is apparently amyloid-beta independent. It
also statistically alleviated the learning and memory deficits developed over time in the animals, regardless of sex, both in terms of
spatial working memory and long-term spatial reference memory.</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"></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">Based
on the results of pre-clinical testing, we initiated and completed a Phase 1 single ascending dose (SAD) clinical trial of ANAVEX<sup>&#174;</sup>2-73.
In this Phase 1 SAD trial, the maximum tolerated single dose was defined per protocol as 55-60 mg. This dose is above the equivalent
dose shown to have positive effects in mouse models of AD. There were no significant changes in laboratory or electrocardiogram (ECG)
parameters. ANAVEX<sup>&#174;</sup>2-73 was well tolerated below the 55-60 mg dose with only mild adverse events in some subjects. Observed
adverse events at doses above the maximum tolerated single dose included headache and dizziness, which were moderate in severity and
reversible. These side effects are often seen with drugs that target CNS conditions, including AD.</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">In
December 2014, a Phase 2a clinical trial was initiated for ANAVEX<sup>&#174;</sup>2-73, for the treatment of Alzheimer&#8217;s disease.
The open-label randomized trial was designed to assess the safety and exploratory efficacy of ANAVEX<sup>&#174;</sup>2-73 in 32 patients
with mild-to-moderate Alzheimer&#8217;s disease. ANAVEX<sup>&#174;</sup>2-73 is an orally available drug candidate that restores cellular
homeostasis by targeting sigma-1 and muscarinic receptors. Preclinical studies demonstrated its potential to halt and/or reverse the
course of Alzheimer&#8217;s. The Phase 2a study met both primary and secondary objectives of the study.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2018, we presented the results of a genomic DNA and RNA evaluation of the participants in the Phase 2a study. More than 33,000 genes
were analyzed using unbiased, data driven, machine learning, artificial intelligence (AI) system for analyzing DNA &amp; RNA data in
patients exposed to ANAVEX<sup>&#174;</sup>2-73. The analysis identified genetic variants that impacted response to ANAVEX<sup>&#174;</sup>2-73,
among them variants related to the Sigma-1 receptor (SIGMAR1), the target for ANAVEX<sup>&#174;</sup>2-73. Results showed that study participants
with the common SIGMAR1 wild type gene variant, which is about 80 percent of the population worldwide, demonstrated improved cognitive
(MMSE) and the functional (ADCS-ADL) scores. The results from this evaluation have been used to establish a precision medicine approach
in subsequent clinical trials, since these signatures can now be applied to neurological indications tested in clinical studies with
ANAVEX<sup>&#174;</sup>2-73 including Alzheimer&#8217;s disease, Parkinson&#8217;s disease dementia and Rett syndrome.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANAVEX<sup>&#174;</sup>2-73
data presented met prerequisite information in order to progress into a Phase 2b/3 placebo-controlled study. On July 2, 2018, the Human
Research Ethics Committee in Australia approved the initiation of our Phase 2b/3, double-blind, randomized, placebo-controlled 48-week
safety and efficacy trial of ANAVEX<sup>&#174;</sup>2-73 for the treatment of early Alzheimer&#8217;s disease. Clinical trial sites in
Canada, the United Kingdom, the Netherlands and Germany were also added. This Phase 2b/3 study design incorporates inclusion of genomic
precision medicine biomarkers identified in the ANAVEX<sup>&#174;</sup>2-73 Phase 2a study. The Phase 2b/3 study, which commenced in October
2018, randomized 1:1:1 to either two different ANAVEX<sup>&#174;</sup>2-73 doses or placebo, completed enrollment in June 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preclinical
data also validates ANAVEX<sup>&#174;</sup>2-73 as a prospective platform drug for other neurodegenerative diseases beyond Alzheimer&#8217;s
disease, Parkinson&#8217;s disease or Rett syndrome, more specifically, epilepsy, infantile spasms, Fragile X syndrome, Angelman syndrome,
multiple sclerosis and, more recently, tuberous sclerosis complex (TSC). ANAVEX<sup>&#174;</sup>2-73 demonstrated significant improvements
in all of these indications in the respective preclinical animal models.</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">In
a study sponsored by the Foundation for Angelman Syndrome, ANAVEX<sup>&#174;</sup>2-73 was assessed in a mouse model for the development
of audiogenic seizures. The results indicated that ANAVEX<sup>&#174;</sup>2-73 administration significantly reduced audiogenic-induced
seizures. In a study sponsored by FRAXA Research Foundation regarding Fragile X syndrome, data demonstrated that ANAVEX<sup>&#174;</sup>2-73
restored hippocampal brain-derived neurotrophic factor (BDNF) expression to normal levels. BDNF under-expression has been observed in
many neurodevelopmental and neurodegenerative pathologies. BDNF signaling promotes maturation of both excitatory and inhibitory synapses.
ANAVEX<sup>&#174;</sup>2-73 normalization of BDNF expression could be a contributing factor for the positive data observed in both neurodevelopmental
and neurodegenerative disorders like Angelman and Fragile X syndromes.</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">Preclinical
data presented also indicates that ANAVEX<sup>&#174;</sup>2-73 demonstrates protective effects of mitochondrial enzyme complexes during
pathological conditions, which, if impaired, are believed to play a role in the pathogenesis of neurodegenerative and neurodevelopmental
diseases.</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">Preclinical
data on ANAVEX<sup>&#174;</sup>2-73 related to multiple sclerosis indicates that ANAVEX<sup>&#174;</sup>2-73 may promote remyelination
in multiple sclerosis disease. Further, data also demonstrates that ANAVEX<sup>&#174;</sup>2-73 provides protection for oligodendrocytes
(&#8220;OL&#8217;s&#8221;) and oligodendrocyte precursor cells (&#8220;OPC&#8217;s&#8221;), as well as central nervous system neurons
in addition to helping repair by increasing OPC proliferation and maturation in tissue culture.</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"></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">In
March 2018, we presented preclinical data of ANAVEX<sup>&#174;</sup>2-73 in a genetic mouse model of tuberous sclerosis complex (&#8220;TSC&#8221;).
TSC is a rare genetic disorder characterized by the growth of numerous benign tumors in many parts of the body with a high incidence
of seizures. The preclinical data demonstrates that treatment with ANAVEX<sup>&#174;</sup>2-73 significantly increases survival and reduces
seizures.</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"><b>ANAVEX<sup>&#174;</sup>3-71</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">ANAVEX<sup>&#174;</sup>3-71
is a clinical drug candidate with a novel mechanism of action via sigma-1 receptor activation and M1 muscarinic allosteric modulation,
which has been shown to enhance neuroprotection and cognition in Alzheimer&#8217;s disease models. ANAVEX<sup>&#174;</sup>3-71 is a CNS-penetrable
potential disease modifying treatment for cognitive impairments. It is highly effective in very small doses against the major Alzheimer&#8217;s
hallmarks in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid and tau pathologies, and also has beneficial effects on
inflammation and mitochondrial dysfunctions. ANAVEX<sup>&#174;</sup>3-71 indicates extensive therapeutic advantages in Alzheimer&#8217;s
and other protein-aggregation-related diseases given its ability to enhance neuroprotection and cognition via sigma-1 receptor activation
and M1 muscarinic allosteric modulation.</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">A
preclinical study examined the response of ANAVEX<sup>&#174;</sup>3-71 in aged transgenic animal models and showed a significant reduction
in the rate of cognitive deficit, amyloid beta pathology and inflammation with the administration of ANAVEX 3-71. In April 2016, the
FDA granted Orphan Drug Designation to ANAVEX<sup>&#174;</sup>3-71 for the treatment of Frontotemporal dementia (FTD).</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">During
pathological conditions ANAVEX<sup>&#174;</sup>3-71 demonstrated the formation of new synapses between neurons (synaptogenesis) without
causing an abnormal increase in the number of astrocytes. In neurodegenerative diseases such as Alzheimer&#8217;s and Parkinson&#8217;s
disease, synaptogenesis is believed to be impaired. Additional preclinical data presented also indicates that in addition to reducing
oxidative stress, ANAVEX<sup>&#174;</sup>3-71 demonstrates protective effects of mitochondrial enzyme complexes during pathological conditions,
which, if impaired, are believed to play a role in the pathogenesis of neurodegenerative and neurodevelopmental diseases.</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">In
July 2020, we commenced the first Phase 1 clinical trial of&#160;ANAVEX<sup>&#174;</sup>3-71. The study took place in Australia and was
a double-blind, randomized, placebo-controlled, Phase 1 trial to evaluate safety and tolerability, and pharmacokinetics (PK) of oral
escalating doses of ANAVEX<sup>&#174;</sup>3-71 including effects of food and gender in healthy volunteers The study met its primary and
secondary endpoints of safety, respectively with no serious adverse events (SAEs) or dose-limiting toxicities observed, as more fully
described above under <i>Clinical Studies Overview &#8211; Frontotemporal Dementia</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on these results, and ANAVEX<sup>&#174;</sup>3-71 pre-clinical profile, the Company intends to advance ANAVEX<sup>&#174;</sup>3-71 into
a biomarker-driven clinical development dementia program for the treatment of FTD, schizophrenias and Alzheimer&#8217;s disease, evaluating
longitudinal effect of treatment with ANAVEX<sup>&#174;</sup>3-71. Anavex believes the results of these studies, could serve as the basis
for advancing into respective registration studies in the U.S.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ANAVEX<sup>&#174;</sup>1-41</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">&#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">ANAVEX<sup>&#174;</sup>1-41
is a sigma-1 agonist. Pre-clinical tests revealed significant neuroprotective benefits (i.e., protects nerve cells from degeneration
or death) through the modulation of endoplasmic reticulum, mitochondrial and oxidative stress, which damages and impairs cell viability.
In addition, in animal models, ANAVEX<sup>&#174;</sup>1-41 prevented the expression of caspase-3, an enzyme that plays a key role in apoptosis
(programmed cell death) and loss of cells in the hippocampus, the part of the brain that regulates learning, emotion and memory. These
activities involve both muscarinic and sigma-1 receptor systems through a novel mechanism of action.</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">Preclinical
data presented also indicates that ANAVEX<sup>&#174;</sup>1-41 demonstrates protective effects of mitochondrial enzyme complexes during
pathological conditions, which, if impaired, are believed to play a role in the pathogenesis of neurodegenerative and neurodevelopmental
diseases.</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"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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"><b>ANAVEX<sup>&#174;</sup>1066</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">ANAVEX<sup>&#174;</sup>1066,
a mixed sigma-1/sigma-2 ligand, is designed for the potential treatment of neuropathic and visceral pain. ANAVEX<sup>&#174;</sup>1066
was tested in two preclinical models of neuropathic and visceral pain that have been extensively validated in rats. In the chronic constriction
injury model of neuropathic pain, a single oral administration of ANAVEX<sup>&#174;</sup>1066 dose-dependently restored the nociceptive
threshold in the affected paw to normal levels while leaving the contralateral healthy paw unchanged. Efficacy was rapid and remained
significant for two hours. In a model of visceral pain, chronic colonic hypersensitivity was induced by injection of an inflammatory
agent directly into the colon and a single oral administration of ANAVEX<sup>&#174;</sup>1066 returned the nociceptive threshold to control
levels in a dose-dependent manner. Companion studies in rats demonstrated the lack of any effects on normal gastrointestinal transit
with ANAVEX<sup>&#174;</sup>1066 and a favorable safety profile in a battery of behavioral measures.</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"><b>ANAVEX<sup>&#174;</sup>1037
</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">ANAVEX<sup>&#174;</sup>1037
is designed for the treatment of prostate and pancreatic cancer. It is a low molecular weight, synthetic compound exhibiting high affinity
for sigma-1 receptors at nanomolar levels and moderate affinity for sigma-2 receptors and sodium channels at micromolar levels. In advanced
pre-clinical studies, this compound revealed antitumor potential. It has also been shown to selectively kill human cancer cells without
affecting normal/healthy cells and also to significantly suppress tumor growth in immune-deficient mice models. Scientific publications
highlight the possibility that these ligands may stop tumor growth and induce selective cell death in various tumor cell lines. Sigma
receptors are highly expressed in different tumor cell types. Binding by appropriate sigma-1 and/or sigma-2 ligands can induce selective
apoptosis. In addition, through tumor cell membrane reorganization and interactions with ion channels, our drug candidates may play an
important role in inhibiting the processes of metastasis (spreading of cancer cells from the original site to other parts of the body),
angiogenesis (the formation of new blood vessels) and tumor cell proliferation.</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">Our
compounds are in the pre-clinical and clinical testing stages of development, and there is no guarantee that the activity demonstrated
in pre-clinical models will be shown in human testing.</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">We
continue to identify and initiate discussions with potential strategic and commercial partners to most effectively advance our programs
and realize maximum shareholder value. Further, we may acquire or develop new intellectual property and assign, license, or otherwise
transfer our intellectual property to further our goals.</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"><b><i>Our
Target Indications</i></b></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">We
have developed compounds with potential application to two broad categories and several specific indications. including:</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">Central
Nervous System Diseases</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 cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="padding: 0; width: 28px; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0; width: 24px; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alzheimer&#8217;s
    disease &#8211; In 2022, an estimated 6.5 million Americans were suffering from Alzheimer&#8217;s disease. The Alzheimer&#8217;s
    Association<sup>&#174; </sup>estimates that by 2050, this number will rise to 12.7 million Americans. Medications on the market today
    treat only the symptoms of Alzheimer&#8217;s disease and do not have the ability to stop its onset or its progression. There is an
    urgent and unmet need for both a disease modifying cure for Alzheimer&#8217;s disease as well as for better symptomatic treatments.</span></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; width: 28px; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0; width: 24px; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parkinson&#8217;s
    disease &#8211; Parkinson&#8217;s disease is a progressive disease of the nervous system marked by tremors, muscular rigidity, and
    slow, imprecise movement. It is associated with degeneration of the basal ganglia of the brain and a deficiency of the neurotransmitter
    dopamine. Parkinson&#8217;s disease afflicts more than 10 million people worldwide, typically middle-aged and elderly people. The
    Parkinson&#8217;s disease market is expected to expand to $11.5 billion by 2029, according to business intelligence provider GBI
    Research.</span></td></tr>

<tr style="vertical-align: top">
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; width: 28px; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0; width: 24px; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rett
    syndrome &#8211; Rett syndrome is a rare X-linked genetic neurological and developmental disorder that affects the way the brain
    develops, including protein transcription, which is altered and as a result leads to severe disruptions in neuronal homeostasis.
    It is considered a rare, progressive neurodevelopmental disorder and is caused by a single mutation in the MECP2 gene. Because males
    have a different chromosome combination from females, boys who have the genetic MECP2 mutation are affected in devastating ways.
    Most of them die before birth or in early infancy. For females who survive infancy, Rett syndrome leads to severe impairments, affecting
    nearly every aspect of the child&#8217;s life; severe mental retardation, their ability to speak, walk and eat, sleeping problems,
    seizures and even the ability to breathe easily. Rett syndrome affects approximately 1 in every 10,000-15,000 females.</span></td></tr>
</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="padding: 0; width: 28px; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; width: 24px; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depression
&#8211; Depression is a major cause of morbidity worldwide according to the World Health Organization. Pharmaceutical treatment for depression
is dominated by blockbuster brands, with the leading nine brands historically accounting for approximately 75% of total sales. However,
the dominance of the leading brands is waning, largely due to the effects of patent expiration and generic competition.</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Epilepsy
&#8211; Epilepsy is a common chronic neurological disorder characterized by recurrent unprovoked seizures. These seizures are transient
signs and/or symptoms of abnormal, excessive or synchronous neuronal activity in the brain. According to the Centers for Disease Control
and Prevention, in 2015 epilepsy affected 3.4 million Americans. Today, epilepsy is often controlled, but not cured, with medication
that is categorized as older traditional anti-epileptic drugs and second generation anti-epileptic drugs. Because epilepsy afflicts sufferers
in different ways, there is a need for drugs used in combination with both traditional anti-epileptic drugs and second generation anti-epileptic
drugs.</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neuropathic
Pain &#8211; We define neuralgia, or neuropathic pain, as pain that is not related to activation of pain receptor cells in any part of
the body. Neuralgia is more difficult to treat than some other types of pain because it does not respond well to normal pain medications.
Special medications have become more specific to neuralgia and typically fall under the category of membrane stabilizing drugs or antidepressants.</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="padding: 0; width: 28px; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; width: 24px; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malignant
Melanoma &#8211; Predominantly a skin cancer, malignant melanoma can also occur in melanocytes found in the bowel and the eye. Malignant
melanoma accounts for 75% of all deaths associated with skin cancer. The treatment includes surgical removal of the tumor, adjuvant treatment,
chemo and immunotherapy, or radiation therapy. According to iHealthcareAnalyst, Inc. the worldwide malignant melanoma market is expected
to grow to $6.4 billion by 2027.</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prostate
Cancer &#8211; Specific to men, prostate cancer is a form of cancer that develops in the prostate, a gland in the male reproductive system.
The cancer cells may metastasize from the prostate to other parts of the body, particularly the bones and lymph nodes. Drug therapeutics
for prostate cancer are expected to increase to nearly $13.5 billion in 2024 according to Datamonitor Healthcare.</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pancreatic
Cancer &#8211; Pancreatic cancer is a malignant neoplasm of the pancreas. In the United States, approximately 55,000 new cases of pancreatic
cancer will be diagnosed this year and approximately 44,000 patients will die as a result of their cancer, according to the American
Cancer Society. Sales predictions by FutureWise forecast that the market for the global pharmaceutical treatment of pancreatic cancer
will increase to $4.7 billion by 2027.</span></td></tr>
</table>

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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"><b><i>Patents,
Trademarks and Intellectual Property </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">We
hold ownership or exclusive rights to fifteen U.S. patents, sixteen U.S. patent applications, and various PCT or ex-U.S. patent applications
relating to our drug candidates, methods associated therewith, and to our research programs.</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"></p>

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<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
own one issued U.S. patent entitled &#8220;ANAVEX<sup>&#174;</sup>2-73 and certain anticholinesterase inhibitors composition and method
for neuroprotection&#8221; claims a composition of matter of ANAVEX<sup>&#174;</sup>2-73 directed to a novel and synergistic neuroprotective
compound combined with donepezil and other cholinesterase inhibitors. This patent is expected to expire in June 2034, absent any patent
term extension for regulatory delays. We own three issued U.S. patents each with claims directed to crystalline forms of ANAVEX<sup>&#174;</sup>2-73.
The first of these three patents claims crystalline forms of ANAVEX<sup>&#174;</sup>2-73, dosage forms and compositions containing crystalline
ANAVEX<sup>&#174;</sup>2-73, and methods of treatment for Alzheimer&#8217;s disease using them. This patent is expected to expire in July
2036, absent any patent term extension for regulatory delays. The second of these three patents claims pharmaceutical compositions containing
a crystalline form of ANAVEX<sup>&#174;</sup>2-73, and methods of treatment for Alzheimer&#8217;s disease using the compositions. This
patent is expected to expire in June 2037, absent any patent term extension for regulatory delays. The third of these three patents claims
pharmaceutical compositions containing a crystalline form of ANAVEX<sup>&#174;</sup>2-73, and methods of treatment for Alzheimer&#8217;s
disease using the compositions. This patent is expected to expire in June 2037, absent any patent term extension for regulatory delays.
We also own two issued U.S. patents for seizure treatment. The first of these two patents claims methods and dosage forms for treating
seizures, the dosage forms containing a low-dose anti-epilepsy drug combined with either: (i) ANAVEX<sup>&#174;</sup>2-73 and its active
metabolite ANAVEX<sup>&#174;</sup>19-144; or (ii) ANAVEX<sup>&#174;</sup>19-144. The second of these two patents further claims a combination
seizure treatment involving administration of an anti-epilepsy drug combined with (i) ANAVEX<sup>&#174;</sup>19-144, or (ii) ANAVEX 19-144<sup>&#174;
</sup>and ANAVEX 2-73<sup>&#174;</sup>. Both patents are expected to expire in October 2035, absent any patent term extension for regulatory
delays. We also own two issued U.S. patents with claims directed to treating neurodevelopmental disorders. These patents claim methods
for treating a neurodevelopmental disorder or multiple sclerosis by administering ANAVEX<sup>&#174;</sup>2-73, ANAVEX<sup>&#174;</sup>19-144,
and/or ANAVEX<sup>&#174;</sup>1-41 (another sigma receptor ligand similar to ANAVEX<sup>&#174;</sup>2-73), or compositions thereof. Both
patents are expected to expire in January 2037, absent any patent term extension for regulatory delays. In addition, we own one issued
U.S. Patent with claims directed to methods of treating melanoma with a compound related to ANAVEX<sup>&#174;</sup>2-73. This patent is
expected to expire in February 2030, absent any patent term extension for regulatory delays. We also own an issued U.S. patent that claims
crystalline forms of ANAVEX<sup>&#174;</sup>19-144, dosage forms and compositions containing the crystalline forms of ANAVEX<sup>&#174;</sup>19-144,
and methods of treatment for Alzheimer&#8217;s disease. This patent is expected to expire in July 2036, absent any patent term extension
for regulatory delays. Further, we own one issued U.S. Patent with claims directed to methods of treating cardiac dysfunction with ANAVEX<sup>&#174;</sup>2-73
.. This patent is expected to expire in July 2038, absent any patent term extension for regulatory delays.</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">We
also own two issued U.S. patents related to ANAVEX<sup>&#174;</sup>1066. The first of these two patents claims methods for treating or
preventing pain using (+) ANAVEX<sup>&#174;</sup>1066 isomer. The second patent claims methods for treating or preventing pain using (-)
ANAVEX<sup>&#174;</sup>1066 isomer. Both patents are expected to expire in November 2036, absent any patent term extension for regulatory
delays.</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">For
ANAVEX<sup>&#174;</sup>2-73, ANAVEX<sup>&#174;</sup>19-144, ANAVEX<sup>&#174;</sup>1-41, and ANAVEX<sup>&#174;</sup>1066, we also have granted
or pending applications in Australia, Canada, China, Europe, Japan, and Hong Kong, which are expected to expire after 2035.</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">With
regard to ANAVEX<sup>&#174;</sup>3-71, we own exclusive rights to two issued U.S. patents with claims respectively directed to the ANAVEX<sup>&#174;</sup>3-71
compound and methods of treating various diseases including Alzheimer&#8217;s with the same. These patents are expected to expire in
April 2030, and January 2030, respectively, absent any patent term extension for regulatory delays. We also own exclusive rights to related
patents or applications that are granted or pending in Australia, Canada, China, Europe, Japan, Korea, New Zealand, Russia, and South
Africa, which are expected to expire in January 2030.</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">We
also own other patent applications directed to enantiomers, crystals, formulations, uses, and patient selection methods that may provide
additional protection for one or more of our product candidates.</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">We
regard patents and other intellectual property rights as corporate assets. Accordingly, we attempt to optimize the value of intellectual
property in developing our business strategy including the selective development, protection, and exploitation of our intellectual property
rights. In addition to filings made with intellectual property authorities, we protect our intellectual property and confidential information
by means of carefully considered processes of communication and the sharing of information, and by the use of confidentiality and non-disclosure
agreements and provisions for the same in contractor&#8217;s agreements. While no agreement offers absolute protection, such agreements
provide some form of recourse in the event of disclosure, or anticipated disclosure.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
intellectual property position, like that of many biomedical companies, is uncertain and involves complex legal and technical questions
for which important legal principles are unresolved. For more information regarding challenges to our existing or future patents, see
&#8220;Risk Factors&#8221; in Part I, Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on
November 24, 2021.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
Overview</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"><b><i>&#160;</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">We
are in the development stage and have not earned any revenues since our inception in 2004. We do not anticipate earning any revenues
until we can establish an alliance with other companies to develop, co-develop, license, acquire or market our products.</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>&#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">Our
operating costs consist primarily of research and development activities including the cost of clinical studies and clinical supplies
as well as clinical drug manufacturing and formulation. Research and development expenses also include personnel related costs such as
salaries and wages, and third-party contract research organization (CRO) expenses in support of these clinical studies. Personnel costs
include salaries and wages, benefits, and non-cash stock-based compensation charges associated with options and other equity awards granted
to employees and consultants who are directly engaged in support of our research and development activities.</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">General
and administrative expenses consist of personnel costs, expenses for outside professional services and expenses associated with operating
as a public company. Personnel costs consist of salaries and wages, benefits and stock-based compensation for general and administrative
personnel. Outside professional services and public company expenses include expenses related to compliance and reporting, additional
insurance expenses, audit and SOX compliance, expenses associated with patent research, applications and filings, investor and shareholder
relations activities and other administrative expenses and professional services.</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"><b>Comparison
of the three and nine months ended June 30, 2022 and 2021</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"><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">During
the three and nine months ended June 30, 2022, we continued to advance enrollment of our EXCELLENCE international Phase 2/3 pediatric
Rett syndrome clinical trial at new clinical sites in the United Kingdom and Canada.</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">With
respect to our double blind, placebo-controlled Phase 2b/3 study for the treatment of Alzheimer&#8217;s disease the last patient visit
was completed end of June 2022. We expect to announce top line data from that study in the second half of 2022.</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">We
also recently completed this quarter the last patient visit with respect to the 48-week open label extension of the Phase 2 clinical
trial in Parkinsons Disease Dementia.</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">Additionally,
we continued to run open label extensions of our recently completed AVATAR study and the Phase 2b/3 Alzheimer&#8217;s disease study.</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>Operating
Expenses</i></span></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">Total operating expenses for the third quarter of
fiscal 2022 were $12.5 million, compared to $11.4 million for the comparable third quarter of fiscal 2021. Total operating expenses for
the nine-month period ended June 30, 2022 were $35.7 million compared to $29.7 million for the same period in fiscal 2021.</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">General
and administrative expenses were $3.2 million for the three months ended June 30, 2022, as compared to $2.4 million for the third quarter
of fiscal 2021. Similarly, general and administrative expenses were $9.2 million for the nine months ended June 30, 2022, as compared
to $6.1 million for the nine months ended June 30, 2021. The increase in general and administrative expense is primarily related to (i)
an increase in non-cash stock option compensation charges of $0.4 million and $2.5 million, in the three and nine month periods respectively,
in connection with the vesting of stock options to an expanding team, (ii) an increase in corporate insurance costs and (iii) an increase
in intellectual property professional fees to maintain our strong patent positions.</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">Our
research and development expenses for the three months ended June 30, 2022 were $9.3 million, as compared to $9.0 million for the three
months ended June 30, 2021. Our research and development expenses were $26.5 million for the nine-month period ended June 30, 2022, as
compared to $23.6 million for the comparable nine-month period in 2021. The increase in research and development expenses is primarily
driven by an increase in non-cash stock option compensation charges of $1.3 million and $4.8 million in the three and nine month periods
respectively, associated with an expanding team directly engaged in support of ongoing research and development activities. For the nine-month
period ended June 30, 2022, this increase was partially offset by a decrease in clinical trial expenditures over the comparable period,
associated with the completion of the enrollment and recruitment activities for our Phase 2b/3 trial in Alzheimer&#8217;s disease, and
manufacturing activities in the comparable period associated with the Rett syndrome program.</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"></p>

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<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
income (net)</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net amount of other income for the three months ended June 30, 2022 was $0.2 million as compared to $1.3 million for the comparable three
months ended June 30, 2021 and $2.2 million for the nine-month period as compared to $3.7 million for the comparable nine-month period
in fiscal 2021. The decrease in other income for the three-month period is partially related to differences in foreign exchange fluctuations
of the Australian dollar against the US dollar as they relate to incentive and tax receivables denominated in Australian Dollars.</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">As
well, the decrease in other income for the three and nine-month periods is attributable to a decrease in Australian research and development
incentive income in connection with the decrease in eligible clinical activities in Australia over the comparable period such as the
completion of the ANAVEX<sup>&#174;</sup>3-71 Phase 1 clinical study and other Australian arms of ongoing clinical programs. </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>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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
loss for the third quarter of fiscal 2022 was $12.4 million, or $0.16 per share, as compared to $10.2 million, or $0.14 per share in
the comparative third quarter of fiscal 2021 and $33.7 million, or $0.44 per share, for the nine-month period ended June 30, 2022, as
compared to $26.2 million, or $0.39 per share in the comparative nine-month period ended June 30, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Working
Capital</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>&#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 style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">June
                                            30,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2022</p></td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2021</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; text-align: left">Current Assets</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">160,221,144</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">161,616,490</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Current Liabilities</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">9,484,544</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">10,798,386</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Working Capital</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">150,736,600</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">150,818,104</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
</table>


<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">At
June 30, 2022, we held $153.2 million in cash and cash equivalents, an increase of $1.1 million from September 30, 2021. Cash used in
operations was $20.2 million for the nine-month period ended June 30, 2022, compared to $22.7 million in the comparable nine-month period
ended June 30, 2021. We received cash from financing activities of $21.3 million, primarily from the issuance of shares of common stock
under the Sales Agreement (as defined below).</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">We
intend to continue to use our capital resources to advance our clinical trials for ANAVEX<sup>&#174;</sup>2-73 and ANAVEX<sup>&#174;</sup>3-71,
and to perform work necessary to prepare for future development of our pipeline compounds.</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"><b><i>Cash
Flows</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"><b><i>&#160;</i></b></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">&#160;</td>
    <td colspan="7" style="font-weight: bold; text-align: center">Nine months ended June 30,</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">2022</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">2021</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; text-align: left">Net cash flows used in operating activities</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(20,193,929</td><td style="width: 1%; text-align: left">)</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(22,709,166</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net cash flows from financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21,285,536</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">151,020,193</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">Increase in cash and cash equivalents</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,091,607</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">128,311,027</td><td style="text-align: left">&#160;</td></tr>
</table>


<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>Cash
flow used in operating activities</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>&#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">Net
cash used in operating activities for the nine months ended June 30, 2022 was $20.2 million, compared to $22.7 million during the comparable
nine months ended June 30, 2021. The principal reason for this decrease in net cash used in operating activities in the current period
is due to the receipt of research and development incentive tax refunds during the period, as compared to no such receipts during the
comparable period.</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"></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>Cash
flow provided by financing activities</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>&#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">Cash
provided by financing activities for the nine months ended June 30, 2022 was $21.3 million, primarily attributable to cash received from
the issuance of common shares at various market prices under the Sales Agreement.</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">Cash
provided by financing activities for the nine months ended June 30, 2021 was $151.0 million, net of financing costs, attributable to
cash received from the issuance of common shares at various market prices under the 2019 Purchase Agreement, the Sales Agreement and
a direct registered offering that was completed for net proceeds of $46.9 million, after deducting expenses associated with the offering.</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"><b><i>Other
Financing</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"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Controlled
Equity Offering Sales Agreement </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 1, 2020, we entered into an Amended and Restated Sales Agreement (the &#8220;Sales Agreement&#8221;) with Cantor Fitzgerald &amp;
Co. and SVB Leerink LLC (the &#8220;Sales Agents&#8221;), pursuant to which we may offer and sell shares of common stock registered under
an effective registration statement from time to time through the Sales Agents (the &#8220;At-the-Market Offering&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
delivery of a placement notice based on our instructions and subject to the terms and conditions of the Sales Agreement, the Sales Agents
may sell shares of common stock by methods deemed to be an &#8220;at the market offering&#8221;, in negotiated transactions at market
prices prevailing at the time of sale or at prices related to such prevailing market prices, or by any other method permitted by law,
including negotiated transactions, subject to our prior written consent. We are not obligated to make any sales of shares under the Sales
Agreement. We or the Sales Agents may suspend or terminate the At-the-Market Offering upon notice to the other party, subject to certain
conditions. The Sales Agents will act as agents on a commercially reasonable efforts basis consistent with their normal trading and sales
practices and applicable state and federal law, rules and regulations and the rules of Nasdaq.</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">We
have agreed to pay the Sales Agents commissions for their services of 3.0% of the gross proceeds from the sale of the shares pursuant
to the Sales Agreement. We have also agreed to provide the Sales Agents with customary indemnification and contribution rights.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the nine months ended June 30, 2022, 1,623,566 shares were sold pursuant to the At-the-Market Offering for gross proceeds of $21.0 million
(net proceeds of $20.3 million after deducting commissions and offering expenses).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-Balance
Sheet Arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that
are material to our stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; background-color: white"><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: 0; 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="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
prepare our interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United
States of America, and make estimates and assumptions that affect our reported amounts of assets, liabilities, revenue and expenses,
and the related disclosures of contingent liabilities. We base our estimates on historical experience and other assumptions that we believe
are reasonable in the circumstances. Actual results may differ from these estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been no significant changes in the critical accounting policies and estimates described in our Annual Report on Form 10-K for the
year ended September 30, 2021 as filed with the SEC on November 24, 2021.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RECENT
ACCOUNTING PRONOUNCEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to Note 2 &#8220;Recent Accounting Pronouncements&#8221; in notes to our Interim Condensed Consolidated Financial Statements included
in this Form 10-Q.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_004"></span>ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_005"></span>ITEM
4. CONTROLS AND PROCEDURES</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
Controls and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain disclosure controls and procedures that are designed to provide reasonable assurance that material information required to be
disclosed in our periodic reports filed under the Exchange Act is recorded, processed, summarized, and reported within the time periods
specified in the SEC&#8217;s rules and forms and to provide reasonable assurance that such information is accumulated and communicated
to our management, our chief executive officer and our principal financial officer, to allow timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer
and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined
in Rule 13a 15(e) under the Exchange Act, as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation,
our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective
as of June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in Internal Control over Financial Reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the quarter ended June 30, 2022, there were no changes to our internal control over financial reporting identified in management&#8217;s
evaluation pursuant to Rules 13a 15(d) or 15d 15 (d) of the Exchange Act that materially affected, or are reasonably likely to materially
affect, our internal controls over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_006"></span>PART
II &#8211; OTHER INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_007"></span>ITEM
1. LEGAL PROCEEDINGS</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
know of no material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which our Company
or our subsidiary is a party or of which any of their property is subject. There are no proceedings in which any of our directors, officers
or affiliates, or any registered or beneficial stockholder holding more than 5% of our shares, is an adverse party or has a material
interest adverse to our or our subsidiary&#8217;s interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_008"></span>ITEM
1A. RISK FACTORS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been no material changes to the risk factors discussed in &#8220;Risk Factors&#8221; in Part I, Item 1A of our Annual Report on
Form 10-K for the fiscal year ended September 30, 2021 filed with the SEC on November 24, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_009"></span>ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period covered by this Quarterly Report on Form 10-Q, we have not sold any equity securities that were not registered under the Securities
Act of 1933 that were not previously reported in a Current Report on Form 8-K.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_010"></span>ITEM
3. DEFAULTS UPON SENIOR SECURITIES</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_011"></span>ITEM
4. MINE SAFETY DISCLOSURES</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</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"></p>

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    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_012"></span>ITEM
5. OTHER INFORMATION</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_013"></span>ITEM
6. EXHIBIT</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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="border: black 1pt solid; width: 11%; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
</b><br /> <b>Number </b></span></td>
<td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 89%; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br /><b>Description</b></span></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(3)
</b></span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Articles
of Incorporation and Bylaws </b></span></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><a href="http://www.sec.gov/Archives/edgar/data/1314052/000173112221002062/e3306_ex3-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
of Incorporation (incorporated by reference to Exhibit 3.1 to our Annual Report on Form 10-K for the year ended September 30, 2021 filed
on November 24, 2021)</span></a></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><a href="http://www.sec.gov/Archives/edgar/data/1314052/000108503707002199/exhibit3_1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bylaws
(incorporated by reference to our Current Report on Form 8-K filed on September 28, 2007)</span></a></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(31)
</b></span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rule
13a-14(a)/15(d)-14(a)Certifications</b></span></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.1*</span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><a href="e3945_ex31-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification
of Christopher Missling, PhD.</span></a></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.2*</span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><a href="e3945_ex31-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification
of Sandra Boenisch</span></a></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(32)
</b></span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Section
1350 Certifications</b></span></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.1**</span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><a href="e3945_ex32-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification
of Christopher Missling, PhD and Sandra Boenisch.</span></a></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(101)</b></span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>XBRL</b></span></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
INSTANCE DOCUMENT</span></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
TAXONOMY EXTENSION SCHEMA</span></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
TAXONOMY EXTENSION CALCULATION LINKBASE</span></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
TAXONOMY EXTENSION DEFINITION LINKBASE</span></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
TAXONOMY EXTENSION LABEL LINKBASE</span></td></tr>
<tr style="vertical-align: top">
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE*</span></td>
<td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
TAXONOMY EXTENSION PRESENTATION LINKBASE</span></td></tr>
</table>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><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: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
Furnished herewith.</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"></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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 100%; font-weight: normal; text-align: center; font-family: Calibri Light; color: #2F5496"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b><span id="a_014"></span>SIGNATURES</b></span></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><span 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">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</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"><b>ANAVEX
LIFE SCIENCES CORP. </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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="padding: 0; width: 50%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/Christopher
Missling, PhD</span></td>
<td style="padding: 0; width: 50%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1pt solid; padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher Missling,
PhD</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive
Officer)</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0">Date: August 9, 2022</td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

<p style="font: 12pt 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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="padding: 0; width: 50%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/Sandra
Boenisch</span></td>
<td style="padding: 0; width: 50%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1pt solid; padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sandra Boenisch, CPA,
CGA</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Financial
Officer</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial
and Accounting Officer)</span></td>
<td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0; text-indent: 0">Date: August 9, 2022</td>
<td style="padding: 0; text-indent: 0"><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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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[{"type": "10-Q", "sequence": "1", "filename": "e3945_10q.htm", "description": "FORM 10-Q", "secsgml_size_bytes": 777287}]
{"company-data": {"conformed-name": "ANAVEX LIFE SCIENCES CORP.", "cik": "0001314052", "assigned-sic": "2836", "irs-number": "208365999", "state-of-incorporation": "NV", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "001-37606", "film-number": "221148849"}, "business-address": {"street1": "51 W 52ND STREET,", "street2": "7TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10019-6163", "phone": "800-689-3939"}, "mail-address": {"street1": "51 W 52ND STREET,", "street2": "7TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10019-6163"}, "former-company": {"former-conformed-name": "Thrifty Printing Inc.", "date-changed": "20050111"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended:
June 30, 2022
☐
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _____to _____
Commission
File Number:
001-37606
ANAVEX LIFE SCIENCES CORP.
(Exact
name of registrant as specified in its charter)
Nevada
98-0608404
(State
or other jurisdiction of
(IRS
Employer
incorporation
or organization)
Identification
No.)
630 5th Avenue
,
20th Floor
,
New York
,
NY
US
A
10111
(Address
of principal executive offices) (Zip Code)
1-
844
-
689-3939
(Registrant's
telephone number, including area code)
Securities
Registered Pursuant to Section 12(b) of the Act:
Title
of Each Class
Trading
Symbol
Name
of Each Exchange on Which Registered
Common
Stock Par Value $0.001
AVXL
The
NASDAQ
Stock Market LLC
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
☒
Yes
☐
No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
☒
Yes
☐ No
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 pursuant to Section 13(a) of the Exchange Act
☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐
Yes ☒
No
Indicate
the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:
77,942,815
shares of common stock outstanding as of August 9, 2022.
1
TABLE
OF CONTENTS
PART I   FINANCIAL
    INFORMATION
3
ITEM
1. FINANCIAL STATEMENTS
3
ITEM
2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
19
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS.
34
ITEM
4. CONTROLS AND PROCEDURES
34
PART II   OTHER
    INFORMATION
34
ITEM
1. LEGAL PROCEEDINGS
34
ITEM
1A. RISK FACTORS
34
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
34
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
34
ITEM
4. MINE SAFETY DISCLOSURES
34
ITEM
5. OTHER INFORMATION
35
ITEM
6. EXHIBIT
35
SIGNATURES
36
2
PART
I – FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
Anavex Life Sciences Corp.
Interim Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)
3
Anavex
    Life Sciences Corp.
Interim
    Condensed Consolidated Balance Sheets
As
    at June 30, 2022 and September 30, 2021
(Unaudited)
June 30,
2022
September 30, 2021
Assets
Current assets
Cash and cash equivalents
$
153,199,352
$
152,107,745
Incentive and tax receivables
6,559,829
9,136,831
Prepaid expenses and other current assets
461,963
371,914
Total assets
$
160,221,144
$
161,616,490
Liabilities and stockholders' equity
Current Liabilities
Accounts payable
$
3,126,892
$
4,739,781
Accrued liabilities (Note 4)
5,913,821
5,614,774
Deferred grant income
443,831
443,831
Total liabilities
9,484,544
10,798,386
Commitments and Contingencies - Note 6
Stockholders' equity
Capital stock
Authorized:
10,000,000
preferred stock, par value $
0.001
per share
-
-
200,000,000
common stock, par value $
0.001
per share
Issued and outstanding:
77,942,568
common shares
(September 30, 2021 -
75,918,465
)
77,944
75,920
Additional paid-in capital
381,932,039
348,328,048
Accumulated deficit
(
231,273,383
)
(
197,585,864
)
Total stockholders' equity
150,736,600
150,818,104
Total liabilities and stockholders' equity
$
160,221,144
$
161,616,490
See
Accompanying Notes to Condensed Consolidated Interim Financial Statements
4
Anavex
Life Sciences Corp.
Interim
Condensed Consolidated
Statements
of Operations and Comprehensive Loss
For
the three and nine months ended June 30, 2022 and 2021
(Unaudited)
Three months ended June 30,
Nine months ended June 30,
2022
2021
2022
2021
Operating expenses
General and administrative
$
3,185,451
$
2,434,127
$
9,167,560
$
6,138,528
Research and development
9,273,269
8,964,528
26,534,297
23,610,888
Total operating expenses
(
12,458,720
)
(
11,398,655
)
(
35,701,857
)
(
29,749,416
)
Other income (expenses)
Grant income
—
43,280
—
54,100
Research and development incentive income
682,432
1,363,661
2,328,675
3,593,856
Interest income, net
229,917
11,453
242,405
19,110
Foreign exchange(loss) gain, net
(
732,549
)
(
160,880
)
(
408,541
)
17,191
Total other income, net
179,800
1,257,514
2,162,539
3,684,257
Net loss before provision for income taxes
(
12,278,920
)
(
10,141,141
)
(
33,539,318
)
(
26,065,159
)
Income tax expense, current
(
88,421
)
(
39,000
)
(
148,201
)
(
125,269
)
Net loss and comprehensive loss
$
(
12,367,341
)
$
(
10,180,141
)
$
(
33,687,519
)
$
(
26,190,428
)
Net Loss per share
Basic and diluted
$
(
0.16
)
$
(
0.14
)
$
(
0.44
)
$
(
0.39
)
Weighted average number of shares outstanding
Basic and diluted
77,442,236
70,589,651
76,561,940
67,810,774
See Accompanying Notes to Condensed
Consolidated Interim Financial Statements
5
Anavex
    Life Sciences Corp.
Interim
    Condensed Consolidated Statement of Changes in Stockholders' Equity
For
    the three months ended June 30, 2022 and 2021
(Unaudited)
Common
Stock
Additional
Share
Paid-in
proceeds
Accumulated
Shares
Par
Value
Capital
Receivable
Deficit
Total
Balance,
April 1, 2022
77,161,688
77,163
371,437,616
$
(
403,696
)
$
(
218,906,042
)
152,205,041
Shares
issued under Sales Agreement
557,177
557
6,178,127
403,696
—
6,582,380
Less:
share issue costs
—
—
(
185,361
)
—
—
(
185,361
)
Shares
issued pursuant to exercise of stock options
223,703
224
513,043
—
—
513,267
Stock
based compensation
—
—
3,988,614
—
—
3,988,614
Net
loss
—
—
—
—
(
12,367,341
)
(
12,367,341
)
Balance,
June 30, 2022
77,942,568
$
77,944
$
381,932,039
$
—
$
(
231,273,383
)
$
150,736,600
Balance,
April 1, 2021
70,030,620
$
70,032
$
251,427,781
—
$
(
175,687,517
)
$
75,810,296
Shares
  issued under Sales Agreement, net of share issue costs
2,082,263
2,082
41,282,225
—
—
41,284,307
Less:
share issue costs
—
—
(
1,302,826
)
—
—
(
1,302,826
)
Shares
  issued pursuant to registered direct offering, net of share issuance costs
2,380,953
2,381
49,997,619
—
—
50,000,000
Less:
share issue costs
—
—
(
3,095,938
)
—
—
(
3,095,938
)
Shares
issued upon exercise of options
305,997
306
869,300
—
—
869,606
Shares
issued pursuant to exercise of warrants
350,000
350
1,466,150
—
—
1,466,500
Stock
based compensation
—
—
2,293,925
—
—
2,293,925
Net
loss
—
—
—
—
(
10,180,141
)
(
10,180,141
)
Balance,
June 30, 2021
75,149,833
$
75,151
$
342,938,236
$
—
$
(
185,867,658
)
$
157,145,729
See Accompanying Notes to Condensed
Consolidated Interim Financial Statements
6
Anavex
Life Sciences Corp.
Interim
Condensed Consolidated Statement of Changes in Stockholders' Equity
For
the nine months ended June 30, 2022 and 2021
(Unaudited)
Common Stock
Additional
Paid-in
Accumulated
Shares
Par Value
Capital
Deficit
Total
Balance, October 1, 2021
75,918,465
$
75,920
$
348,328,048
$
(
197,585,864
)
$
150,818,104
Shares issued under Sales Agreement
1,623,566
1,623
20,980,525
—
20,982,148
Less: share issue costs
—
—
(
723,167
)
—
(
723,167
)
Shares issued upon exercise of stock options
400,537
401
1,009,789
—
1,010,190
Stock based compensation
—
—
12,336,844
—
12,336,844
Net loss
—
—
—
(
33,687,519
)
(
33,687,519
)
Balance, June 30, 2022
77,942,568
$
77,944
$
381,932,039
$
(
231,273,383
)
$
150,736,600
Balance, October 1, 2020
62,045,198
$
62,047
$
186,851,752
$
(
159,677,230
)
$
27,236,569
Shares issued under 2019 Purchase Agreement
Purchase shares
4,007,996
4,008
24,107,190
—
24,111,198
Commitment shares
78,213
78
(
78
)
—
—
Shares issued under Sales Agreement
5,634,576
5,634
79,101,914
—
79,107,548
Less: share issue costs
—
—
(
2,437,523
)
—
(
2,437,523
)
Shares issued pursuant to registered direct offering, net of share issuance costs
2,380,953
2,381
49,997,619
—
50,000,000
Less: share issue costs
—
—
(
3,095,938
)
—
(
3,095,938
)
Shares issued upon exercise of options
652,897
653
1,867,755
—
1,868,408
Shares issued pursuant to exercise of warrants
350,000
350
1,466,150
—
1,466,500
Stock based compensation
—
—
5,079,395
—
5,079,395
Net loss
—
—
—
(
26,190,428
)
(
26,190,428
)
Balance, June 30, 2021
75,149,833
$
75,151
$
342,938,236
$
(
185,867,658
)
$
157,145,729
See Accompanying Notes to Condensed
Consolidated Interim Financial Statements
7
Anavex
    Life Sciences Corp.
Interim
    Condensed Consolidated Statements of Cash Flows
For
    the nine months ended June 30, 2022 and 2021
(Unaudited)
2022
2021
Cash flows used in operating activities
Net loss
$
(
33,687,519
)
$
(
26,190,428
)
Adjustments to reconcile net loss to net cash used in operations:
Stock-based compensation
12,336,844
5,079,395
Changes in working capital balances:
Incentive and tax receivables
2,577,002
(
3,751,918
)
Prepaid expenses and other current assets
(
106,414
)
185,641
Accounts payable
(
1,612,889
)
187,653
Accrued liabilities
299,047
1,336,660
Deferred grant income
—
443,831
Net cash used in operating activities
(
20,193,929
)
(
22,709,166
)
Cash flows provided by financing activities
Issuance of common shares
20,982,148
153,218,746
Share issue costs
(
706,802
)
(
5,533,461
)
Proceeds from exercise of warrants
—
1,466,500
Proceeds from exercise of stock options
1,010,190
1,868,408
Net cash provided by financing activities
21,285,536
151,020,193
Increase in cash and cash equivalents during the period
1,091,607
128,311,027
Cash and cash equivalents, beginning of
    period
152,107,745
29,249,018
Cash and cash equivalents, end of period
$
153,199,352
$
157,560,045
Supplemental Cash Flow Information
Cash paid for state and local minimum
    income taxes
$
141,374
$
98,281
See Accompanying Notes to Condensed
Consolidated Interim Financial Statements
8
Anavex
Life Sciences Corp.
Notes
to the Condensed Consolidated Interim Financial Statements
June
30, 2022
(Unaudited)
Note 1
Description
of Business and Basis of Presentation
Description
of Business
Anavex
Life Sciences Corp. ("Anavex" or the "Company") is a clinical stage biopharmaceutical company engaged in the
development of differentiated therapeutics by applying precision medicine to central nervous system ("CNS") diseases with
high unmet need. Anavex analyzes genomic data from clinical studies to identify biomarkers, which are used to select patients that will
receive the therapeutic benefit for the treatment of neurodegenerative and neurodevelopmental diseases. The Company's lead compound
ANAVEX
®
2-73 is being developed to treat Alzheimer's disease, Parkinson's disease and potentially other central
nervous system diseases, including rare diseases, such as Rett syndrome, a rare severe neurological monogenic disorder caused by mutations
in the X-linked gene, methyl-CpG-binding protein 2 ("MECP2").
Basis
of Presentation
These
unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities
and Exchange Commission ("SEC") and accounting principles generally accepted in the United States of America ("U.S.
GAAP") for interim reporting. Accordingly, certain information and note disclosures normally included in the annual financial statements
in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the
disclosures are adequate to make the information presented not misleading.
These
accompanying unaudited interim condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments,
which in the opinion of management are necessary for fair presentation of the information contained herein. The consolidated balance
sheet as of September 30, 2021 was derived from the audited annual financial statements but does not include all disclosures required
by U.S. GAAP. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited
consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended September
30, 2021 filed with the SEC on November 24, 2021. The Company follows the same accounting policies in the preparation of interim reports.
Operating
results for the three and nine months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the
year ending September 30, 2022.
Liquidity
All
of the Company's potential drug compounds are in the clinical development stage and the Company cannot be certain that its research
and development efforts will be successful or, if successful, that its potential drug compounds will ever be approved for sales to pharmaceutical
companies or generate commercial revenues. To date, we have not generated any revenues from our operations. The Company expects the business
to continue to experience negative cash flows from operations for the foreseeable future and cannot predict when, if ever, our business
might become profitable.
9
Anavex
Life Sciences Corp.
Notes
to the Interim Condensed Consolidated Financial Statements
June
30, 2022
(Unaudited
Note
1
Description of Business and Basis of Presentation
– (Continued)
Liquidity
– (Continued)
Management
believes that the current working capital position will be sufficient to meet the Company's working capital requirements beyond
the next 12 months after the date that these interim condensed consolidated financial statements are issued. The process of drug development
can be costly, and the timing and outcomes of clinical trials is uncertain. The assumptions upon which the Company has based its
estimates are routinely evaluated and may be subject to change. The actual amount of the Company's expenditures will vary
depending upon a number of factors including but not limited to the design, timing and duration of future clinical trials, the progress
of the Company's research and development programs and the level of financial resources available. The Company has the ability
to adjust its operating plan spending levels based on the timing of future clinical trials.
Other
than our rights related to the Sales Agreement (as defined below in Note 5), there can be no assurance that additional financing will
be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If the Company is not able
to obtain the additional financing on a timely basis, if and when it is needed, it will be forced to delay or scale down some or all
of its research and development activities.
Use
of Estimates
The
preparation of financial statements in accordance 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 revenue and expenses in
the reporting period. The Company regularly evaluates estimates and assumptions related to accounting for research and development costs,
incentive income receivable, valuation and recoverability of deferred tax assets, asset impairment, stock-based compensation, and loss
contingencies. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors, including
the potential future effects of COVID-19, that it believes to be reasonable under the circumstances, the results of which form the basis
for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent
from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates.
To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
10
Anavex
Life Sciences Corp.
Notes
to the Interim Condensed Consolidated Financial Statements
June
30, 2022
(Unaudited)
Note
1
Description of Business and Basis of Presentation
– (Continued)
Principles
of Consolidation
These
consolidated financial statements include the accounts of Anavex Life Sciences Corp. and its wholly-owned subsidiaries, Anavex Australia
Pty Limited. ("Anavex Australia"), a company incorporated under the laws of Australia, Anavex Germany GmbH, a company incorporated
under the laws of Germany, and Anavex Canada Ltd., a company incorporated under the laws of the Province of Ontario, Canada. All inter-company
transactions and balances have been eliminated.
Fair
Value Measurements
The
fair value hierarchy under GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable,
that may be used to measure fair value which are the following:
Level
1 - 	quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level
2 - observable inputs other than Level 1, quoted prices for similar assets or liabilities in active 		markets, quoted prices for
identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose
significant value drivers are observable; and
Level
3 - 	assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant
to the fair value of the assets or liabilities.
At
June 30, 2022 and September 30, 2021, the Company did not have any Level 3 assets or liabilities.
Basic
and Diluted Loss per Share
Basic
income/(loss) per common share is computed by dividing net income/(loss) available to common stockholders by the weighted average number
of common shares outstanding during the period. Diluted income/(loss) per common share is computed by dividing net income/(loss) available
to common stockholders by the sum of (1) the weighted-average number of common shares outstanding during the period, (2) the dilutive
effect of the assumed exercise of options and warrants using the treasury stock method and (3) the dilutive effect of other potentially
dilutive securities. For purposes of the diluted net loss per share calculation, options and warrants are potentially dilutive securities
and are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive.
As
of June 30, 2022, loss per share excludes
13,194,616
(September 30, 2021 –
11,540,903
) potentially dilutive common shares related
to outstanding options and warrants, as their effect was anti-dilutive.
11
Anavex
Life Sciences Corp.
Notes
to the Interim Condensed Consolidated Financial Statements
June
30, 2022
(Unaudited)
Note
2
Recent Accounting Pronouncements
Recently
Adopted Accounting Pronouncements
Effective
October 1, 2021, the Company adopted ASU 2019-12, "Simplifying the Accounting for Income Taxes (ASC 740)", which is intended
to simplify various aspects related to accounting for income taxes by removing certain exceptions to the general principles in Topic
740 and clarifying and amending existing guidance to improve consistent application. There was no material impact on the Company's
operations, financial condition, or cash flows.
Note
3
Other Income
Grant Income
During
the year ended September 30, 2021, the Company received $
497,931
of a $
995,862
research grant awarded by the Michael J. Fox Foundation
for Parkinson's Research. The grant will be used to fund a clinical trial of the Company's lead compound, ANAVEX
®
2-73
related to Parkinson's disease.
The
grant income is being deferred when received and amortized to other income as the related research and development expenditures are incurred.
During the three and nine months ended June 30, 2022, the Company did
no
t recognize any of this grant on its statements of operations
(2021: $
43,280
and $
54,100
respectively). At June 30, 2022, an amount of $
443,831
(September 30, 2021: $
443,831
) of this grant is recorded
as deferred grant income, representing the amount of this grant which has not yet been amortized to other income. The Company will recognize
this income on its statement of operations as the relating expenditures are incurred to offset the income.
Research
and development incentive income
Research
and development incentive income represents the receipt by Anavex Australia, of the Australian research and development incentive credit,
(the "R&D Incentive Credit").
During
the three and nine months ended June 30, 2022 the Company recorded research and development incentive income of $
682,432
(AUD
954,986
)
and $
2,328,675
(AUD
3,218,303
) (2021: $
1,363,661
(AUD
1,770,444
) and $
3,593,856
(AUD
4,750,539
)), respectively, related to the R&D
Incentive Credit for eligible research and development expenses incurred during the period.
Note
4
Accrued liabilities
The
principal components of accrued liabilities consists of:
June 30,
September 30,
2022
2021
Clinical site costs and patient visits
2,138,505
2,035,800
Accrued compensation and benefits
889,616
1,201,903
Fixed contract accruals
334,887
649,649
Accrued license fees payables
500,000
—
All other accrued liabilities
2,050,813
1,727,422
Total accrued liabilities
5,913,821
5,614,774
12
Anavex
Life Sciences Corp.
Notes
to the Interim Condensed Consolidated Financial Statements
June
30, 2022
(Unaudited)
Note
5
Equity Offerings
Common
Stock
Common
shares are voting and are entitled to dividends as declared at the discretion of the Board of Directors (the "Board").
Preferred
Stock
The
Company's Board has the authority to issue preferred stock in one or more series and to fix the rights, preferences, privileges,
restrictions and the number of shares constituting any series of the designation of the series.
Sales
Agreement
The
Company entered into a Controlled Equity Offering Sales Agreement on July 6, 2018, which was amended and restated on May 1, 2020 (the
"Sales Agreement") with Cantor Fitzgerald & Co. and SVB Leerink LLC (together the "Sales Agents"), pursuant
to which the Company may offer and sell shares of common stock registered under an effective registration statement from time to time
through the Sales Agents (the "Offering").
Upon
delivery of a placement notice based on the Company's instructions and subject to the terms and conditions of the Sales Agreement,
the Sales Agents may sell the Shares by methods deemed to be an "at the market offering" offering, in negotiated transactions
at market prices prevailing at the time of sale or at prices related to such prevailing market prices, or by any other method permitted
by law, including negotiated transactions, subject to the prior written consent of the Company. The Company is not obligated to make
any sales of Shares under the Sales Agreement. The Company or Sales Agents may suspend or terminate the offering of Shares upon notice
to the other party, subject to certain conditions.  The Sales Agents will act as agent on a commercially reasonable efforts basis
consistent with their normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of
Nasdaq.
The
Company has agreed to pay the Sales Agents commissions for their services of up to
3.0
% of the gross proceeds from the sale of the Shares
pursuant to the Sales Agreement. The Company also agreed to provide the Sales Agents with customary indemnification and contribution
rights. During the nine months ended June 30, 2022,
1,623,566
shares were sold pursuant to the Offering for gross proceeds of $
20,982,148
(net proceeds of $
20,258,981
after deducting offering expenses) (2021:
5,634,576
shares were sold for gross proceeds of $
79,107,548
(net
proceeds of $
76,670,025
after deducting offering expenses)). At June 30, 2022, an amount of $
142,410,402
(September 30, 2021: $
163,392,550
)
was registered pursuant to an effective registration statement and remained available to be sold under the Sales Agreement.
13
Anavex
                                            Life Sciences Corp.
Notes
to the Interim Condensed Consolidated Financial Statements
June
30, 2022
(Unaudited)
Note
5
Equity Offerings
– (continued)
2019
Purchase Agreement
On
June 7, 2019, the Company entered into a $50,000,000 purchase agreement (the "2019 Purchase Agreement") with Lincoln Park,
as amended on July 1, 2020, pursuant to which the Company had the right to sell and issue to Lincoln Park, and Lincoln Park was obligated
to purchase, up to $
50,000,000
in value of its shares of common stock from time to time over a three-year period until July 1, 2022.
In
consideration for entering into the 2019 Purchase Agreement, the Company issued to Lincoln Park 324,383 shares of common stock as a commitment
fee during the year ended September 30, 2019 and agreed to issue up to
162,191
shares pro rata, when and if, Lincoln Park purchased,
at the Company's discretion, the $
50,000,000
aggregate commitment.
At
June 30, 2022 and September 30, 2021, no shares remained available for issuance under the 2019 Purchase Agreement. During the nine months
ended June 30, 2021, the Company issued to Lincoln Park an aggregate of 4,086,209 shares of common stock including
4,007,996
shares of
common stock for an aggregate purchase price of $
24,111,198
and
78,213
commitment shares.
Note
6
Commitments and Contingencies
a)
Leases
During
the three and nine months ended June 30, 2022, the Company incurred office lease expense of $
21,015
and $
42,348
(2021: $
18,994
and $
117,284
),
respectively.
b)
Employee
                                            401(k) Benefit Plan
The
Company has a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code. The plan covers all United States
based employees. United States based employees eligible to participate in the plan may contribute up to the current statutory limits
under the Internal Revenue Service regulations. The 401(k) plan permits the Company to make additional matching contributions on behalf
of contributing employees. During the three and nine months ended June 30, 2022, the Company made $
27,358
and $
120,979
(2021: $
28,221
and $
102,261
), respectively, in matching contributions under the 401(k) plan.
c)
Litigation
The
Company is subject to claims and legal proceedings that arise in the ordinary course of business. Such matters are inherently uncertain,
and there can be no guarantee that the outcome of any such matter will be decided favorably to the Company or that the resolution of
any such matter will not have a material adverse effect upon the Company's consolidated financial statements. The Company does not believe
that any of
such pending claims and legal proceedings will have a material
adverse effect on its consolidated financial statements.
14
Anavex
                                            Life Sciences Corp.
Notes
to the Interim Condensed Consolidated Financial Statements
June
30, 2022
(Unaudited)
Note
6
Commitments and Contingencies
– (Continued)
d)
Share
                                            Purchase Warrants
A
summary of the status of the Company's outstanding share purchase warrants is presented below:
Weighted
Average
Number of
Exercise Price
Shares
($)
Balance,
    September 30, 2020
500,000
3.88
Granted
60,000
12.00
Exercised
(
350,000
)
4.19
Balance,
    September 30, 2021
210,000
5.69
Forfeited
(
50,000
)
12.00
Balance,
    June 30, 2022
160,000
3.72
At
June 30, 2022, the Company had share purchase warrants outstanding as follows
Number
Exercise Price
Expiry Date
150,000
$
3.17
May 6, 2024
10,000
$
12.00
April 21, 2026
160,000
e)
Stock–based
                                            Compensation Plan
2015
Stock Option Plan
On
September 18, 2015, the Company's Board approved a 2015 Omnibus Incentive Plan (the "2015 Plan"), which provided for
the grant of stock options and restricted stock awards to directors, officers, employees and consultants of the Company.
The
maximum number of our common shares reserved for issue under the plan was
6,050,553
shares, subject to adjustment in the event of a change
of the Company's capitalization.
15
Anavex
Life Sciences Corp.
Notes
to the Interim Condensed Consolidated Financial Statements
June
30, 2022
(Unaudited)
Note
6
Commitments and Contingencies
– (Continued)
e)
Stock-based
                                            Compensation Plan – (Continued)
2019
Stock Option Plan
On
January 15, 2019, the Board approved the 2019 Omnibus Incentive Plan (the "2019 Plan"), which provides for the grant of stock
options and restricted stock awards to directors, officers, employees, consultants and advisors of the Company.
The
maximum number of our common shares reserved for issue under the plan was
6,000,000
shares, subject to adjustment in the event of a change
of the Company's capitalization.
During
the nine months ended June 30, 2022,
406,453
options previously available under the 2019 Plan and the 2015 Plan became available under
the 2022 Plan (as defined below).
2022
Stock Option Plan
On
March 25, 2022, the Board approved the 2022 Omnibus Incentive Plan (the "2022 Plan"). The 2022 Plan was approved by stockholders
on May 24, 2022. Under the terms of the 2022 Plan,
10,000,000
additional shares of Common Stock will be available for issuance under
the plan, in addition to the shares available under the 2019 Plan and the 2015 Plan. Any awards outstanding under a previous stock option
plan will remain subject to and be paid under such plan, and any shares subject to outstanding awards under a previous plan that subsequently
cease to be subject to such awards (other than by reason of settlement of the awards in shares) will automatically become available for
issuance under the 2022 Plan.
The
2022 Plan provides that it may be administered by the Board, or the Board may delegate such responsibility to a committee. The exercise
price will be determined by the Board at the time of grant shall be at least equal to the fair market value on such date. If the grantee
is a 10% stockholder on the grant date, then the exercise price shall not be less than 110% of fair market value of the Company's
shares of common stock on the grant date. Stock options may be granted under the 2022 Plan for an exercise period of up to ten years
from the date of grant of the option or such lesser periods as may be determined by the Board, subject to earlier termination in accordance
with the terms of the 2022 Plan. At June 30, 2022,
1,298,000
options had been issued under the 2022 Plan and
9,108,453
options were available
for issue under the 2022 Plan, subject to stockholder approval.
16
Anavex
Life Sciences Corp.
Notes
to the Interim Condensed Consolidated Financial Statements
June
30, 2022
(Unaudited)
Note
6
Commitments and Contingencies
– (Continued)
e)
Stock-based
                                            Compensation Plan – (Continued)
A
summary of the status of Company's outstanding stock options is presented below:
Weighted
Average
Weighted Average
Aggregate
Number of
Exercise Price
Grant Date Fair Value
intrinsic value
Shares
($)
($)
($)
Outstanding,
    September 30, 2020
10,076,266
3.48
14,982,581
Granted
2,732,000
12.55
9.32
Forfeited
(
55,834
)
3.04
2.43
Exercised
(
1,421,529
)
2.89
2.43
24,446,305
Outstanding,
    September 30, 2021
11,330,903
5.74
140,132,451
Granted
2,208,000
10.07
6.99
Forfeited
(
103,750
)
5.39
4.04
Exercised
(
400,537
)
2.52
1.88
Outstanding,
    June 30, 2022
13,034,616
6.57
58,809,090
Exercisable,
    June 30, 2022
8,562,530
4.11
52,439,132
The
following summarizes information about stock options at June 30, 2022 by a range of exercise prices:
Weighted
average
Number of
remaining
Number of
Weighted
Range of exercise
    prices
outstanding
contractual
Weighted average
vested
average
From
To
options
life (in years)
exercise price
options
exercise price
$
0.92
2.96
3,903,762
5.38
2.30
3,868,762
2.29
$
3.15
4.80
2,078,800
5.59
3.30
2,058,800
3.28
$
5.04
8.98
3,957,054
6.32
6.28
2,356,221
6.30
$
10.09
17.03
1,798,000
9.38
11.05
209,997
14.40
$
18.11
24.58
1,297,000
9.08
19.39
68,750
24.03
13,034,616
8,562,530
The
weighted average grant date fair value of options vested during the three and nine months ended June 30, 2022 was $
3.83
(2021: $
3.16
).
At June 30, 2022, the weighted average contractual life of options outstanding was
6.62
years (September 30, 2021:
6.65
years) and for
options exercisable was
5.21
years (September 30, 2021:
5.80
years).
The
aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted market price
of the Company's stock for the options that were in-the-money at June 30, 2022.
17
Anavex
                                            Life Sciences Corp.
Notes
to the Interim Condensed Consolidated Financial Statements
June
30, 2022
(Unaudited)
Note
6
Commitments and Contingencies
– (Continued)
e)
Stock-based
                                            Compensation Plan – (Continued)
During
the three and nine months ended June 30, 2022, the Company recognized stock-based compensation expense of $
3,988,614
and $
12,336,844
(2021: $
2,293,925
and $
5,079,395
), respectively, in connection with the issuance and vesting 	of stock options and warrants in exchange
for services. These amounts have been included in general and 	administrative expenses and research and development expenses on the
Company's statement of 	operations as follows:
Three months
    ended June 30,
Nine months
    ended June 30,
2022
2021
2022
2021
General
    and administrative
$
1,490,267
$
1,048,606
$
4,739,021
$
2,265,387
Research
    and development
2,498,347
1,245,319
7,597,823
2,814,008
Total
    stock-based compensation
$
3,988,614
$
2,293,925
$
12,336,844
$
5,079,395
An
amount of approximately $
24,276,312
in stock-based compensation is expected to be recorded over the remaining term 	of such options
through fiscal 2025.
The
fair value of each option award granted during the three and nine months ended June 30, 2022 and 2021 is estimated on the date of grant
using the Black Scholes option pricing model based on the following weighted average assumptions:
2022
2021
Risk-free interest rate
3.10
%
0.71
%
Expected life of options (years)
5.51
5.66
Annualized volatility
84.12
%
95.87
%
Dividend rate
0.00
%
0.00
%
The
fair value of stock compensation charges recognized during the three and nine months ended June 30, 2022 and 2021 was determined with
reference to the quoted market price of the Company's shares on the grant date.
18
ITEM
2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Forward-Looking
Statements
This
Quarterly Report on Form 10-Q includes forward-looking statements. All statements other than statements of historical facts contained
in this Quarterly Report on Form 10-Q, including statements regarding our anticipated future clinical and regulatory milestone events,
future financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements.
The words "believe," "may," "estimate," "continue," "anticipate," "intend,"
"expect" "should," "forecast," "could," "suggest," "plan" and
similar expressions, as they relate to us, are intended to identify forward-looking statements. Such forward-looking statements include,
without limitation, statements regarding:
●
volatility
in our stock and in the markets in general;
●
our
ability to successfully conduct clinical and preclinical trials for our product candidates;
●
our
ability to raise additional capital on favorable terms and the impact of such activities on our stockholders and stock price;
●
the
impact of the COVID-19 outbreak and its effect on us;
●
our
ability to generate any revenue or to continue as a going concern;
●
our
ability to execute our research and development plan on time and on budget;
●
our
products'' ability to demonstrate efficacy or an acceptable safety profile of our product candidates;
●
our
ability to obtain the support of qualified scientific collaborators;
●
our
ability, whether alone or with commercial partners, to successfully commercialize any of our product candidates that may be approved
for sale;
●
our
ability to identify and obtain additional product candidates;
●
our
reliance on third parties in non-clinical and clinical studies;
●
our
ability to defend against product liability claims;
●
our
ability to safeguard against security breaches;
●
our
ability to obtain and maintain sufficient intellectual property protection for our product candidates;
●
our
ability to comply with our intellectual property licensing agreements;
●
our
ability to defend against claims of intellectual property infringement;
●
our
ability to comply with the maintenance requirements of the government patent agencies;
●
our
ability to protect our intellectual property rights throughout the world;
●
competition;
●
the
anticipated start dates, durations and completion dates of our ongoing and future clinical studies;
●
the
anticipated designs of our future clinical studies;
●
the
impact of fast track designation on receipt of actual FDA approval;
●
our
anticipated future regulatory submissions and our ability to receive regulatory approvals to develop and market our product candidates,
including any orphan drug or fast track designations; and
●
our
anticipated future cash position.
We
have based these forward-looking statements largely on our current expectations and projections about future events, including the responses
we expect from the U.S. Food and Drug Administration, ("FDA"), and other regulatory authorities and financial trends that
we believe may affect our financial condition, results of operations, business strategy, preclinical and clinical trials, and financial
needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions including without limitation
the risks described in "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K filed with the Securities and
Exchange Commission on November 24, 2021. These risks are not exhaustive. Other sections of this Quarterly Report on Form 10-Q include
additional factors which could adversely impact our business and financial performance. Moreover, we operate in a very competitive and
rapidly changing environment. New risk factors emerge from time to time and it is not possible for our management to predict all risk
factors, 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. You should not rely upon forward-looking
statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements
will be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as
required by applicable laws including the securities laws of the United States, we assume no obligation to update or supplement forward-looking
statements.
19
As
used in this Quarterly Report on Form 10-Q, the terms "we," "us," "our," and "Anavex"
mean Anavex Life Sciences Corp., unless the context clearly requires otherwise.
Our
Current Business
Anavex
Life Sciences Corp. is a clinical stage biopharmaceutical company engaged in the development of differentiated therapeutics by applying
precision medicine to central nervous system ("CNS") diseases with high unmet need. We analyze genomic data from clinical
studies to identify biomarkers, which we use to select patients that will receive the therapeutic benefit for the treatment of neurodegenerative
and neurodevelopmental diseases.
Our
lead compound, ANAVEX
®
2-73, is being developed to treat Alzheimer's disease, Parkinson's disease and potentially
other central nervous system diseases, including rare diseases, such as Rett syndrome, a rare severe neurological monogenic disorder
caused by mutations in the X-linked gene, methyl-CpG-binding protein 2 ("MECP2").
We
currently have two core programs and two seed programs. Our core programs are at various stages of clinical and preclinical development,
in neurodegenerative and neurodevelopmental diseases.
The
following table summarizes key information about our programs:
*
= Orphan Drug Designation by the FDA; Dashed lines indicate planned clinical studies
Anavex
has a portfolio of compounds varying in sigma-1 receptor (S1R) binding activities. The SIGMAR1 gene encodes the S1R protein, which is
an intracellular chaperone protein with important roles in cellular communication. S1R is also involved in transcriptional regulation
at the nuclear envelope and restores homeostasis and stimulates recovery of cell function when activated. In order to validate the ability
of our compounds to activate quantitatively the S1R, we performed, in collaboration with Stanford University, a quantitative Positron
Emission Tomography (PET) imaging scan in mice, which demonstrated a dose-dependent ANAVEX
®
2-73 target engagement or receptor
occupancy (RO) with S1R in the brain.
20
Source:
Reyes S et al., Sci Rep. 2021 Aug 25; 11(1):17150
s
Cellular
Homeostasis
Many
diseases are possibly directly caused by chronic homeostatic imbalances or cellular stress of brain cells. In pediatric diseases like
Rett syndrome or infantile spasms, the chronic cellular stress is possibly caused by the presence of a constant genetic mutation. In
neurodegenerative diseases, such as Alzheimer's and Parkinson's diseases, chronic cellular stress is possibly caused by age-correlated
buildup of cellular insult and hence chronic cellular stress. Specifically, defects in homeostasis of protein or ribonucleic acid ("RNA")
lead to the death of neurons and dysfunction of the nervous system. The spreading of protein aggregates resulting in a proteinopathy,
a characteristic finding in Alzheimer's and Parkinson's diseases that results from disorders of protein synthesis, trafficking,
folding, processing or degradation in cells. The clearance of macromolecules in the brain is particularly susceptible to imbalances that
result in aggregation and degeneration in nerve cells. For example, Alzheimer's disease pathology is characterized by the presence
of amyloid plaques, neurofibrillary tangles, which are aggregates of hyperphosphorylated Tau protein that are a marker of other diseases
known as tauopathies as well as inflammation of microglia. With the SIGMAR1 activation through SIGMAR1 agonists like ANAVEX
®
2-73,
our approach is to restore cellular balance, i.e. homeostasis. Therapies that correct defects in cellular homeostasis might have the
potential to halt or delay neurodevelopmental and neurodegenerative disease progression.
ANAVEX
®
2-73-specific
Biomarkers
A
full genomic analysis of Alzheimer's disease (AD) patients treated with ANAVEX
®
2-73 resulted in the identification
of actionable genetic variants. A significant impact of the genomic biomarkers SIGMAR1, the direct target of ANAVEX
®
2-73
and COMT, a gene involved in memory function, on the drug response level was identified, leading to an early ANAVEX
®
2-73-specific
biomarker hypothesis. It is expected that
excluding
patients with SIGMAR1 identified biomarker variant (approximately 10%-20%
of the population) in prospective studies would identify approximately 80%-90% patients that would display clinically significant improved
functional and cognitive scores.
21
The
consistency between the identified DNA and RNA data related to ANAVEX
®
2-73, which are considered independent of AD pathology,
as well as multiple endpoints and time-points, provides support for precision medicine clinical development of ANAVEX
®
2-73
by using genetic biomarkers identified within the study population itself to target patients who are most likely to respond to ANAVEX
®
2-73
treatment in AD as well as indications like Parkinson's disease dementia (PDD) or Rett syndrome (RTT) in which ANAVEX
®
2-73
is currently studied.
Clinical
Studies Overview
Alzheimer's
Disease
In
November 2016, we completed a Phase 2a clinical trial, consisting of PART A and PART B, which lasted a total of 57 weeks, for ANAVEX
®
2-73
in mild-to-moderate Alzheimer's patients. This open-label randomized trial met both primary and secondary endpoints and was designed
to assess the safety and exploratory efficacy of ANAVEX
®
2-73 in 32 patients. ANAVEX
®
2-73 targets sigma-1
and muscarinic receptors, which have been shown in preclinical studies to reduce stress levels in the brain believed to restore cellular
homeostasis and to reverse the pathological hallmarks observed in Alzheimer's disease. In October 2017, we presented positive pharmacokinetic
(PK) and pharmacodynamic (PD) data from the Phase 2a study, which established a concentration-effect relationship between ANAVEX
®
2-73
and study measurements. These measures obtained from all patients who participated in the entire 57 weeks include exploratory cognitive
and functional scores as well as biomarker signals of brain activity. Additionally, the study appears to show that ANAVEX
®
2-73
activity is enhanced by its active metabolite (ANAVEX19-144), which also targets the sigma-1 receptor and has a half-life approximately
twice as long as the parent molecule.
Two
consecutive trial extensions for the Phase 2a trial have allowed participants who completed the 52-week PART B of the study to continue
taking ANAVEX
®
2-73, providing an opportunity to gather extended safety data for a cumulative time period of five years.
In August 2020, patients completing these Phase 2a trial extensions were granted continued access to treatment with ANAVEX
®
2-73
through the Australian Government Department of Health – Therapeutic Goods Administration (TGA) compassionate use Special Access
Scheme.
A
larger Phase 2b/3 double-blind, placebo-controlled study of ANAVEX
®
2-73 in Alzheimer's disease commenced in August
2018. The Phase 2b/3 study enrolled 509 patients for 48 weeks, randomized 1:1:1 to two different ANAVEX
®
2-73 doses or
placebo. The trial commenced in Australia; and during fiscal 2020 additional regions were added in the United Kingdom, The Netherlands,
Germany and Canada. The ANAVEX
®
2-73 Phase 2b/3 study design incorporates genomic precision medicine biomarkers identified
in the ANAVEX
®
2-73 Phase 2a study. Primary and secondary endpoints will assess safety and both cognitive and functional
efficacy, measured through Alzheimer's Disease Assessment Scale – Cognition (ADAS-Cog), ADCS-ADL and Clinical Dementia Rating
– Sum of Boxes for cognition and function (CDR-SB). The study completed enrollment in June 2021, exceeding the 450 patient enrollment
target at 52 sites across North America, Europe and Australia.
In
October 2019, we initiated a long-term open label extension study of ANAVEX
®
2-73, entitled the ATTENTION-AD study, for
patients who have completed the 48-week Phase 2b/3 placebo-controlled trial referenced above. This study is expected to last two years
and will give patients the opportunity to continue their treatment. Upon request by patients, caretakers and investigators, this extension
study was extended by one further year.
Rett
Syndrome
In
February 2016, we presented positive preclinical data for ANAVEX
®
2-73 in Rett syndrome, a rare neurodevelopmental disease.
The study was funded by the International Rett Syndrome Foundation ("Rettsyndrome.org"). In January 2017, we were awarded
a financial grant from Rettsyndrome.org of a minimum of $0.6 million to cover some of the costs of a multicenter Phase 2 clinical trial
of ANAVEX
®
2-73 for the treatment of Rett syndrome. This award was received in quarterly instalments which commenced during
fiscal 2018.
In
March 2019, we commenced the first Phase 2 clinical trial in a planned Rett syndrome program of ANAVEX
®
2-73 for the treatment
of Rett syndrome. The studies will be conducted in a range of patient age demographics and geographic regions, utilizing a convenient
oral liquid once-daily formulation of ANAVEX
®
2-73.
22
The
first Phase 2 study, (ANAVEX®2-73-RS-001), which took place in the United States, was completed in December 2020. This trial was
a randomized double-blind, placebo-controlled safety, tolerability, pharmacokinetic and efficacy study of oral liquid ANAVEX
®
2-73
formulation in 25 adult female patients with Rett syndrome over a 7-week treatment period including ANAVEX
®
2-73-specific
genomic precision medicine biomarkers. The primary endpoint of the trial was safety. The dosing of 5 mg ANAVEX
®
2-73 was
well-tolerated and demonstrated dose-proportional PK (pharmacokinetics). All secondary efficacy endpoints of the trial showed statistically
significant and clinically meaningful response in the Rett Syndrome Behaviour Questionnaire (RSBQ AUC) Total scores, when compared to
placebo, in the ITT cohort (all participants, p = 0.011). 66.7% of ANAVEX
®
2-73 treated subjects showed a statistically
significant improvement in RSBQ response as compared to 10% of the subjects on placebo in the ITT cohort (all participants, p = 0.011).
ANAVEX
®
2-73 treatment resulted in a sustained improvement in Clinical Global Impression Improvement (CGI-I) scores throughout
the 7-week study, when compared to placebo in the ITT cohort (all participants, p = 0.014). Consistent with previous ANAVEX
®
2-73
clinical trials, patients carrying the common form of the SIGMAR1 gene treated with ANAVEX
®
2-73 experienced stronger improvements
in the prespecified efficacy endpoints.
The
second, international study of ANAVEX
®
2-73 for the treatment of Rett syndrome, called the AVATAR study, commenced in June
2019. This study took place in Australia and the United Kingdom using a higher dose than the U.S. based Phase 2 study for Rett syndrome.
The study was a Phase 3 randomized, double-blind, placebo-controlled trial to evaluate the safety and efficacy of ANAVEX
®
2-73
in 33 patients over a 7-week treatment period including ANAVEX
®
2-73 specific precision medicine biomarkers. Following
the successful completion of the U.S. Phase 2 Rett syndrome study (ANAVEX®2-73-RS-001), and the knowledge gained from it, the endpoints
for the AVATAR study (ANAVEX®2-73-RS-002) were appropriately updated according to ICH guidelines and were approved by the U.K. Medicines
and Healthcare products Regulatory Agency (MHRA) and in Australia by the Human Research Ethics Committees (HREC), where the AVATAR study
was conducted. Subsequently the AVATAR study was updated from a Phase 2 to a Phase 3 study.
The
data of the AVATAR study was released in February 2022. The study met all primary and secondary efficacy and safety endpoints, with consistent
improvements in primary efficacy endpoint, RSBQ AUC (p = 0.037) response, and secondary efficacy endpoints, ADAMS (p = 0.010) and CGI-I
(p = 0.037) response. Efficacy endpoints demonstrated statistically significant and clinically meaningful reductions in Rett syndrome
symptoms. Convenient once daily oral liquid doses of up to 30mg of ANAVEX
®
2-73 were also well tolerated with good medication
compliance. All patients who participated in the study are eligible to receive ANAVEX
®
2-73 under a voluntary open label
extension protocol, which is currently ongoing.
In
July 2020, we commenced the third study of ANAVEX
®
2-73 for the treatment of Rett syndrome, called the EXCELLENCE study.
This Phase 2/3 study in pediatric patients with Rett syndrome will evaluate the safety and efficacy of ANAVEX
®
2-73 in
approximately 84 pediatric patients, aged 5 to 18, over a 12-week treatment period incorporating ANAVEX
®
2-73 specific
precision medicine biomarkers. All patients who participate in the study will be eligible to receive ANAVEX
®
2-73 under
a voluntary open label extension protocol.
Parkinson's
Disease
In
September 2016, we presented positive preclinical data for ANAVEX
®
2-73 in an animal model of Parkinson's disease,
which demonstrated significant improvements on behavioral, histopathological, and neuroinflammatory endpoints. The study was funded by
the Michael J. Fox Foundation. Additional data announced in October 2017 indicates that ANAVEX
®
2-73 induces robust neurorestoration
in experimental Parkinsonism. The encouraging results we have gathered in this model, coupled with the favorable profile of this compound
in the Alzheimer's disease trial, support the notion that ANAVEX
®
2-73 is a promising clinical candidate drug for
Parkinson's disease dementia.
In
October 2020, we completed a double-blind, randomized, placebo-controlled proof-of-concept Phase 2 trial with ANAVEX
®
2-73
in Parkinson's Disease Dementia (PDD), to study the effect of the compound on both the cognitive and motor impairment of Parkinson's
disease. The Phase 2 study enrolled approximately 132 patients for 14 weeks, randomized 1:1:1 to two different ANAVEX
®
2-73
doses, 30mg and 50mg, or placebo. The ANAVEX
®
2-73 Phase 2 PDD study design incorporated genomic precision medicine biomarkers
identified in the ANAVEX
®
2-73 Phase 2a Alzheimer's disease study.
23
Within
this study ANAVEX
®
2-73 was safe and well tolerated in oral doses up to 50mg once daily. The results show clinically meaningful,
dose-dependent, and statistically significant improvements in the Cognitive Drug Research (CDR) computerized assessment system analysis.
Treatment with ANAVEX
®
2-73 also resulted in clinically meaningful improvements as measured by the global composite score
of Parkinson's disease symptom severity, MDS-UPDRS Total score on top of standard of care including dopaminergic therapy, levodopa
and other anti-PD medications after 14 weeks of treatment, suggesting ANAVEX
®
2-73's potential global capability
of slowing and reversing symptoms that progress in Parkinson's disease. The study confirmed the precision medicine approach of
targeting SIGMAR1 as a genetic biomarker in response to ANAVEX
®
2-73.
In
January 2021, we announced we were awarded a research grant of $1.0 million from The Michael J. Fox Foundation for Parkinson's
Research (MJFF) to develop ANAVEX
®
2-73 for the treatment of Parkinson's disease. The award will explore utilization
of PET imaging biomarkers to enable measurement of target engagement and pathway activation of the sigma-1 receptor (SIGMAR1) with clinically
relevant doses in people with Parkinson's disease.
Frontotemporal
Dementia
In
July 2020, we commenced the First-in-Human Phase 1 clinical trial of ANAVEX
®
3-71. ANAVEX
®
3-71 was previously
granted orphan drug designation for the treatment of Frontotemporal Dementia (FTD) by the FDA. ANAVEX
®
3-71 is an orally
administered small molecule targeting sigma-1 and M1 muscarinic receptors that is designed to be beneficial for neurodegenerative diseases.
In preclinical studies, ANAVEX
®
3-71 demonstrated disease-modifying activity against the major hallmarks of Alzheimer's
disease in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid and tau pathologies, as well as beneficial effects on mitochondrial
dysfunction and neuroinflammation.
The
Phase 1 clinical trial was a prospective double-blind, randomized, placebo-controlled study. A total of 36 healthy male and female subjects
were included. Single escalating doses of ANAVEX
®
3-71 were administered in order to evaluate the safety, tolerability,
and pharmacokinetics (PK) of ANAVEX
®
3-71 and the effects of food and gender on its PK in healthy volunteers.
The
study met its primary and secondary endpoints of safety, with no serious adverse events (SAEs) or dose-limiting toxicities observed.
ANAVEX
®
3-71 was well tolerated in all cohorts receiving ANAVEX
®
3-71 in single doses ranging from 5 mg to
200 mg daily with no SAEs and no significant lab abnormalities in any subject. In the study, ANAVEX
®
3-71 exhibited linear
pharmacokinetics. Its pharmacokinetics was also dose proportional for doses up to 160 mg. Gender had no effect on the PK of the drug
and food had no effect on the bioavailability of ANAVEX
®
3-71. The study also met the secondary objective of characterizing
the effect of ANAVEX
®
3-71 on electrocardiogram (ECG) parameters. There were no clinically significant ECG parameters throughout
the study. Participant QTcF measures were normal across all dose groups with no difference between ANAVEX
®
3-71 and placebo.
Based
on these results, and ANAVEX
®
3-71 pre-clinical profile, the Company intends to advance ANAVEX
®
3-71 into
a biomarker-driven clinical development dementia program for the treatment of FTD, schizophrenias and Alzheimer's disease, evaluating
longitudinal effect of treatment with ANAVEX
®
3-71. We believe the results of these studies could serve as the basis for
advancing into respective registration studies in the U.S.
Our
Pipeline
Our
research and development pipeline includes ANAVEX
®
2-73 currently in three different clinical study indications, and several
other compounds in different stages of clinical and pre-clinical study.
Our
proprietary SIGMACEPTOR™ Discovery Platform produced small molecule drug candidates with unique modes of action, based on our understanding
of sigma receptors. Sigma receptors may be targets for therapeutics to combat many human diseases, both of neurodegenerative nature,
including Alzheimer's disease, as well as of neurodevelopmental nature, like Rett syndrome. When bound by the appropriate ligands,
sigma receptors influence the functioning of multiple biochemical signals that are involved in the pathogenesis (origin or development)
of disease. Multiple viruses including SARS-CoV-2 (COVID-19) induce cellular stress by intrinsic mitochondrial apoptosis and other related
cellular processes, in order to ensure survival and replication. Hence, it is possible that S1R could play a role in modulating the cellular
response to viral infection and ameliorate pathogenesis.
24
Compounds
that have been subjects of our research include the following:
ANAVEX
®
2-73
(blarcamesine)
ANAVEX
®
2-73
may offer a disease-modifying approach in neurodegenerative and neurodevelopmental diseases by activation of sigma-1 receptors.
In
Rett syndrome, administration of ANAVEX
®
2-73 resulted in both significant and dose related improvements in an array of
behavioral paradigms in the MECP2 HET Rett syndrome disease model. In addition, in a further experiment sponsored by Rettsyndrome.org,
ANAVEX
®
2-73 was evaluated in automatic visual response and respiration tests in 7-month old mice, an age at which advanced
pathology is evident. Vehicle-treated MECP2 mice demonstrated fewer automatic visual responses than wild-type mice. Treatment with ANAVEX
®
2-73
for four weeks significantly increased the automatic visual response in the MECP2 Rett syndrome disease mice. Additionally, chronic oral
dosing daily for 6.5 weeks of ANAVEX
®
2-73 starting at ~5.5 weeks of age was conducted in the MECP2 HET Rett syndrome disease
mouse model assessed the different aspects of muscular coordination, balance, motor learning and muscular strengths, some of the core
deficits observed in Rett syndrome. Administration of ANAVEX
®
2-73 resulted in both significant and dose related improvements
in an array of these behavioral paradigms in the MECP2 HET Rett syndrome disease model.
In
May 2016 and June 2016, the FDA granted Orphan Drug Designation to ANAVEX
®
2-73 for the treatment of Rett syndrome and
infantile spasms, respectively. In November 2019, the FDA granted to ANAVEX
®
2-73 the Rare Pediatric Disease (RPD) designation
for the treatment of Rett syndrome. The RPD designation provides priority review by the FDA to encourage the development of treatments
for rare pediatric diseases.
Further,
in February 2020, the FDA granted Fast Track designation for the ANAVEX
®
2-73 clinical development program for the treatment
of Rett syndrome. The FDA Fast Track program is designed to facilitate and expedite the development and review of new drugs to address
unmet medical needs in the treatment of serious and life-threatening conditions.
For
Parkinson's disease, data demonstrates significant improvements and restoration of function in a disease modifying animal model
of Parkinson's disease. Significant improvements were seen on all measures tested: behavioral, histopathological, and neuroinflammatory
endpoints. In October 2020, we completed a double-blind, randomized, placebo-controlled proof-of-concept Phase 2 trial with ANAVEX
®
2-73
in Parkinson's Disease Dementia (PDD), to study the effect of the compound on both the cognitive and motor impairment of Parkinson's
disease. The Phase 2 study enrolled approximately 132 patients for 14 weeks, randomized 1:1:1 to two different ANAVEX
®
2-73
doses, 30mg and 50mg, or placebo. The ANAVEX
®
2-73 Phase 2 PDD study design incorporated genomic precision medicine biomarkers
identified in the ANAVEX
®
2-73 Phase 2a Alzheimer's disease study.
The
study found that ANAVEX
®
2-73 was safe and well tolerated in oral doses up to 50mg once daily. The results show clinically
meaningful, dose-dependent, and statistically significant improvements in the Cognitive Drug Research (CDR) computerized assessment system
analysis. We anticipate conducting further clinical trials of ANAVEX
®
2-73 in Parkinson's disease dementia after
submitting the results of the study to the FDA to obtain regulatory guidance.
In
Alzheimer's disease (AD) animal models, ANAVEX
®
2-73 has shown pharmacological, histological and behavioral evidence
as a potential neuroprotective, anti-amnesic, anti-convulsive and anti-depressive therapeutic agent, due to its potent affinity to sigma-1
receptors and moderate affinities to M1-4 type muscarinic receptors. In addition, ANAVEX
®
2-73 has shown a potential dual
mechanism which may impact amyloid, tau pathology and inflammation. In a transgenic AD animal model Tg2576, ANAVEX
®
2-73
induced a statistically significant neuroprotective effect against the development of oxidative stress in the mouse brain, as well as
significantly increased the expression of functional and synaptic plasticity markers that is apparently amyloid-beta independent. It
also statistically alleviated the learning and memory deficits developed over time in the animals, regardless of sex, both in terms of
spatial working memory and long-term spatial reference memory.
25
Based
on the results of pre-clinical testing, we initiated and completed a Phase 1 single ascending dose (SAD) clinical trial of ANAVEX
®
2-73.
In this Phase 1 SAD trial, the maximum tolerated single dose was defined per protocol as 55-60 mg. This dose is above the equivalent
dose shown to have positive effects in mouse models of AD. There were no significant changes in laboratory or electrocardiogram (ECG)
parameters. ANAVEX
®
2-73 was well tolerated below the 55-60 mg dose with only mild adverse events in some subjects. Observed
adverse events at doses above the maximum tolerated single dose included headache and dizziness, which were moderate in severity and
reversible. These side effects are often seen with drugs that target CNS conditions, including AD.
In
December 2014, a Phase 2a clinical trial was initiated for ANAVEX
®
2-73, for the treatment of Alzheimer's disease.
The open-label randomized trial was designed to assess the safety and exploratory efficacy of ANAVEX
®
2-73 in 32 patients
with mild-to-moderate Alzheimer's disease. ANAVEX
®
2-73 is an orally available drug candidate that restores cellular
homeostasis by targeting sigma-1 and muscarinic receptors. Preclinical studies demonstrated its potential to halt and/or reverse the
course of Alzheimer's. The Phase 2a study met both primary and secondary objectives of the study.
In
July 2018, we presented the results of a genomic DNA and RNA evaluation of the participants in the Phase 2a study. More than 33,000 genes
were analyzed using unbiased, data driven, machine learning, artificial intelligence (AI) system for analyzing DNA & RNA data in
patients exposed to ANAVEX
®
2-73. The analysis identified genetic variants that impacted response to ANAVEX
®
2-73,
among them variants related to the Sigma-1 receptor (SIGMAR1), the target for ANAVEX
®
2-73. Results showed that study participants
with the common SIGMAR1 wild type gene variant, which is about 80 percent of the population worldwide, demonstrated improved cognitive
(MMSE) and the functional (ADCS-ADL) scores. The results from this evaluation have been used to establish a precision medicine approach
in subsequent clinical trials, since these signatures can now be applied to neurological indications tested in clinical studies with
ANAVEX
®
2-73 including Alzheimer's disease, Parkinson's disease dementia and Rett syndrome.
ANAVEX
®
2-73
data presented met prerequisite information in order to progress into a Phase 2b/3 placebo-controlled study. On July 2, 2018, the Human
Research Ethics Committee in Australia approved the initiation of our Phase 2b/3, double-blind, randomized, placebo-controlled 48-week
safety and efficacy trial of ANAVEX
®
2-73 for the treatment of early Alzheimer's disease. Clinical trial sites in
Canada, the United Kingdom, the Netherlands and Germany were also added. This Phase 2b/3 study design incorporates inclusion of genomic
precision medicine biomarkers identified in the ANAVEX
®
2-73 Phase 2a study. The Phase 2b/3 study, which commenced in October
2018, randomized 1:1:1 to either two different ANAVEX
®
2-73 doses or placebo, completed enrollment in June 2021.
Preclinical
data also validates ANAVEX
®
2-73 as a prospective platform drug for other neurodegenerative diseases beyond Alzheimer's
disease, Parkinson's disease or Rett syndrome, more specifically, epilepsy, infantile spasms, Fragile X syndrome, Angelman syndrome,
multiple sclerosis and, more recently, tuberous sclerosis complex (TSC). ANAVEX
®
2-73 demonstrated significant improvements
in all of these indications in the respective preclinical animal models.
In
a study sponsored by the Foundation for Angelman Syndrome, ANAVEX
®
2-73 was assessed in a mouse model for the development
of audiogenic seizures. The results indicated that ANAVEX
®
2-73 administration significantly reduced audiogenic-induced
seizures. In a study sponsored by FRAXA Research Foundation regarding Fragile X syndrome, data demonstrated that ANAVEX
®
2-73
restored hippocampal brain-derived neurotrophic factor (BDNF) expression to normal levels. BDNF under-expression has been observed in
many neurodevelopmental and neurodegenerative pathologies. BDNF signaling promotes maturation of both excitatory and inhibitory synapses.
ANAVEX
®
2-73 normalization of BDNF expression could be a contributing factor for the positive data observed in both neurodevelopmental
and neurodegenerative disorders like Angelman and Fragile X syndromes.
Preclinical
data presented also indicates that ANAVEX
®
2-73 demonstrates protective effects of mitochondrial enzyme complexes during
pathological conditions, which, if impaired, are believed to play a role in the pathogenesis of neurodegenerative and neurodevelopmental
diseases.
Preclinical
data on ANAVEX
®
2-73 related to multiple sclerosis indicates that ANAVEX
®
2-73 may promote remyelination
in multiple sclerosis disease. Further, data also demonstrates that ANAVEX
®
2-73 provides protection for oligodendrocytes
("OL's") and oligodendrocyte precursor cells ("OPC's"), as well as central nervous system neurons
in addition to helping repair by increasing OPC proliferation and maturation in tissue culture.
26
In
March 2018, we presented preclinical data of ANAVEX
®
2-73 in a genetic mouse model of tuberous sclerosis complex ("TSC").
TSC is a rare genetic disorder characterized by the growth of numerous benign tumors in many parts of the body with a high incidence
of seizures. The preclinical data demonstrates that treatment with ANAVEX
®
2-73 significantly increases survival and reduces
seizures.
ANAVEX
®
3-71
ANAVEX
®
3-71
is a clinical drug candidate with a novel mechanism of action via sigma-1 receptor activation and M1 muscarinic allosteric modulation,
which has been shown to enhance neuroprotection and cognition in Alzheimer's disease models. ANAVEX
®
3-71 is a CNS-penetrable
potential disease modifying treatment for cognitive impairments. It is highly effective in very small doses against the major Alzheimer's
hallmarks in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid and tau pathologies, and also has beneficial effects on
inflammation and mitochondrial dysfunctions. ANAVEX
®
3-71 indicates extensive therapeutic advantages in Alzheimer's
and other protein-aggregation-related diseases given its ability to enhance neuroprotection and cognition via sigma-1 receptor activation
and M1 muscarinic allosteric modulation.
A
preclinical study examined the response of ANAVEX
®
3-71 in aged transgenic animal models and showed a significant reduction
in the rate of cognitive deficit, amyloid beta pathology and inflammation with the administration of ANAVEX 3-71. In April 2016, the
FDA granted Orphan Drug Designation to ANAVEX
®
3-71 for the treatment of Frontotemporal dementia (FTD).
During
pathological conditions ANAVEX
®
3-71 demonstrated the formation of new synapses between neurons (synaptogenesis) without
causing an abnormal increase in the number of astrocytes. In neurodegenerative diseases such as Alzheimer's and Parkinson's
disease, synaptogenesis is believed to be impaired. Additional preclinical data presented also indicates that in addition to reducing
oxidative stress, ANAVEX
®
3-71 demonstrates protective effects of mitochondrial enzyme complexes during pathological conditions,
which, if impaired, are believed to play a role in the pathogenesis of neurodegenerative and neurodevelopmental diseases.
In
July 2020, we commenced the first Phase 1 clinical trial of ANAVEX
®
3-71. The study took place in Australia and was
a double-blind, randomized, placebo-controlled, Phase 1 trial to evaluate safety and tolerability, and pharmacokinetics (PK) of oral
escalating doses of ANAVEX
®
3-71 including effects of food and gender in healthy volunteers The study met its primary and
secondary endpoints of safety, respectively with no serious adverse events (SAEs) or dose-limiting toxicities observed, as more fully
described above under
Clinical Studies Overview – Frontotemporal Dementia
.
Based
on these results, and ANAVEX
®
3-71 pre-clinical profile, the Company intends to advance ANAVEX
®
3-71 into
a biomarker-driven clinical development dementia program for the treatment of FTD, schizophrenias and Alzheimer's disease, evaluating
longitudinal effect of treatment with ANAVEX
®
3-71. Anavex believes the results of these studies, could serve as the basis
for advancing into respective registration studies in the U.S.
ANAVEX
®
1-41
ANAVEX
®
1-41
is a sigma-1 agonist. Pre-clinical tests revealed significant neuroprotective benefits (i.e., protects nerve cells from degeneration
or death) through the modulation of endoplasmic reticulum, mitochondrial and oxidative stress, which damages and impairs cell viability.
In addition, in animal models, ANAVEX
®
1-41 prevented the expression of caspase-3, an enzyme that plays a key role in apoptosis
(programmed cell death) and loss of cells in the hippocampus, the part of the brain that regulates learning, emotion and memory. These
activities involve both muscarinic and sigma-1 receptor systems through a novel mechanism of action.
Preclinical
data presented also indicates that ANAVEX
®
1-41 demonstrates protective effects of mitochondrial enzyme complexes during
pathological conditions, which, if impaired, are believed to play a role in the pathogenesis of neurodegenerative and neurodevelopmental
diseases.
27
ANAVEX
®
1066
ANAVEX
®
1066,
a mixed sigma-1/sigma-2 ligand, is designed for the potential treatment of neuropathic and visceral pain. ANAVEX
®
1066
was tested in two preclinical models of neuropathic and visceral pain that have been extensively validated in rats. In the chronic constriction
injury model of neuropathic pain, a single oral administration of ANAVEX
®
1066 dose-dependently restored the nociceptive
threshold in the affected paw to normal levels while leaving the contralateral healthy paw unchanged. Efficacy was rapid and remained
significant for two hours. In a model of visceral pain, chronic colonic hypersensitivity was induced by injection of an inflammatory
agent directly into the colon and a single oral administration of ANAVEX
®
1066 returned the nociceptive threshold to control
levels in a dose-dependent manner. Companion studies in rats demonstrated the lack of any effects on normal gastrointestinal transit
with ANAVEX
®
1066 and a favorable safety profile in a battery of behavioral measures.
ANAVEX
®
1037
ANAVEX
®
1037
is designed for the treatment of prostate and pancreatic cancer. It is a low molecular weight, synthetic compound exhibiting high affinity
for sigma-1 receptors at nanomolar levels and moderate affinity for sigma-2 receptors and sodium channels at micromolar levels. In advanced
pre-clinical studies, this compound revealed antitumor potential. It has also been shown to selectively kill human cancer cells without
affecting normal/healthy cells and also to significantly suppress tumor growth in immune-deficient mice models. Scientific publications
highlight the possibility that these ligands may stop tumor growth and induce selective cell death in various tumor cell lines. Sigma
receptors are highly expressed in different tumor cell types. Binding by appropriate sigma-1 and/or sigma-2 ligands can induce selective
apoptosis. In addition, through tumor cell membrane reorganization and interactions with ion channels, our drug candidates may play an
important role in inhibiting the processes of metastasis (spreading of cancer cells from the original site to other parts of the body),
angiogenesis (the formation of new blood vessels) and tumor cell proliferation.
Our
compounds are in the pre-clinical and clinical testing stages of development, and there is no guarantee that the activity demonstrated
in pre-clinical models will be shown in human testing.
We
continue to identify and initiate discussions with potential strategic and commercial partners to most effectively advance our programs
and realize maximum shareholder value. Further, we may acquire or develop new intellectual property and assign, license, or otherwise
transfer our intellectual property to further our goals.
Our
Target Indications
We
have developed compounds with potential application to two broad categories and several specific indications. including:
Central
Nervous System Diseases
●
Alzheimer's
    disease – In 2022, an estimated 6.5 million Americans were suffering from Alzheimer's disease. The Alzheimer's
    Association
®
estimates that by 2050, this number will rise to 12.7 million Americans. Medications on the market today
    treat only the symptoms of Alzheimer's disease and do not have the ability to stop its onset or its progression. There is an
    urgent and unmet need for both a disease modifying cure for Alzheimer's disease as well as for better symptomatic treatments.
●
Parkinson's
    disease – Parkinson's disease is a progressive disease of the nervous system marked by tremors, muscular rigidity, and
    slow, imprecise movement. It is associated with degeneration of the basal ganglia of the brain and a deficiency of the neurotransmitter
    dopamine. Parkinson's disease afflicts more than 10 million people worldwide, typically middle-aged and elderly people. The
    Parkinson's disease market is expected to expand to $11.5 billion by 2029, according to business intelligence provider GBI
    Research.
●
Rett
    syndrome – Rett syndrome is a rare X-linked genetic neurological and developmental disorder that affects the way the brain
    develops, including protein transcription, which is altered and as a result leads to severe disruptions in neuronal homeostasis.
    It is considered a rare, progressive neurodevelopmental disorder and is caused by a single mutation in the MECP2 gene. Because males
    have a different chromosome combination from females, boys who have the genetic MECP2 mutation are affected in devastating ways.
    Most of them die before birth or in early infancy. For females who survive infancy, Rett syndrome leads to severe impairments, affecting
    nearly every aspect of the child's life; severe mental retardation, their ability to speak, walk and eat, sleeping problems,
    seizures and even the ability to breathe easily. Rett syndrome affects approximately 1 in every 10,000-15,000 females.
28
●
Depression
– Depression is a major cause of morbidity worldwide according to the World Health Organization. Pharmaceutical treatment for depression
is dominated by blockbuster brands, with the leading nine brands historically accounting for approximately 75% of total sales. However,
the dominance of the leading brands is waning, largely due to the effects of patent expiration and generic competition.
●
Epilepsy
– Epilepsy is a common chronic neurological disorder characterized by recurrent unprovoked seizures. These seizures are transient
signs and/or symptoms of abnormal, excessive or synchronous neuronal activity in the brain. According to the Centers for Disease Control
and Prevention, in 2015 epilepsy affected 3.4 million Americans. Today, epilepsy is often controlled, but not cured, with medication
that is categorized as older traditional anti-epileptic drugs and second generation anti-epileptic drugs. Because epilepsy afflicts sufferers
in different ways, there is a need for drugs used in combination with both traditional anti-epileptic drugs and second generation anti-epileptic
drugs.
●
Neuropathic
Pain – We define neuralgia, or neuropathic pain, as pain that is not related to activation of pain receptor cells in any part of
the body. Neuralgia is more difficult to treat than some other types of pain because it does not respond well to normal pain medications.
Special medications have become more specific to neuralgia and typically fall under the category of membrane stabilizing drugs or antidepressants.
Cancer
●
Malignant
Melanoma – Predominantly a skin cancer, malignant melanoma can also occur in melanocytes found in the bowel and the eye. Malignant
melanoma accounts for 75% of all deaths associated with skin cancer. The treatment includes surgical removal of the tumor, adjuvant treatment,
chemo and immunotherapy, or radiation therapy. According to iHealthcareAnalyst, Inc. the worldwide malignant melanoma market is expected
to grow to $6.4 billion by 2027.
●
Prostate
Cancer – Specific to men, prostate cancer is a form of cancer that develops in the prostate, a gland in the male reproductive system.
The cancer cells may metastasize from the prostate to other parts of the body, particularly the bones and lymph nodes. Drug therapeutics
for prostate cancer are expected to increase to nearly $13.5 billion in 2024 according to Datamonitor Healthcare.
●
Pancreatic
Cancer – Pancreatic cancer is a malignant neoplasm of the pancreas. In the United States, approximately 55,000 new cases of pancreatic
cancer will be diagnosed this year and approximately 44,000 patients will die as a result of their cancer, according to the American
Cancer Society. Sales predictions by FutureWise forecast that the market for the global pharmaceutical treatment of pancreatic cancer
will increase to $4.7 billion by 2027.
Patents,
Trademarks and Intellectual Property
We
hold ownership or exclusive rights to fifteen U.S. patents, sixteen U.S. patent applications, and various PCT or ex-U.S. patent applications
relating to our drug candidates, methods associated therewith, and to our research programs.
29
We
own one issued U.S. patent entitled "ANAVEX
®
2-73 and certain anticholinesterase inhibitors composition and method
for neuroprotection" claims a composition of matter of ANAVEX
®
2-73 directed to a novel and synergistic neuroprotective
compound combined with donepezil and other cholinesterase inhibitors. This patent is expected to expire in June 2034, absent any patent
term extension for regulatory delays. We own three issued U.S. patents each with claims directed to crystalline forms of ANAVEX
®
2-73.
The first of these three patents claims crystalline forms of ANAVEX
®
2-73, dosage forms and compositions containing crystalline
ANAVEX
®
2-73, and methods of treatment for Alzheimer's disease using them. This patent is expected to expire in July
2036, absent any patent term extension for regulatory delays. The second of these three patents claims pharmaceutical compositions containing
a crystalline form of ANAVEX
®
2-73, and methods of treatment for Alzheimer's disease using the compositions. This
patent is expected to expire in June 2037, absent any patent term extension for regulatory delays. The third of these three patents claims
pharmaceutical compositions containing a crystalline form of ANAVEX
®
2-73, and methods of treatment for Alzheimer's
disease using the compositions. This patent is expected to expire in June 2037, absent any patent term extension for regulatory delays.
We also own two issued U.S. patents for seizure treatment. The first of these two patents claims methods and dosage forms for treating
seizures, the dosage forms containing a low-dose anti-epilepsy drug combined with either: (i) ANAVEX
®
2-73 and its active
metabolite ANAVEX
®
19-144; or (ii) ANAVEX
®
19-144. The second of these two patents further claims a combination
seizure treatment involving administration of an anti-epilepsy drug combined with (i) ANAVEX
®
19-144, or (ii) ANAVEX 19-144
®
and ANAVEX 2-73
®
. Both patents are expected to expire in October 2035, absent any patent term extension for regulatory
delays. We also own two issued U.S. patents with claims directed to treating neurodevelopmental disorders. These patents claim methods
for treating a neurodevelopmental disorder or multiple sclerosis by administering ANAVEX
®
2-73, ANAVEX
®
19-144,
and/or ANAVEX
®
1-41 (another sigma receptor ligand similar to ANAVEX
®
2-73), or compositions thereof. Both
patents are expected to expire in January 2037, absent any patent term extension for regulatory delays. In addition, we own one issued
U.S. Patent with claims directed to methods of treating melanoma with a compound related to ANAVEX
®
2-73. This patent is
expected to expire in February 2030, absent any patent term extension for regulatory delays. We also own an issued U.S. patent that claims
crystalline forms of ANAVEX
®
19-144, dosage forms and compositions containing the crystalline forms of ANAVEX
®
19-144,
and methods of treatment for Alzheimer's disease. This patent is expected to expire in July 2036, absent any patent term extension
for regulatory delays. Further, we own one issued U.S. Patent with claims directed to methods of treating cardiac dysfunction with ANAVEX
®
2-73
.. This patent is expected to expire in July 2038, absent any patent term extension for regulatory delays.
We
also own two issued U.S. patents related to ANAVEX
®
1066. The first of these two patents claims methods for treating or
preventing pain using (+) ANAVEX
®
1066 isomer. The second patent claims methods for treating or preventing pain using (-)
ANAVEX
®
1066 isomer. Both patents are expected to expire in November 2036, absent any patent term extension for regulatory
delays.
For
ANAVEX
®
2-73, ANAVEX
®
19-144, ANAVEX
®
1-41, and ANAVEX
®
1066, we also have granted
or pending applications in Australia, Canada, China, Europe, Japan, and Hong Kong, which are expected to expire after 2035.
With
regard to ANAVEX
®
3-71, we own exclusive rights to two issued U.S. patents with claims respectively directed to the ANAVEX
®
3-71
compound and methods of treating various diseases including Alzheimer's with the same. These patents are expected to expire in
April 2030, and January 2030, respectively, absent any patent term extension for regulatory delays. We also own exclusive rights to related
patents or applications that are granted or pending in Australia, Canada, China, Europe, Japan, Korea, New Zealand, Russia, and South
Africa, which are expected to expire in January 2030.
We
also own other patent applications directed to enantiomers, crystals, formulations, uses, and patient selection methods that may provide
additional protection for one or more of our product candidates.
We
regard patents and other intellectual property rights as corporate assets. Accordingly, we attempt to optimize the value of intellectual
property in developing our business strategy including the selective development, protection, and exploitation of our intellectual property
rights. In addition to filings made with intellectual property authorities, we protect our intellectual property and confidential information
by means of carefully considered processes of communication and the sharing of information, and by the use of confidentiality and non-disclosure
agreements and provisions for the same in contractor's agreements. While no agreement offers absolute protection, such agreements
provide some form of recourse in the event of disclosure, or anticipated disclosure.
Our
intellectual property position, like that of many biomedical companies, is uncertain and involves complex legal and technical questions
for which important legal principles are unresolved. For more information regarding challenges to our existing or future patents, see
"Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on
November 24, 2021.
30
Financial
Overview
We
are in the development stage and have not earned any revenues since our inception in 2004. We do not anticipate earning any revenues
until we can establish an alliance with other companies to develop, co-develop, license, acquire or market our products.
Our
operating costs consist primarily of research and development activities including the cost of clinical studies and clinical supplies
as well as clinical drug manufacturing and formulation. Research and development expenses also include personnel related costs such as
salaries and wages, and third-party contract research organization (CRO) expenses in support of these clinical studies. Personnel costs
include salaries and wages, benefits, and non-cash stock-based compensation charges associated with options and other equity awards granted
to employees and consultants who are directly engaged in support of our research and development activities.
General
and administrative expenses consist of personnel costs, expenses for outside professional services and expenses associated with operating
as a public company. Personnel costs consist of salaries and wages, benefits and stock-based compensation for general and administrative
personnel. Outside professional services and public company expenses include expenses related to compliance and reporting, additional
insurance expenses, audit and SOX compliance, expenses associated with patent research, applications and filings, investor and shareholder
relations activities and other administrative expenses and professional services.
Comparison
of the three and nine months ended June 30, 2022 and 2021
During
the three and nine months ended June 30, 2022, we continued to advance enrollment of our EXCELLENCE international Phase 2/3 pediatric
Rett syndrome clinical trial at new clinical sites in the United Kingdom and Canada.
With
respect to our double blind, placebo-controlled Phase 2b/3 study for the treatment of Alzheimer's disease the last patient visit
was completed end of June 2022. We expect to announce top line data from that study in the second half of 2022.
We
also recently completed this quarter the last patient visit with respect to the 48-week open label extension of the Phase 2 clinical
trial in Parkinsons Disease Dementia.
Additionally,
we continued to run open label extensions of our recently completed AVATAR study and the Phase 2b/3 Alzheimer's disease study.
Operating
Expenses
Total operating expenses for the third quarter of
fiscal 2022 were $12.5 million, compared to $11.4 million for the comparable third quarter of fiscal 2021. Total operating expenses for
the nine-month period ended June 30, 2022 were $35.7 million compared to $29.7 million for the same period in fiscal 2021.
General
and administrative expenses were $3.2 million for the three months ended June 30, 2022, as compared to $2.4 million for the third quarter
of fiscal 2021. Similarly, general and administrative expenses were $9.2 million for the nine months ended June 30, 2022, as compared
to $6.1 million for the nine months ended June 30, 2021. The increase in general and administrative expense is primarily related to (i)
an increase in non-cash stock option compensation charges of $0.4 million and $2.5 million, in the three and nine month periods respectively,
in connection with the vesting of stock options to an expanding team, (ii) an increase in corporate insurance costs and (iii) an increase
in intellectual property professional fees to maintain our strong patent positions.
Our
research and development expenses for the three months ended June 30, 2022 were $9.3 million, as compared to $9.0 million for the three
months ended June 30, 2021. Our research and development expenses were $26.5 million for the nine-month period ended June 30, 2022, as
compared to $23.6 million for the comparable nine-month period in 2021. The increase in research and development expenses is primarily
driven by an increase in non-cash stock option compensation charges of $1.3 million and $4.8 million in the three and nine month periods
respectively, associated with an expanding team directly engaged in support of ongoing research and development activities. For the nine-month
period ended June 30, 2022, this increase was partially offset by a decrease in clinical trial expenditures over the comparable period,
associated with the completion of the enrollment and recruitment activities for our Phase 2b/3 trial in Alzheimer's disease, and
manufacturing activities in the comparable period associated with the Rett syndrome program.
31
Other
income (net)
The
net amount of other income for the three months ended June 30, 2022 was $0.2 million as compared to $1.3 million for the comparable three
months ended June 30, 2021 and $2.2 million for the nine-month period as compared to $3.7 million for the comparable nine-month period
in fiscal 2021. The decrease in other income for the three-month period is partially related to differences in foreign exchange fluctuations
of the Australian dollar against the US dollar as they relate to incentive and tax receivables denominated in Australian Dollars.
As
well, the decrease in other income for the three and nine-month periods is attributable to a decrease in Australian research and development
incentive income in connection with the decrease in eligible clinical activities in Australia over the comparable period such as the
completion of the ANAVEX
®
3-71 Phase 1 clinical study and other Australian arms of ongoing clinical programs.
Net
loss
Net
loss for the third quarter of fiscal 2022 was $12.4 million, or $0.16 per share, as compared to $10.2 million, or $0.14 per share in
the comparative third quarter of fiscal 2021 and $33.7 million, or $0.44 per share, for the nine-month period ended June 30, 2022, as
compared to $26.2 million, or $0.39 per share in the comparative nine-month period ended June 30, 2021.
Liquidity
and Capital Resources
Working
Capital
June
                                            30,
2022
September 30, 2021
Current Assets
$
160,221,144
$
161,616,490
Current Liabilities
9,484,544
10,798,386
Working Capital
$
150,736,600
$
150,818,104
At
June 30, 2022, we held $153.2 million in cash and cash equivalents, an increase of $1.1 million from September 30, 2021. Cash used in
operations was $20.2 million for the nine-month period ended June 30, 2022, compared to $22.7 million in the comparable nine-month period
ended June 30, 2021. We received cash from financing activities of $21.3 million, primarily from the issuance of shares of common stock
under the Sales Agreement (as defined below).
We
intend to continue to use our capital resources to advance our clinical trials for ANAVEX
®
2-73 and ANAVEX
®
3-71,
and to perform work necessary to prepare for future development of our pipeline compounds.
Cash
Flows
Nine months ended June 30,
2022
2021
Net cash flows used in operating activities
$
(20,193,929
)
$
(22,709,166
)
Net cash flows from financing activities
21,285,536
151,020,193
Increase in cash and cash equivalents
$
1,091,607
$
128,311,027
Cash
flow used in operating activities
Net
cash used in operating activities for the nine months ended June 30, 2022 was $20.2 million, compared to $22.7 million during the comparable
nine months ended June 30, 2021. The principal reason for this decrease in net cash used in operating activities in the current period
is due to the receipt of research and development incentive tax refunds during the period, as compared to no such receipts during the
comparable period.
32
Cash
flow provided by financing activities
Cash
provided by financing activities for the nine months ended June 30, 2022 was $21.3 million, primarily attributable to cash received from
the issuance of common shares at various market prices under the Sales Agreement.
Cash
provided by financing activities for the nine months ended June 30, 2021 was $151.0 million, net of financing costs, attributable to
cash received from the issuance of common shares at various market prices under the 2019 Purchase Agreement, the Sales Agreement and
a direct registered offering that was completed for net proceeds of $46.9 million, after deducting expenses associated with the offering.
Other
Financing
Controlled
Equity Offering Sales Agreement
On
May 1, 2020, we entered into an Amended and Restated Sales Agreement (the "Sales Agreement") with Cantor Fitzgerald &
Co. and SVB Leerink LLC (the "Sales Agents"), pursuant to which we may offer and sell shares of common stock registered under
an effective registration statement from time to time through the Sales Agents (the "At-the-Market Offering").
Upon
delivery of a placement notice based on our instructions and subject to the terms and conditions of the Sales Agreement, the Sales Agents
may sell shares of common stock by methods deemed to be an "at the market offering", in negotiated transactions at market
prices prevailing at the time of sale or at prices related to such prevailing market prices, or by any other method permitted by law,
including negotiated transactions, subject to our prior written consent. We are not obligated to make any sales of shares under the Sales
Agreement. We or the Sales Agents may suspend or terminate the At-the-Market Offering upon notice to the other party, subject to certain
conditions. The Sales Agents will act as agents on a commercially reasonable efforts basis consistent with their normal trading and sales
practices and applicable state and federal law, rules and regulations and the rules of Nasdaq.
We
have agreed to pay the Sales Agents commissions for their services of 3.0% of the gross proceeds from the sale of the shares pursuant
to the Sales Agreement. We have also agreed to provide the Sales Agents with customary indemnification and contribution rights.
During
the nine months ended June 30, 2022, 1,623,566 shares were sold pursuant to the At-the-Market Offering for gross proceeds of $21.0 million
(net proceeds of $20.3 million after deducting commissions and offering expenses).
Off-Balance
Sheet Arrangements
We
have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that
are material to our stockholders.
CRITICAL
ACCOUNTING POLICIES
We
prepare our interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United
States of America, and make estimates and assumptions that affect our reported amounts of assets, liabilities, revenue and expenses,
and the related disclosures of contingent liabilities. We base our estimates on historical experience and other assumptions that we believe
are reasonable in the circumstances. Actual results may differ from these estimates.
There
have been no significant changes in the critical accounting policies and estimates described in our Annual Report on Form 10-K for the
year ended September 30, 2021 as filed with the SEC on November 24, 2021.
33
RECENT
ACCOUNTING PRONOUNCEMENTS
Please
refer to Note 2 "Recent Accounting Pronouncements" in notes to our Interim Condensed Consolidated Financial Statements included
in this Form 10-Q.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS.
Not
applicable
ITEM
4. CONTROLS AND PROCEDURES
Disclosure
Controls and Procedures
We
maintain disclosure controls and procedures that are designed to provide reasonable assurance that material information required to be
disclosed in our periodic reports filed under the Exchange Act is recorded, processed, summarized, and reported within the time periods
specified in the SEC's rules and forms and to provide reasonable assurance that such information is accumulated and communicated
to our management, our chief executive officer and our principal financial officer, to allow timely decisions regarding required disclosure.
We
carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer
and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined
in Rule 13a 15(e) under the Exchange Act, as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation,
our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective
as of June 30, 2022.
Changes
in Internal Control over Financial Reporting
During
the quarter ended June 30, 2022, there were no changes to our internal control over financial reporting identified in management's
evaluation pursuant to Rules 13a 15(d) or 15d 15 (d) of the Exchange Act that materially affected, or are reasonably likely to materially
affect, our internal controls over financial reporting.
PART
II – OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
We
know of no material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which our Company
or our subsidiary is a party or of which any of their property is subject. There are no proceedings in which any of our directors, officers
or affiliates, or any registered or beneficial stockholder holding more than 5% of our shares, is an adverse party or has a material
interest adverse to our or our subsidiary's interest.
ITEM
1A. RISK FACTORS
There
have been no material changes to the risk factors discussed in "Risk Factors" in Part I, Item 1A of our Annual Report on
Form 10-K for the fiscal year ended September 30, 2021 filed with the SEC on November 24, 2021.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During
the period covered by this Quarterly Report on Form 10-Q, we have not sold any equity securities that were not registered under the Securities
Act of 1933 that were not previously reported in a Current Report on Form 8-K.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
34
ITEM
5. OTHER INFORMATION
None
ITEM
6. EXHIBIT
Exhibit
Number
Description
(3)
Articles
of Incorporation and Bylaws
3.1
Articles
of Incorporation (incorporated by reference to Exhibit 3.1 to our Annual Report on Form 10-K for the year ended September 30, 2021 filed
on November 24, 2021)
3.2
Bylaws
(incorporated by reference to our Current Report on Form 8-K filed on September 28, 2007)
(31)
Rule
13a-14(a)/15(d)-14(a)Certifications
31.1*
Certification
of Christopher Missling, PhD.
31.2*
Certification
of Sandra Boenisch
(32)
Section
1350 Certifications
32.1**
Certification
of Christopher Missling, PhD and Sandra Boenisch.
(101)
XBRL
101.INS*
XBRL
INSTANCE DOCUMENT
101.SCH*
XBRL
TAXONOMY EXTENSION SCHEMA
101.CAL*
XBRL
TAXONOMY EXTENSION CALCULATION LINKBASE
101.DEF*
XBRL
TAXONOMY EXTENSION DEFINITION LINKBASE
101.LAB*
XBRL
TAXONOMY EXTENSION LABEL LINKBASE
101.PRE*
XBRL
TAXONOMY EXTENSION PRESENTATION LINKBASE
*
Filed herewith.
**
Furnished herewith.
35
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
ANAVEX
LIFE SCIENCES CORP.
/s/Christopher
Missling, PhD
Christopher Missling,
PhD
Chief Executive Officer
(Principal Executive
Officer)
Date: August 9, 2022
/s/Sandra
Boenisch
Sandra Boenisch, CPA,
CGA
Principal Financial
Officer
(Principal Financial
and Accounting Officer)
Date: August 9, 2022
36